The spate of adverts about how easy it is to qualify for a secured
loan makes it sound as if anyone can be approved. While it is easier to
be approved for a secured loan than most other types of loans, lenders
still want to be assured that you will be able to make your repayments.
And while it's true that almost anyone can eventually find a lender to
approve a secured loan for them, some loans are more desirable than
others. There are some steps you can take that will improve your chances
of being approved for the secured loan that you want rather than having
to settle one from the lender that will have you.
Spruce up your credit score to improve your chance of approval for a secured loan.
Creditors will check your credit score not only to determine whether to approve a secured loan for you, but to decide what rate of interest to offer you. There's more to your credit score than just your bill payment history. Be certain that you're listed on the county rolls and check to make sure that your credit report is accurate. If there are errors, get them corrected before you apply for a loan.
Creditors will check your credit score not only to determine whether to approve a secured loan for you, but to decide what rate of interest to offer you. There's more to your credit score than just your bill payment history. Be certain that you're listed on the county rolls and check to make sure that your credit report is accurate. If there are errors, get them corrected before you apply for a loan.
Apply for the right secured loan.
Take some time to research and compare loans before making an application to one particular secured loans company. By taking the time to find out how strict the approval guidelines are for the companies you are considering, you can take aim at the ones that are most likely to approve your application for a secured loan who also offer the best deals on secured loans. UK companies offer a wide variety of loan products, and many aim their loans directly at one or another segment of the secured loan market. If your credit is poor, look for those companies who take on high risk loans. If you have excellent credit, look for the best possible interest rates.
Take some time to research and compare loans before making an application to one particular secured loans company. By taking the time to find out how strict the approval guidelines are for the companies you are considering, you can take aim at the ones that are most likely to approve your application for a secured loan who also offer the best deals on secured loans. UK companies offer a wide variety of loan products, and many aim their loans directly at one or another segment of the secured loan market. If your credit is poor, look for those companies who take on high risk loans. If you have excellent credit, look for the best possible interest rates.
Be truthful on your application.
It may be tempting to pad your income figures or forget to mention one or two credit card debts that have fallen behind. It would certainly make your application for secured loans look better. It's also fraudulent representation, and if discovered MAY lead to criminal prosecution. It definitely will result in your loan application being denied, and could make it impossible for you to be approved for other secured loans in the future.
It may be tempting to pad your income figures or forget to mention one or two credit card debts that have fallen behind. It would certainly make your application for secured loans look better. It's also fraudulent representation, and if discovered MAY lead to criminal prosecution. It definitely will result in your loan application being denied, and could make it impossible for you to be approved for other secured loans in the future.
Rachael Gallant has worked for the UK financial services
market for a number of years specialising in secured loan applications
for UK home owners. She understands how time consuming it can be trying
to interpret the associated jargon which is why she writes clear, easy
to understand guides exclusively for "Secured Loans Centre".
