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How To Get A £30,000 Loan
We are always in need of money to take care of some financial responsibilities. These responsibilities may come in different forms such as buying a car or a home, going on vacation, wedding, home renovations, and other responsibilities that may require a huge sum of money.
This may create the need for you to raise £30,000 to meet up with the responsibilities. The only way you can get a £30,000 is to apply for a secured loan. With a secured loan, you can easily overcome the restriction of £25,000 placed on personal loans. By using your home as a security, you can easily get the loan after the due verification process.
Why you should consider getting a secured loan
You may consider taking a secured loan for some reasons that are highlighted below:
- It is easy to get: You can have easy access to secured loan as long as you are ready to use your home as a security for the loan. Unlike other loan options that can be difficult to get, you are assured of getting a secured loan.
- Convenient repayment: The repayment plan is flexible and encourages prompt repayment. While unsecured loan limits your repayment period to a maximum of 7 years with heavy monthly payments, secured loans give you up to 25 years to make your repayment. This will literally translate to lower monthly repayment that is more convenient.
- Lower interest rates: The interest rates for secured loans are generally lowered than that of unsecured loans. This is another factor that contributes to the reduced monthly repayment of the loan.
How to apply for the loan
Applying for a loan in this age and time is relatively very simple. Since there are many players in the loan lending industry, you need to carry out a research on the available ones to pick the best for you. When that is done, visit the website of the lender of your choice and fill the loan application form. This should take you a couple of minutes, after which you submit the filled form online. The company will get back to you for other verification processes.
Because secured loans involve lending out a huge sum of money, the lending process may take up to 8 weeks before completion. This is to ensure that there are no anomalies in the application process that can impact the loan adversely.
There is a note of caution, though. You must have a genuine need of the money and foolproof payment plans before you apply for this loan. Using your home as collateral makes you susceptible to homelessness if you default on your payments. While this deserves the right consideration before applying for the loan, it shouldn’t keep you off from taking the loan to meet some important financial obligations. You only need to plan the repayment meticulously and resist the temptation to engage in a frivolous and expensive lifestyle that will drain your money. That will guarantee prompt payment and remove any risks of homelessness from you.