Finding Uk Secured Loans In An Unsure World
It is largely believed that the global financial crisis currently being experienced has made it difficult to find UK secured loans
. To a certain extent those with a less than perfect credit history will find it difficult to find UK secured loans in these times of financial uncertainty. However those with a good credit history are still in a strong position and should still look at getting secured finance if their monthly disposable income is high. In order to ensure responsible lending, the banks are now stricter than ever with their lending criterion however; with a squeaky clean credit history those home improvements or new car could be around the corner. The first step prior to even contemplating whether secured finance is to ensure you are not stretching your finances to breaking. Remember, the secured in secured loans really only means the lender has security. If you default on any secured loan and are unable to keep up repayments, the lender will sell the asset your financial package is secured against as a means of reclaiming their monies. That said, if you work out your finances and you have a large disposable income; income left over at the end of the month after all you outgoings are paid; you may want to consider a secured loan over an unsecured loan as the lower interest rates associated with secured loans could save you money. However, be aware that almost all secured loans are variable rate meaning the lender could raise the interest rates during the life of the loan. So to find UK secured loans in today's high lending risk environment you must ensure you lower the risk you pose to a potential lending business. This is done by reducing the amount of credit you have whilst maintaining some debt to show you can manage it effectively. We are now faced in the UK with tighter controls on lending and therefore ensuring your credit file is immaculate is crucial to if you are to find UK secured loans or other financial packages.
The first step in this process is to ascertain whether the information contained within your credit file is accurate. This can be done by obtaining you credit report from all three of the UKs credit reference agencies. Once you have a copy of your report, review the details to ensure the report is accurate and up to date. If there are any inaccuracies, contact the credit reference agency and provide evidence of why the entry is incorrect. Finding UK secured loans is harder than it was three years ago however as long as you carry out these steps you will increase the likelihood of being approved.
Copyright (c) 2009 Guaranteed Acceptance Loans
by: Mark Inglis
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