There are lots of places you could go to and apply for a loan. But what is the best source of secured loans? How can you be sure you’re getting a good deal?
Banks are a popular option, but usually take very long and the process can become overly complicated. The other option is to go to a private lender. appleloans is a leading UK provider, and through their website you have the opportunity to borrow the money you need and importantly at competitive rates.
Applying for a secured loan couldn’t be made simpler. You have short online form to fill in. Enter your name, address, email, phone number and loan amount required. Then click the button to confirm your initial request. The great thing about a specialist lender such as Apple Loans is the quick response time. You will typically receive a response detailing the decision made on your application in around 45 minutes.
Now you have the basic knowledge of the application process, but do you know the key factors to consider when taking out a loan?
Rate of Interest
The lower the APR (Annual Percentage Rate), the better it is for you. Your credit rating history will have a noticeable effect on the rate you get. Current market conditions are another factor in the APR equation. You can have some say in how much interest rate you pay, based on how much you borrow and the repayment schedule. These two factors will be discussed further.
Some lenders will let you borrow up to the value of the property or even slight higher. This will vary from based on the lender in question. Always think logically about how much you really need to borrow. Make sure you are getting enough to cover your needs. At the same time you don’t want to borrow too much just because you can. For more complicated situations, it is definitely recommended consulting a financial adviser to get an appraisal of your particular circumstances.
Any good loan provider will give you some options to choose a suitable repayment period. You can expect a period between 5 and 25 years. This flexibility is essential so you can easily pay back the loan over time and with a reasonable rate of interest.
Sometimes you might be in the position of being able to pay back a loan early. Always ask if there are any early repayment charges and if there are, how much the fees could be. Make sure you weigh up the pros and cons of paying back a loan early, so you don’t end up paying more than you have to.
Risks and Rewards
Any kind of borrowing carries some level of risk. With a secured loan, your house is potentially on the line. If you end up in a situation that paying back the loan is no longer possible, you could lose control of the collateral. This means you should be certain that you will have the means of keeping up with the monthly repayments.
Shopping Around for a Top Secured Loan Deal
There are many situations which require us to borrow money. No one likes to be under a debt, but the reality is that most of us will have to get a loan at one point or another.
A big mistake the majority of people make is not thoroughly comparing all the available options. Choosing the first loan offer you see won’t do you any favors. Take your time and shop around, and you will be surprised by the great deals you can find. There are three big factors you should consider when looking for secured loans.
The Amount of Money
Think carefully about how much money you really need to borrow. Make sure you aren’t borrowing more than necessary or too little to be useful. A great advantage that comes with secured loans is the greater flexibility in the total amount you can borrow. Most unsecured loans top out at around 25,000 pounds. However, with a secured loan you can easily get as much as 100,000 pounds. Your exact limit will also depend on the total value of the assets or property used as collateral. Have a look at the different loan providers and find a lender who will provide enough to meet your needs.
The Repayment Frequency
How often you need to send repayments should be planned out. Will you be paying back the loan every month? Or maybe more frequently, like every week or fortnight? You should establish a schedule you are comfortable with and stick to it. Consider how much and how often money comes into your account, when making this decision. For people who are employed with a regular monthly income, matching the repayment dates with their paydays is ideal. In this way they can be sure to have money when the next loan installment is taken from their account. In the end it comes down to your preference. Are you able to make larger monthly payments, or do you find it easier to make a few smaller repayments in a month?
The Interest Rate
The third thing to take into account is the interest rate. Don’t ignore this point by just assuming you have absolutely no control over the rates of the loan. There are many factors that will end up determining the exact interest rate you will be paying for your loan. A few things which will affect the interests include:
- The total amount of money being borrowed.
- The level of risk from the recipient.
- The length of time in which the loan is expected to be repaid.
You should balance all these factors to reach a rate that suits your situation and needs.
The Best Secured Loans
You need to approach a reputable and licensed credit broker. Apple Loans has helped countless customers get the loans they need and at the best rates possible. Applying is as simple as going to the website and entering your details to the online form. You will typically get a decision in less than 45 minutes and be well on your way to receiving the secured loan you need.
7 Uses for a Secured Loan
Secured loans are a great tool in your financial arsenal. As long as you own a property you can easily take out a secured loan. Specialised sites that specialise in secured loans make applying really simple and hassle free. Borrowing through this method gives you flexibility in how much you can borrow and how for how long.
This is a multipurpose loan that can help you out in many situations. Here are seven of the commonest reasons for taking out a secured loan.
