- November 22, 2018
- Mark Elwes
3 Benefits That Usually Come with Secured Loans
Table of Contents
Secured funding is always bad time savour and a long time supporter. The financial goals that demand a huge amount of money can be well served with the secured loans. From the many money benefits, few are very usual to find and almost every lender offers them with the deal. But, why do you need to know about them? Well, because the time is different now and so are the loan products and the lending market. The new age online loans provide some benefits that were not possible to even expect in the mainstream lending. This is why, it is necessary to know about the benefits that are now available to you.
1. Funding Now Occurs Beyond Credit Score Status
This is one of the biggest benefits of the secured loans online. Nothing is more important than the credit score when it comes to banks or other conventional finance companies. Even after providing collateral, there were many problems to face. Compromise on the part of loan amount, or rate quote were the common pains for the borrowers. But now, the wave of change is in the mood to change the direction of the stereotypes and establish something more promising and futuristic. However, the new age lenders too consider the credit rating important but their decision does not depend on this factor only.
In fact, the repayment capacity of the borrowers is the decisive factor for them. To be precise, you can borrow money despite bad credit scores. Just make sure to be good in your current financial status and then the approval is destined to come SMOOTHLY.
2. Rates Are Realistic, Customised On Income-Outgoing Ratio
Yes, it is already clear that if collateral is there, the interest rates are lower. Still many aspects are important and demand consideration before you say ‘yes’ on a rate quote. With lower rates, the instalments of the secured loans in the UK are lower but if you have other multiple obligations, then every penny counts and you try to get the maximum affordable deal. This is why the next generation lenders focus more on customisation and put an affordable deal on the table with well thought-out rates.
The rates are customised according to your own financial capacity and ratio of income and outgoing. This makes the instalments manageable and you can concentrate better on the repayments with no extra burden on your monthly budget.
3. Repayment Plans On Your Discretion
The instalments are not only easy to manage but the time to pay them is also according to your convenience. From date to the mode of payment can be decided according to your preferences. They are flexible too, in case, someday you feel the need to change the schedule, there are lenders that can easily match with your needs, choose them to take the loan. However, some lenders follow the auto-debit policy for repayments but some provide you the liberty to either accept the auto-debit process or pay the instalment online on your own.
While you search for the lenders, your preference for repayment schedule should be in your mind as it helps to avoid arguments and confusions later. Whether you take long-term loans for years or rely on the instant short-term 12 month payday loans, repayment mode should be clear always.
Mark Elwes is the Editor-in-Chief at Extramilefinance. He is a notable member of the content strategy team since his joining in 2017. Driven by his fondness for the finance industry, he has spent years gathering as much knowledge as possible about various financial products that include loans also. Previously, Mark worked as a senior journalist writer with experience in writing blogs and articles.
