Frequently Asked Questions about secured loans

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Frequently Asked Questions(1)

urlop-macierzynski.net If I'm not a homeowner, can I still apply for a secured loan?
Generally, secured loans can only be arranged using your home as collateral. If you're not a homeowner you can apply for an unsecured loan.
Am I still eligible for a secured loan even with bad credit history?
So long as you are a homeowner and your property value is higher than your mortgage, a bad credit history won't really matter.
Are secured loans easier to approve?
Because you are using your home as collateral, it will be easier to be approved for a secured loan.
What happens if I already have a mortgage or loan secured on my home?
It is common for people to have loans and mortgages secured on your property. Some lenders will give a further mortgage or loan providing there is sufficient free equity in the property to secure the loan.
What happens if my loan application is not accepted?
Lenders are not obligated to disclose the reason why they declined your application. You can, though, ask for the names and addresses of credit reference agencies the lender used for loan assessment.

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