Tide over your financial shortage with no credit check secured loans

by Kenneth Robert

A financial shortage may strike at any moment unannounced and even the best financial planning can go haywire in such circumstances. By a strange act of faith, these financial shortages are prone to strike us when we are between two consecutive paydays and short on cash already. In such circumstances, the only option available to most of the individuals is to approach a relative or friend for a short-term loan. However, it may create an embarrassing situation for the borrower to ask for financial help from a known person and hence many prefer the anonymity of a personal loan from financial lenders. Again, the problem lies in the delay caused in such cases due to extensive paperwork and other formalities. In addition, if you already have background of a poor credit history, getting such instant loans may pose a substantial problem. No credit check secured loans would be the perfect solution in this case.

Many financial lending institutions offer the option of no credit check secured loans that can help a person tide over their short-term cash deficit. Even online facilities are available for applying for and securing such no credit check secured loans. Once you have filled an online form with some nominal details about your self and employment history, you can easily get free quotes on various loan options. Select a plan that fulfills your requirements and apply for an instant loan online. The lending company will not carry out any investigation regarding your credit history, however, you do need to place some sort of collateral to secure your loan. Once the security has been provided in the form of any of your personal asset, your loan will be instantly sanctioned with minimum verification and the cash will be transferred to your account instantly.

Often the no credit check secured loans are approved and transferred to the borrower’s account within 24 hours only and thereby fulfill one of the most significant requirements of instant loans. Speed of the transaction is of primary importance when you need money for any emergency situation and the instant loans offered by the reliable online sites are therefore a boon to the borrower. Also, since a security has been provided as the guarantee for the borrower repaying the loan, the rates of interest will be comparatively much lower than other forms of loan.

The online facility of applying and securing instant loans has also added to the convenience and security of the borrower. Since the entire transaction can be executed from the comfort of one’s home or office, there is no need to physically visit the offices and stand in long lines. In addition, your identity remains known only to the company and no one else would come to know about your financial status. In addition, most reputable companies have a clause of confidentiality so you can rest assured that your personal details will not be shared with the world. So next time you face an unexpected cash crunch, you simply need to log on to the World Wide Web and get access to instant cash.

Kenneth Robert is an expert financial advisor therefore he can tell you how to look better, live better and breathe better by giving you tips to improve your finances. To know more about secured loans UK, cheap secured loans UK , no credit check secured loans and secured home loans visit www.applyforsecuredloans.co.uk

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Changes in the Secured Loan Market

by Shaun Parker

There have been some changes in the secured loan sector over the last few months. This does not involve how the secured loan process works and the regulation process has not changed. The main changes have been with the fact that the lenders have tightened things up and it's a bit harder to get a secured loan.

With the sub prime fallout in America we have seen the effect ripple through to the lending process in the UK. The amount of mortgages that have been turned down is at an all time high and if you want a secured loan it has become harder to come by.

A secured loan is sometimes called a second charge loan because the mortgage is the first charge and any other loan taken out thereafter is secured on the property is called a second charge secured loan. This is why a secured loan will usually have a higher APR than the mortgage.

The biggest change comes in the loan to value. In the last few years we seen secured loan companies advertising that they can offer loans up 125% of the property. This has changed and most companies will now only offer about 90% loan to value.

The loan to value is calculated by adding you mortgage and the amount you want to lend and then taking it as a percentage of you house valuation. The reason it has been easy to get a secured loan in recent time is because house prices had gone up very quickly and home owners took advantage of it.

However over the last few months house prices have slowed down a lot and this has lead to fewer home owners being able to take out secured loans. The amount of applications has actually gone up but it's just harder to complete the loans.

Taking out a secured loan is a longer process than taking out an unsecured loan. With an unsecured loan you can have your money within a few days. However a secured loan can take longer as you usually have to wait for credit checks and then a valuation of the property.

The quickest you could obtain a secured loan would be about three weeks. Loans over 25,000 GBP are unregulated and so have no cooling off period so it's possible to get these a bit quicker.

If you want to raise a large amount of money for a one off event like perhaps home extension, loft conversion or a big wedding a secured loan is a very popular way to do it. The fact than you can spread the payments over a longer period seems to be an attractive option to many home owners.

With the recent interest rate hikes over the last year many home owners with fixed rate Mortgages do not want to move home as they will have to switch their mortgages and they know they will not get as good a fixed rate now with the higher interest rates. So instead of moving they apply for a secured loan and put an extension on their existing property.

Lenders have also tightened up on details of people's income. In the past they paid more attention to the value of property and less on their income but they now calculate if the borrower will be able to make the payments. This also leaves it more difficult to get a secured loan. However if you are consolidation debt this is taken into account and the reduction in your monthly bills can become an advantage.

So in conclusion there are still good choices available when taking out a secured loan and the loans will be suited to your circumstances. However the lenders have tightened thing a lot and it means that there are more applications being turned down. However the amounts of applications are at an all time high so they are still very popular in the UK.

Financial expert Shaun Parker examines the state of the secured loans market. To find out more about a Secured Loan visit http://www.ukwebloans.co.uk

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