| Secured
loans are strictly for people who own their own home. The whole
point of a secured loan is that there is no risk to the lender
as they are free to repossess a borrower's home if repayments
are not forthcoming. Tenants and those living with parents are
ineligible for secured loans, as they often do not own an item
of sufficient value to act as guaranteed collateral.
The
process of accepting a secured loan involves the valuation
of the property in question. The claimed ownership of a home
does not necessarily mean that an applicant is guaranteed
success. Instead, proof o ownership must be submitted and
a qualified inspector must be sent to a house to evaluate
how much it is worth. If the house is not worth as much as
the loan itself plus interest then the homeowner is in the
same position as a tenant: they do not possess an item of
sufficient value to act as guaranteed collateral.
If
you require any guidance or advice regarding how much to apply
for based on the value of your home, or have any other questions
regarding unsecured loans, please do not hesitate to contact
one of our representatives. They will be happy to give you
appropriate advice and guide you through the application process.
We can be reached by phone or email and our details are available
below. We look forward to hearing from you.
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