30 Aug 2007 Tell a Friend
If not, you can cancel the agreement within this seven-day limit. Meanwhile, the lender will assess all aspects of your finances to assure you can meet repayments. The lender may also want to examine your home, or other collateral, to determine its true value.
If you have a poor credit history, be honest with the lender. This information will most likely be already on record and, since the loan is secured, most lenders will offer a loan in any case, although the interest rate might be higher due to the increased risk. Of course you will have to keep up with your repayments, but British legislation offers some protection for consumers when it comes to financial services. All secured loans are covered by The Consumer Credit Act of 1974.
If you do run into financial trouble and it looks like you may miss a repayment, you should contact your lender immediately. This may be daunting but any lender will be happy to receive communication and some may be surprisingly helpful by offering to defer repayments or reduced repayments over a longer term. If you need advice, there are hundreds of debt counseling agencies in Britain today that will help you overcome your financial problems, and many of them are voluntary. However, this is worst case scenario. In the main, secured loans provide a cheap and easy way to take out a sizable loan and can be easily and comfortably repaid if properly considered.If, after careful consideration, you've decided that a secured loan is the right option for you, let us help you find the best secured loan deal available. Take just a moment to fill out our simple questionnaire, and one of SimplyFinance's representatives will contact you shortly to introduce you to a lender that will work with you to find the best secured loan deal. It's quick, simple, and you're under no obligation to us or to the lender we introduce you to.