Tips on Secured Loans

tipsI know this blog post is supposed to be all about reviews on secured loan companies but I think it is also relevant to include some tips that will help you clear up some things. These are not legal suggestions I am presenting to you, just some insights as to how you can find the most appropriate secured loan out there.

First of all, you have to make sure that the broker or creditor you are dealing with is licensed and certified by the FTA. You want to make sure some online business that you don’t have any idea of how to find in case some things do not go along very well is not scamming you. Ask for their qualifications, find out everything you can and make sure their business is legal.

There are hundreds of secured loans out there and it is tricky to find the best one. The low interest rates are not the only thing you need to consider. You also have to think about the amount, the loan to value they are giving you, the term and the fine print. Getting independent advice could go a very long way and will help you avoid falling into loan shark traps. There are so many out there who would make you think you are getting the best deal, only to charge you with ridiculous fees here and there. You don’t want to borrow 10,000 pounds only to end up owing over 15,000 after making regular repayments for 5 years, do you? It happens more than you believe it does and no matter how hard we try to keep up with our obligations, if this is the kind of thing that could happen anytime, there are great risks that could bring damages that may never be repaired.

Getting into a loan agreement requires a lot of thinking. You need to prioritize and make a budget if there is really a need for you to borrow money. You have to identify how much you need, how much you can afford to pay and how much you can pay every month and for how long. There are so many factors to consider that it can be very scary to take a leap of faith and choose one that you think is best. Advice can be very helpful and online comparison sites can do you a lot of favor so you can be directed the right way. These online sites open up offers that you may not have come across with on your own. These online comparison sites can also give you great advice and help you get some clarification. For example you may think that fixed and variable interest rates are easy to understand but there is actually more to it than meets the eye. There are costs and protections that need to be considered with these rates and if you really want to protect the property you used as collateral, you have to find the best way to do so by getting the right advice.

With so many choices to choose from, it seems like you’re simply going to the supermarket to buy some food for dinner, doesn’t it? Unfortunately, a dinner that’s too good can be hard to digest in the middle of the night so you would want to find something that is good but not too good. If your secured loan offer sounds too good to be true, it probably is. If there are things you don’t understand, ask and get some answers. If there are things you don’t particularly like, ask to have them changed or look for other options. Before you commit, make sure you are committing to the right one.

Latest Loan News

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Secured Loan Comparison Sites

twentyNow let’s take a look at comparison sites online that promise to help you the best and lowest rate in the market. Some comparison sites promise free service, hence this means they get the commission from the creditor for every referral, which should be good news to you since you don’t have to pay anything extra for their service. The other comparison sites include a calculation of their commission before or after your quote are given to you so you can see flat out how much you have to pay them. The good thing here is that some loans are only offered through these comparison sites and you may not have found a way to see them if you were doing the search and the application on your own.

Money.Co.UK

This comparison site has a very clear table where you can compare the top 10 secured loans they can find. You will be able to see the minimum and maximum amount you can borrow, the maximum loan to value for every offer, the minimum and maximum term as well as the variable interest rate. You can also find the basic qualification details right there on the table. It’s very straightforward and easy to understand. You can do a quick search and you don’t have to fill out any forms for you to see those deals. The downside though is that the offers are not personalized. You get general quotes, which may or may not be applicable to your situation. There might be stuff there that is irrelevant to what you are looking for that could just confuse you. This website though as a lot of information about finance that could help you a lot. They offer quotes on almost all kinds of loans, not only secured loans so you can have a quick look at other options you have. Then again, this might confuse you a bit. A quick comparison on their site will lead you straight to your chosen creditor’s website for the processing of your application. It would seem that the commission they get is referral based so any application that comes from Money.Co.UK’s website will be counted and you won’t have to pay for broker commission flat out.

