Secured LoansPersonal LoansWhen You Need Cash Quick

Unsecured Loans or Personal Loans are loans that are not secured on anything and are assessed purely on your income and track record of making payments. They are very quick to arrange however are only available up to £25,000 over a short period, usually a maximum of 5-10 years, because the lender has no security for offering the loan the rates are often higher than a secured loan, however there are very competitive deals out there and it is always best to see what deals your own bank can offer you first. One popular type of secured loan that is normally only available at a bank or credit union is the savings secured loan. In this type of loan, the borrower must have a savings account with the creditor. A portion of the money in this account is used as collateral to secure a loan equal to the amount pledged. This money is then frozen in the account but continues to earn interest.

As the loan is repaid the secured portion of the savings account is freed. This has advantages for both the creditor and the borrower. If the borrower defaults on the loan the collateral is already in the creditor's possession so it is a very low risk. As a result, the creditor usually offers a much lower interest rate. The disadvantage of this type of loan is that it is limited by the available fund in the savings account.

A mortgage loan is a secured loan in which the collateral is property, such as a home. A nonrecourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property. A foreclosure is a legal process in which mortgaged property is sold to pay the debt of the defaulting borrower. A repossession is a process in which property, such as a car, is taken back by the creditor when the borrower does not make payments due on the property. Depending on the jurisdiction, it may or may not require a court order. We find ourselves in the middle of the worst period the home loan market has ever had to go through.

Finding a cheap home loan is harder than ever, so now is the time to get the best secured loan broker on board to do the work for you and scour the market to find the best loan to suit your needs. Although many secured loan providers have pulled out from the market due to the worsening liquidity crisis there are still a good handful of lenders that are offering cheap home loans if you are looking to raise money. By simply going online and and searching for home loans in any good search angine will bring up a whole host of secured loan brokers for you to choose from. With rates starting from 6.9% and even deals available for people with a poor credit history, if you have sufficient equity in your home than you should have a selection of loans available to you.

Seen as a competitive alternative to remortgaging you existing 1st charge mortgage or taking out an unsecured personal loan the secured loan market, even in these turbulent times is still running strong. This Cheap Home Loan article was researched and written by Gary Taylor, a representative of Rate Hunter Limited. This article is for information purposes only and does not constitute advice, therefore cannot be relied upon as such.

Searchandapply UK has been created as a one stop portal for fast secured loan . A site where consumers with little or even no knowledge of secured loans can easily make an informed choice of whether a home improvement loan is right for them.