Secured Loan Rate

A secured loan rate of interest is likely to be lower than that which you would be offered for an unsecured loan, but you need to weigh this up against the fact that you have the added risk of securing your property against the loan. This means that if you defaulted on your loan repayments, you would be at risk of your home being repossessed. The secured loan rate depends on whether you are making an application as a couple, so you will find that the interest rate decreases if you can show that you are a double income household as the risk to the lender is minimised. It is a legal requirement to make a joint secured loan application if you are married or have a joint mortgage.

The secured loan rate is reflected in the fact that you are able to borrow more, and spread out the repayments over a longer period of time. Finding the best secured loan rate relies on a number of factors, including your credit history, the amount of equity in your property and your salary and employment details. If you need to self-certify your income due to working on commission or similar, if you have recently changed jobs or if you are self-employed, this will increase the secured loan rate of interest that you are offered. As a guideline, stability in your home and work life and evidence of good financial management are key if you want to save money on your secured loan rate.

Get secured loan rate information today! Get secured loan rate information today!

What does your Secured Loan Rate mean?

• The rate that you are offered may either be displayed as the interest rate or as the APR, the annual percentage rate of change.
• If it is the interest rate, this will only show you how much extra you will have to pay back over the life of the loan, as a percentage of the total loan amount. 
• If the secured loan rate is displayed as the APR, this will take into consideration the arrangement fee for the secured loan, any early repayment charges and additional fees that may apply.  This is a more realistic representation of the cost of a secured loan, and therefore the one that you should use for secured loan rate comparison.