QuickSecuredLoans

You get a lot of information about secured loans and other options in this loan comparison site. They specialize in secured loans as the name states and the general process of things here is quick. The good thing is that if you have actually decided to go for a secured loan, you can see secured loan options so anything else doesn’t confuse you. The comparison service is free and it’s easy. Since you have to fill out a form to get quotes, the quotes you receive are personalized, meaning applicable to your situation, to your needs and to what you are capable of. There are many types of secured loans discussed there so you can get a clear picture of what each kind is. You can also find some guides in choosing the right offer, finding the best offer, managing your finances and what not. The process at QuickSecuredLoans is easy, you fill out the form, you compare rates and then you choose the best one before you apply. If you have any questions, you can contact them or you can read information on their website to help you understand things better.

Pounds To Pocket

This secured loan comparison site is quite popular since they promise very fast transaction with as little as 10 minutes for transfers. They specialize in bad credit secured loans so if you’re one with credit problems and you need cash fast, you can get the services of this website to help you out. You will notice though that the APRs on the fast cash loans you will see there are very high so you have to be very careful and consider how important it is for you to get a fast cash loan that you could end up paying for a very long time.

Ocean Finance

The flat out promise of Ocean Finance when you avail of their service are finding the best secured loans that could lend you from 5,000 to 125,000 pounds, advice from the qualified loan consultants and no upfront fee. You also have to fill out a form so you can get personalized quotes. You can compare and if you decide to choose one that they offer, you can apply through them and they can assist you. The most valuable service they offer is the help and advice from loan consultants as there may be many things for you to consider if you are putting up your home as collateral. You have to understand the risks involved and not get too excited with the low rates because secured loans are long term commitments that you will be bound with and that you will have to do all your best to avoid risking your home to repossession. You can do an online comparison through the Ocean Finance website or you can call them directly to ask questions or set an appointment. Whatever suits you, do it before you commit. Find out everything you can and again, do your homework!

The Loans Engine

This is an online secured loan-processing site that promises fast processing and the best available rates for secured loans they can find for you. You can do everything online or you can have them call you back to further discuss what you want to apply for. They use a quotation credit search so there is really no hit on your credit but you do get accurate quotes for interest rates. Again, since you can have everything processed online, you may find yourself excited and just keep on clicking and filling out everything. There are a lot of things to consider so if I were you, I would have them call me back for further discussion before I go ahead with the application.

Masthaven Secured Loans

Masthaven Secured Loans is a sister company of the Masthaven Group, which has been in the business for over 30 years. MSL has highly qualified staff that is always ready to help you out with your secured loan application. They have a very professional character that makes you feel like you are very well taken cared of. Don’t be fooled by the professionalism though because you might encounter some jargons and if you are afraid to ask your questions, there might be quite a bit of misunderstanding that will lead to a lot of problems in the future. MSL employees are always ready to help so don’t be afraid to ask or clarify things that can be quite confusing for you. We are not all proficient in finance language so it’s okay to say you don’t know what they are talking about if you really have no idea. Remember that understanding everything first hand is the key to finding the best secured loan for you and the best way to prevent any bad surprises from happening in the future. MSL also has partnerships with certified and licensed brokers so you can find one that can help you get the most out of your inquiry with them so you can best decide if you looking into the right kind of deal.

A look Into Bad Credit Installment Loans

Check out this video review.

Nemo

It looks like the friendly little fish under the sea is a loan shark on the secured loans business. Harsh, I know but that’s the first thing that came to my mind when I saw reviews about this secured loan company. Nemo seems to have quite a bit of unsatisfied and unhappy customers. They seem to offer very low rates only to stab you in the back with ridiculous fees.

See this is where I stress again how important it is to have a broker that can explain everything to you including the fine print. A broker that cares will help you save a lot of money in the long run so never mind the small charge to have their service. On your own, a loan that has a very low interest rate may seem like a very good idea but there might be so many things in the terms and conditions that will cost you loads of money if you don’t pay attention to them.

