Think homeowner loans and Hamlet have nothing in common?
It was, after all, Shakespeare who created the line: “….never a lender, nor a borrower be” – and in an ideal world, none of us would have any need to borrow money: we’d all be perfectly content, want for nothing and never experience any situation which we weren’t already financially equipped to cope with.
Sadly, alas dear Shakespeare: the course of true financial bliss and indeed life in general never did run smooth, therefore, there are occasions where borrowing money is simply unavoidable.
In which case, there are usually a few routes to venture down – “…to be financially savvy and look at a homeowner loans or not to be – that is the question”.
And that, honestly, is the last liberty taken with Britain’s best bards work; onto the serious business….
The proverbial’s hit the fan – you need access to cash and you need it pronto …
There’s a variety of reasons that people seek lending – often requiring access to the funds as quickly as possible – what makes things a little more confusing is that there are also a variety of lending options available…
So what’s the best course of action to take?
Assess your needs.
If you’re lucky enough to have equity available in your home, meaning that the amount owing on your mortgage is less than the amount that your house is currently worth, a secured homeowner loan could be the most sensible option for you.
The term ‘secured homeowner loans’ essentially means that the loan is agreed on the basis that if you were to fall behind and miss payments, your property could potentially be used for the lender to recoup their loss.
Therefore, when considering a homeowner loan it’s of the utmost importance to ensure that the lending is manageable, affordable and can be repaid.
This does however mean though that owing to what the customer stands to lose were they to miss repayments, the application process is relatively relaxed and individuals with less than perfect or indeed even bad credit histories can be considered where in other circumstances they’d be declined outright.
The main other route to consider would be unsecured lending, though this is often a more expensive method of borrowing. Applying for unsecured lending is also comparatively more difficult in that the criteria for acceptance can be a lot stricter than for a homeowner loan. The bank or financial institution has no security in place therefore the risk to them of not being repaid is greater hence why they’re unlikely to allow people who don’t have perfect credit to lend money.
Another good thing with a secured homeowner loan, particularly one taken out with appleloans, is that something called a soft search is performed. This differs from a standard credit scoring process performed by an applicant for unsecured lending in that a soft credit search won’t leave a mark or ‘footprint’ on a credit record. This can make a big difference when applying for credit in future.
After taking stock of your own situation, if you do decide that a homeowner loan is the best way forward to free yourself of money worries, don’t hesitate to contact appleloans; the UK’s number one secured loans provider and we’ll be delighted to provide a decision within minutes.