Secured loans from Equifinance

If you are a homeowner a secured loan could be a good option if you need to make home improvements, a large purchase or to repay other credit commitments such as personal loans or store cards. When you repay other credit with a loan this is often referred to as consolidation.

If you consolidate existing credit and smaller loans with a secured loan you will know exactly what you need to pay each month. If you have various small loans, such as payday loans and store and credit cards it can be hard to keep track of all the payments you need to make each month. If you are juggling your money to make lots of payments every month then using a secured loan will make life a lot easier and you may even be able to reduce the amount you pay*.

If you want to make home improvements a secured loan could give you all the cash you need to complete repairs and refurbishments quickly, making your home more comfortable. Depending on what improvements you make these could even enhance the value of your home.

Secured loans are often called homeowner loans and are secured against your property. They are different to personal loans because you need to offer security.

To get a secured loan from Equifinance you need to be a homeowner with an existing mortgage. Your existing mortgage is secured by what is known legally as a first charge and a loan from Equifinance is secured by a second charge. It is possible you already have a second charge which is securing a loan taken out in the past. Your existing second charge would need to be repaid before you can take out another loan but you may be able to use your Equifinance loan to do this depending on how much you owe.

*Consolidating other loans and debts may increase the amount you pay back overall and extend the repayment periods of your debts. Repaying borrowing over a longer term will increase the interest charges.