Secured Bridging Loans Borrow money on your terms with our secured bridging loans.

A secured bridging loan is a reliable way of borrowing money, which benefits both you and the lender. You are able to decide which of your assets you’d like to be used against your loan, giving you more control. It’s the best way to acquire a loan if you don’t have good credit but are looking for finance. We are able to take into consideration the value of your personal assets, providing you with a reasonable loan with an achievable repayment plan.

 

What Is The Difference Between Secured And Unsecured Loans?

The key difference between secured and unsecured bridging loans is that a secured loan is tied to a personal asset; whereas an unsecured loan isn’t. The asset is then used as collateral for the loan. By approving the terms you are also agreeing that your asset may be repossessed if the loan is not repaid in full. This can be high risk for those who are unsure they will have the funds to repay the loan, which is why considering which loan is best for you is vitally important. Our advisors are on hand to help you with any concerns or queries you may have regarding secured loans and what you are able to afford.

 

Types Of Secured Loans

There are several types of bridging loans available, so be sure to contact us if you need any further advice on which would work well for you. The following circumstances are typical instances where someone may apply for a secured loan:

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  • Home improvements including light renovation and refurbishments
  • To raise funds to secure your next home
  • Cash injection into a business
  • Repay any outstanding loans i.e. loans taken out on previous properties
  • If you have poor credit and have been denied other loans

Generally speaking, a secured loan can be used for a number of instances where you need to raise funds quickly. Secured loans are often chosen as a means of finance over typical personal loans because you can borrow significantly more, with a longer repayment period. They’re also favourable to those who have a bad credit history and can’t get approval for an unsecured bridging loan. Though the stakes are high if repayment is not met, secured loans are a completely viable option for anyone looking for a cash injection. The rates are also much lower on secured loans than other means of borrowing capital; like credit cards and other types of personal payday loans.

What Can Be Used As Collateral For A Personal Loan?

Every secured loan needs an asset to be used as collateral against it. Ultimately, this needs to be agreed by both parties and deemed valuable enough that you can borrow the amount of cash you require. Commonly used assets include:

  • Vehicles
  • High-Value Jewellery
  • Fine Art
  • Home Equity
  • Personal Property

Although these are classic examples of assets used against the loan, each case is treated as individual. You can present any asset you believe to be of high enough value to be considered. Your assets will need to be valued to determine whether they can be used as collateral.

In addition, lenders usually offer you less money than the value of the asset. This can range between 50-90%. This is because your asset could lose value during the term of your loan, so lenders want to make sure they leave enough of a margin for error.

Is A Secured Loan Right For Me?

If you’re looking for a quick cash injection but have a history of bad credit, then yes – a secured loan is the right option for you. For more information on bridging loans visit our info page, or fill in our quick enquiry form for a free quote within 24 hours.