Know About Bad Credit Secured LoansApply Now
A secured loan is also called as secured debt, is where the borrower should put his property or asset as surety with the lender, in case if the borrower fails to make the payment, then the lender has right to seize the property.
The asset or property that is put up for surety is called as collateral. The borrower gets the loan amount based on the value of the property pledged. This process is called Hypothecation.
In secured loans, we offer the loan amount even for the borrowers who have a bad credit history, but it should be backed by putting the asset as surety with the lender.
Reasons to Use Secured Loans
Let money not be a problem for fulfilling your needs. Look out for benefits before applying.
Can Borrow Higher Amounts
Easy Availability of Loan
Improves Credit Score
Lower Interest Rates
No Credit Check
Frequently Asked Questions
A Secured loan is a type of short-term loan in which a security or collateral has to be placed as surety in exchange for a loan. Many financiers or lenders provide these quick hassle-free secured loans even for borrowers with bad credit scores provided it is backed by collateral. In case of non-repayment of the loan, there is a risk of the lender confiscating the asset that has been placed as surety.
A Secured Loan can be availed quickly from a financier without much hassles or paperwork. Since collateral is placed as surety, larger amounts pertaining to the value of the concerned asset can be borrowed as a loan. The loan can be repaid as manageable amounts over a scheduled time period. The borrower will have to pay the loan amount along with the interest rates for the pre-decided payment tenure. Upon continued non-repayment of the loan instalment, the asset placed as surety may be seized by the lender.
At FleetQuid, our lenders provide loans for any amount in between £100 up to £5000, imposing 36% Representative APR (variable). You can choose the amount depending on your requirements. However, it is wise to choose an amount that you may need immediately because a secured loan comes with considerable APR depending on your loan amount and other factors.
At FleetQuid, our financiers will not impose any restrictions on how you should use your loan money. However, it is better you use it for genuine purposes. You can use the loan amount to repay consolidated debts, for repairs & renovations, for medical emergencies, to make purchases, etc.
You will probably be the right person to decide that for yourself. You could explore regarding secured loans, the pros and cons, or you could talk to one of our representatives who will give you an insight into secured Loans. You can then choose depending on your preferences and needs.
The best way to keep a good credit score history is to make your payments on time. If you already have a bad credit score, you could use a secured loan to payoff consolidated debts to help build the credit score. You should repay this secured loan on time to retain the good score.