What is a £10000 Secured Loan?

A secured loan is a loan that is secured on your property. This means that the lender has added security if you fail to keep up the repayments. When you take out a secured loan the lender puts a charge on your property so that it can take possession and sell it to get their money back if you default on the loan. This is why you need to be very sure that you are able to keep up the repayments.

With a personal loan, or unsecured loan, there is no automatic link to your home, although if you own your own home, unsecured lenders may be able to get a 'charging order' on your home which means they will have a call on the money from the sale of your house.

  Why choose a secured loan?

There are several valid reasons to opt for a secured loan.

• A secured loan can be cheaper for people with a poor credit record, as the lender has the added security of your property.
• This means that they may be more likely to lend to someone with a bad credit history.
• You may be able to borrow a larger amount with a secured loan - up to £75,000 depending on the value of your property and your other financial circumstances. The maximum for personal loans is £35,000.
• You can choose to borrow over a longer period - normally from 5 years to 25 years. The maximum period for an unsecured loan is 7 years.

Can I get a £10000 Secured Loan?

At 1st Loan, we work with brokers who offer secured loans to people who have sufficient equity in their property and sufficient income to make the repayments. You can apply for a secured loan up to a maximum of £75,000, depending on the value of your home and the balance on your mortgage. You can apply for a £10000 homeowner loan today even if you have a poor or bad credit history.

How much will a £10000 homeowner loan cost me?

You need to complete the short application form to find out how much a £10000 secured loan will cost you.

At 1st Loan, we have strict guidelines in the way we do our business. the first step is that you complete our enquiry form. Please make sure you give accurate answers as this may delay your application. Once you have done this and sent it to us, we pass it to the loan broker that we think will be able to best offer you the financial product that you are looking for. The broker will often contact you to ask more questions or to clarify certain things. Once this has been done, we will be in a position to know whether or not you qualify for a loan. You need to bear in mind that a loan may not be the best answer for you and you may be offered other financial products. Once you receive an offer, you will then be able to decide whether it is right for you and decide whether or not to accept. Note that we charge no upfront fees for giving advice.

Our primary aim is to provide a superb service, from submitting your application to dealing with the broker to receiving an loan offer. If we do not come up to your expectations, or you have any problems, please let us know so that we can rectify the situation.

Please make sure a secured loan is right for you before taking it out. You should always think very carefully before committing to any form of credit or borrowing money.

Financial Difficulties

If you're trying to manage existing debt or in financial difficulty, consider what your options are before you borrow. For further help on managing your money visit the Money Advice Service.