1. Improving your Home
Often a significant investment has to be made for home improvement or renovation. This could be for your own benefit or for a property you want to sell. When you don’t have enough money saved up, you don’t need to put off your plans. From home extension to critical repair work, get the job done with a secured home improvement loan.
2. Consolidating you Debts
If you find yourself juggling multiple sources of debts and repayments plans, then it might be time to do something about it. Debt consolidation isn’t the right course of action for everyone. It depends on your situation. If you are finding it difficult to keep up with too many separate creditors, then you could take out a larger loan to cover all that debt and extend the time you have to repay the money owed.
3. Going on Holiday
Everyone needs a break once in a while. You could get a loan to cover some of your travel expenses. These costs include hotel reservation, booking tickets, meals, shopping and any other miscellaneous items.
4. Organising a Wedding
When you’re big day is coming up, you want to make really memorable. Rising costs will mean having to spend a hefty amount on your wedding. Use a loan to make sure all the costs such as the reception, food, entertainment, decorations and of course the ring are covered.
5. Paying for Education
The cost of education is constantly rising, but it is more important ever to improve your skills, knowledge and qualifications. Whether you want to go to university or sign up for a course, invest in yourself and your future by securing a loan.
6. Purchasing a Car/Vehicle/Boat
Buying a big ticket item such as a car or boat needs a fairly large amount of cash. Instead of waiting until you can afford to pay the whole cost at once, apply for a loan and jump behind the wheel.
7. Funding a Business
From a business startup to expanding an existing business, get the vital cash injection you need. As you know, you have to spend money to make money. With a solid business plan in place, don’t let a lack of available funds put a stop to your venture.
Loans for Everyone
The only major requirement for receiving these loans is being a homeowner. Normally a bad credit score can seriously affect your borrowing success rate. But you don’t need to give up hopes of getting a loan. You can simply leverage the property you own to use as collateral for a secured loan.
9 Reasons Why Secured Loans Are A Good Option
In this article I’m going to give you 9 reasons for taking a secured loan instead of remortgaging. I will also give you some general tips for repaying them.
1. You have to realize that there is a wide array of secured loan options for you out there. This means that in the long-run, taking a secured type of a loan will be much more cost-effective – if you conduct your research properly.
2. It is a fact that secured loans are more cost-effective. Why? Because you can secure the funding on a first charge or a second charge basis. This means that there’s a good chance that you will get the loan even if you use a mortgaged property as your security. Also, the amount of time for repayment varies, and you can even make a deal with the lender. Some of the top UK companies such as appleloans.co.uk allow you to discuss the repayment period with them. And I’m talking about 3-30 years. Also, those repayment plans tend to be much cheaper than remortgaging because the interest is only charged on the additional amount, whereas if you take the remortgaging solution you will pay more because the interest rate will be applied to the whole remortgage balance.
3. One definite and undeniable advantage of a secured loan is the fact that the speed of filling the application, getting the approval and funding cannot be matched by any remortgage option out there. High street banks simply cannot offer you such a quick funding opportunity.
4. You also have to be aware that lots of types of properties come into play, whereas you can only remortgage certain types of real estate properties. If you decide to go for a secured loan, you can use tenanted properties, shared ownership real estate properties and even high-raise flats as security.
5. Secured loans are fit for a wide variety of potential clients. This is because companies generally tend to accept all kinds of profiles of people. At least every type of person can be considered.
6. The loan is much easier to get than the mortgage when it comes to paperwork. It usually takes 1 or 2 pages of paperwork and your loan is set up and ready to go in a matter of 1 or 2 days. On the other hand, the mortgage papers never come in a quantity which is less than 20 pages. Honestly, this makes the life easier for both parties involved.
7. Secured loans are great for debt consolidation purposes. This is especially true when you think about how many various avenues of debt there can be. Not only is it stressful to keep the track of all those avenues, but it also gives you a feeling that you are in debt much more than you actually are. Getting a secured loan will solve many of these problems because you will only pay off one debt.
8. The competition is heating up, which is good for you. Since all the new brokers and lenders are entering this market daily, it definitely pushes the interest rate down. This is good for an individual who needs to lend money fast, because the interest rates fall down. Also, the other positive aspect is that there is a constant need for innovation to stay ahead in this field.
9. Traditional means of lending the money are harder to get every day. You will hardly get a secured loan from the bank; it’s also hard to remortgage because of the current economic fluctuations. The only stable means of securing a large sum of money is to get a secured loan.
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