Now going back to Nemo, The other problem that I saw about them on my research for reviews is the sad fact that they are not easy to work with if you encounter financial difficulties. Of course it is always our responsibility to keep up with repayments and make sure we meet our obligations with our debts but there are times that we face financial troubles beyond our control. It happens to the best of us and the last thing we need when it does happen is to have our creditor turn our back on us and let everything else crumble down. So instead of just having a few difficult months, you may end up losing your home, your vehicle or whatever collateral you put up for your loan.

It is heartbreaking to read the stories of dissatisfied Nemo customers, really. Instead of helping those in great need, it looks like they are trying to take advantage of the situation. Everything is all good at the time of application and then surprisingly, a couple of years later, there are all sorts of fees and charges on your account, which almost doubles the amount you owe.

If you want to read the reviews on your own, check out http://www.reviewcentre.com/reviews111585.html. On the reviews, you can see specific examples of how ridiculous the loan amounts have become over a short span of time. Yes there are many loans that have very high interest rates so you at least could expect that to happen from the start. If you have bad credit for example, it is normal to expect high interest rates. But if you get offered very low interest rates at the time you take out the loan and end up having to pay an amount beyond what you expected, it could have very grave repercussions to your financial situation. It could simply come and slap you in the face and then you suddenly realize you’ve been scammed! It always pays to do your homework, doesn’t it?

Evolution Money

You will find quite a bit of reviews about Evolution Money and maybe this is a sign that they are doing very well in the secured loans business. They do promise affordable rates and they seem to be very customer friendly, which they are by the way. I like how responsive they are to borrowers.

Some reviews from other sources say that Evolution Money offers fast and straightforward service. They are efficient and you would not be wasting time with the paperwork. Evolution Money is prompt, easy to communicate with and you get regular updates. I must admit, on the service side, Evolution Money is highly competent and you will love that they have the time to help you understand what you are getting into. Since secured loans are long-term, it is very important to have a good relationship with your creditor and this secured loan company makes it easy to do that.

Shawbrook Bank

Shawbrook Bank’s Platinum Exclusive Secured Loan is a homeowner’s loan that has the lowest interest rate I have come across with. The loan is offered for 3 to 25 years and the loan to value amount is up to 50%.

Shawbrook is a fair lender. They perform strict credit checks and do this to make sure you can afford the loan before they agree to let you borrow. They can give you advice and some information. The secured loans offered by Shawbrook can be arranged with the help of brokers. They only deal with licensed brokers who strictly follow they rules. The brokers will explain everything to you so it is important that you find one that would be eager to assist you and not only make commission out of you. There are many online secured loan brokers like Quick Secured Loans where you can get free comparison service of different loans and a team that could help you with the technical vocabularies of your terms and conditions. That will help you a great deal because the bank may only have so much time explaining everything to you so it’s better you go there equipped with the advice your broker has given you already.

Another good point that Shawbrook has is their latest release of the 95% loan to value product for homeowners who are employed. This should give a great deal of flexibility to those looking to get the maximum amount for a loan they badly need. Shawbrook aims to always be a step ahead of the competitors and this product is one way to do that. This is a bold move as deemed by other lenders but for borrowers, it could be a real lifesaver.

My Introduction

My name is Margaret Smith. I am not writing this blog because I owe a lot of money. I am writing it because I have been in the situation where my finances were a complete mess and I did not know where to turn to. Okay, maybe I do owe some money. I do have loans – secured, unsecured, personal, credit cards, a mortgage and a car loan and keeping up with the repayments take a lot of effort and discipline, mind you. I don’t have perfect credit but I have been better and I just hope that I will be able to help people like me, once lost in the world of loans, be able to find the right options, understand the right details, which in turn can help them stay on top of everything they owe.

Let me start off with secured loans and the many different creditors that offer them. There are way too many secured loan companies and way too many secured loan kinds. I will be reviewing some of the companies that offer secured loans as well as some comparison sites that assist borrowers in finding suitable loans and low interest charges. This business is real and is confusing so really, getting help in finding secured loans with the best interest rates is a big deal.

Cheers! I hope you enjoy reading this.