Going broker? Consider a secured loan
broker
Robin Amlot - Moneyextra.com
2008
Unless you've been hiding under a rock (probably not a Northern Rock!) you will
be aware of that nasty business, the so-called credit crunch.
Are loans harder to find?
Many lenders have tightened up their lending criteria - you may not be able to
get a personal unsecured loan to consolidate your debts but that doesn't mean
you won't be able to get a secured loan - the hint is in the name. Because you
will be required to offer security - a second charge on your home, lenders are
more comfortable with offering you the money.
You may be aware that a number of secured loan providers have actually withdrawn
from the marketplace. Don't worry: there are still lenders out there who will be
prepared to lend to you - at a price. And there's the rub - if you approach a
secured loan provider yourself you may end up being unpleasantly surprised by
the lending rate they quote you.
Apply Now For Debt Consolidation
Be careful of being seduced by that typical APR you see quoted in secured loans
advertising. Remember there's no guarantee you'll get that rate. In order to be
able to quote the rate they do, lenders are only required to offer that interest
rate to at least two-thirds of the customers they accept as borrowers.
Brokers reduce hits on your credit record
Do remember also if you're shopping around for a secured loan that if you
approach several lenders at once, you are increasing the 'footprint' on your
credit record and potentially damaging your ability to get the loan you want at
an interest rate price you are going to be happy with.
A secured loan can be a powerful financial tool to help you get your finances on
an even keel but you should think very carefully before putting your property on
the line - you must be absolutely sure that you are going to be able to afford
the repayments. You could lose the roof over your head if you can't!
Clear debt more quickly
However, if a secured loan is the right way forward, you can structure it so
that you clear all the expensive credit card debt you find yourself carrying
(remember NOT to run your credit card debts back up again) over a set period and
be sure that you will be debt-free when the loan is paid off. What's more,
rather than remortgage and be paying off the debt over the term of your
mortgage, you can arrange a secured loan for a shorter period so that you clear
the debt that much more quickly.
So - is a secured loan right for you? Maybe it is. But how do you go about
getting the right secured loan? Rather than seek out a lender yourself you may
find it makes a great deal more sense to go to a loan broker.
Apply Now For Debt Consolidation
Compare the best deals for secured loans
The advantage of using a broker is that you are able, through the broker, to
shop around through the products of several lenders without creating a multiple
credit application footprint. A secured loan broker may also be in a position to
offer you a better deal than going directly to a lender as a result of special
deals that the broker may have negotiated with lenders. These loan arrangers may
not offer a hearty Hi-yo Silver! but just maybe they'll be on a metaphorical
white horse to help you sort out your debt problems.
Courtesy:
http://money.uk.msn.com/loans/loans-guide/article.aspx?cp-documentid=6405908
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