subject: Secured Loans And Remortgages Are Ideal Loans [print this page] For those not fully in the know about the different ways to arrange to borrow some money, they will really have to find out what way is best for them
There are loans that can be used to buy a car, a caravan or a boat for example. Other loans can be used to fund home improvements, pay for a holiday and so on. Truth to tell there are loans to suit almost every possible circumstance.
One very useful and popular loan are debt consolidation loans, that as their very name suggests, roll all debt in credit card, hire purchase, etc. into a single lower interest repayment every month. Debt consolidation loans, as well as saving the borrower a lot of money, tidy up all the debts.
For those who own the property in which they live, there are two main ways of paying for all the above and many other purposes besides. These means are a remortgage or a secured loan.
The fact that they can be used for almost any reason added to the low rates of interest that they attract, make them most likely the cheapest possible method of borrowing.
Car loans , home improvements, loans etc. are all unsecured loans and as such they have things that are not so good, certainly when we compare them to the homeowner loans of the secured loan and the remortgages.
For example the maximum unsecured loan available is normally only 15,000.
One other aspect not so appealing about unsecured loans is that the borrower must give the provider proof to why he wants the loan.
The repayment period is also normally only five years, or in the case of holiday loans twelve to eighteen months making the payments expensive.
Just think how much more flexible remortgages and secured loans are with repayments of up to thirty years, normally no proof of the use required, and the fact that, depending on equity, unlimited sizes of remortgage sums are available and up to one hundred thousand or more by referral for secured loans.
by: Eric Malcolm
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