Secured Loan Benefits
Secured loans are cheaper than going for personal loans, although the risk factor is higher; if you default on your payments you could lose your home. Nevertheless, here are some benefits: Borrow more money
ESecured loans are the best option when you're trying to raise additional funds; the alternatives are less enticing. One reason for using this type of loan is that you can borrow as much as 125 percent of your property value, an unlikely case with a conventional mortgage. Loan Terms
EPeople can borrow money for a purpose without getting locked into a 20 or 25-year re-mortgage. If you're looking to consolidate your debts, it is easier to convert them into a single, much-cheaper secured loan. Figures suggest credit consolidation accounts represent up to half of all secured loan businesses. For those who are well into their mortgages and want to pay it off, they can save money in the long term by paying it off in fewer years as against 25 years. Speed
ECompared with standard re-mortgages, secured loans are faster and come with little documentation. On average it takes 23 days to complete a secured loan, while for a re-mortgage it can take up to double the time.
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