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Secured form of borrowing is done against any of your asset or property such as a car or home Every financial institution or the high street bankers are providing this fiscal solution to those who are ready to pledge their property as a security It can help in unlocking any fiscal need stuck in your home

With secured loan you pledge your property as collateral to the approached lender for the desired amount On the contrary to it if you fail to meet the repayment terms on time then your lender might put your property at auction in order to recoup the loss Therefore while going for this form of borrowing the borrower is required to be bit cautious regarding the payments

How much amount you can borrow through such loans solely depends on the value of your property or how much equity your households in case of home Although the lender feels himself to be standing on a safer side of law but at the same time you are also entitled with benefits

In its comparison with unsecured ones secured loans are much faster and easier to arrange Thus as borrower you can seek bigger amount without facing any hurdles

Interest rates are the other thing that is included at the time of borrowing it solely depends on how much amount you want to borrow on repayment period and certainly on your current financial circumstances The circumstances can be in form of your credit rating that includes any mortgage arrears and CCJs proof of income and of course your employment status

With secured loan the provided amount ranges up to 75000 over a repayment period of five to 25 years Here longer repayment period enables you to maintain your credit profile and at the same time keep yourself updated with every repayment

The borrowed amount can be used to consolidate your existing debts purchasing a new house or going for a home renovation plan
However there are few eligibility criteria that are required to be fulfilled before going for the approval of secured loan They are as follows
* The applicant should be of 18 years of age
* The applicant should be the citizenship of UK
* The applicant should also have a regular source of income and should carry handsome income
* The applicant should provide a valid checking account in which the lender could directly deposit the amount
Therefore the borrower carrying all the above mentioned criteria is legally eligible to enjoy the facilities provided by the secured loan