Telephone for quote 0161 265 3420
Telephone for quote 0161 265 3420
Secured Loans for £50000If you are looking for a £50000 secured loan, you're in the right place. You can use a £50000 secured loan to pay off unsecured personal loans, credit cards and other HP, and replace them with one low monthly payment. Here, we give you the opportunity to find out exactly how much a secured loan would save you, dependant on your personal circumstances. We can help if you have CCJs, arrears or defaults, or if you are self employed, with or without accounts |
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For example, a £50000 loan over 15 yearscould cost as little as £534.25 per month* |
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Poor Credit History ?
Whatever your circumstances, we are confident we will be able to find a
lender that will offer you a £50000 secured loan, even if you have been
turned down for a loan elsewhere. |
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How much a month is a £50000 secured loan ?1. To find out the rough cost of a £50000
secured loan, try our Quick Secured
Loan Calculator. |
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Secured loans in the UK BrokerAs a secured loan broker, we look at your personal financial circumstances and then trawl the lenders looking for a loan which is suitable for you.
You may have a perfect credit record or you may have experienced financial difficulties, such as CCJ's (County Court Judgements), defaults or mortgage arrears . Whatever your financial history, we will be able to find a loan for you. |
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Secured loan checklistWhat you need to consider when taking out a secured loan The INTEREST RATE and the APR - the lower the better. Try and compare several different lenders' offers before making your mind up, or use a loan broker like us, who will check several companies' rates APPLICATION FEES, also known as Upfront Fees - these should be avoided at all costs. Never pay an upfront fee for a secured loan The TERM - you will pay less interest the shorter the term of the loan. Try and take the loan out over the shortest term you can afford. There is usually not much difference in monthly payments between taking out a 25 year or a 20 year loan for £50000 for example. Even reducing the term from 10 years to 8 years could save you thousands AFFORDABILITY. Always make sure you can afford the monthly payments. Remember, you can lose your home if you don't keep up the repayments on a secured loan. If you have no sickness cover at work, it may be worth taking out the lender's payment protection insurance, but make sure you read the small print first. Also note that these usually only give you cover for the first 3 or 5 years of the loan EARLY REPAYMENT PENALTIES These have come down recently, and most lenders will only charge a maximum of 2 months interest on early repayment, but you still need to be aware that you will not pay much capital off a secured loan in the early years - the first few years payments are mainly interest, with capital being repaid towards the end of the term. When you also take into account broker fees and lender fees, which are added to the loan at outset, this means that you could end up paying more back than you borrowed in the first few years of a loan CREDIT RATING. Your credit record will determine to some
extent what is available to you and what interest rate you will pay. A poor credit
file means that you are likely to pay a higher interest rate and not
be able to borrow as much of your property value, so try and keep your credit record in
good order by not missing payments on loans or credit cards if possible |
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* Depending on your personal financial status. Example
APR 9.9%,
180
monthly payments, total payable £96,165.00.
Note that the figures shown are for illustration purposes only: actual rates offered will depend
on your circumstances and loan amount.
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