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A secured loan is the perfect way to get the money that you need

What are secured loans usually used for?

Home > Help & Advice > Finance FAQs > What are secured loans usually used for?

A secured loan is the perfect way to get the money that you need even if you have had problems obtaining other types of loans.

The only absolute condition is that you own a property that it can be secured against. From car loans to wedding day loans, a secured option can unlock the equity in your home to get you the cash that you need at an affordable rate.

Advantages of a Secured Loan

The beauty of a secured loan is that you do not have to specify what you want the money for — unlike specific car loans or some personal loans. All you need to do is show that you have the equity in your property to act as security — even if you have negative equity issues — and that you have the means to make the repayments.

You can also borrow more and the interest rates are likely to be lower, meaning that your regular repayments can fit in more easily with your budget. Your repayment term is also likely to be considerably longer than with an unsecured loan, allowing you to spread the cost of paying back the money over a more manageable period for you.

What Do You Need a Loan For?

Secured lending can provide you with the money you need to do anything you want. Maybe you need a home improvement loan or the cash to fund your honeymoon? This type of loan can be the answer. A secured loan can be especially valuable if you need more than a personal or other type of loan can provide.

There are many reasons why people opt for a secured loan — not least to consolidate debts and potentially reduce their monthly repayments. You can also use the money for investments to increase your future financial security, to fund your children’s’ journey through university or a much-needed gap year or to pay for a well-earned break for you and your family.

A secured loan can enable you to borrow more than you are allowed to with a personal loan. At the moment, UK laws only allow personal loans up to a maximum of £25,000, making them unsuitable for bigger home improvement projects, for example. Secured loans do not have this limit, although the amount you can borrow will depend on the equity in your property, your credit history and the amount you can afford to repay.

Evolution Money does not base its decision solely on credit checks, as it is interested in you now and not in your past, but as a responsible lender it will still want to ensure that you can make your repayments and are not taking any unnecessary risks. If you are self-employed, you will need to provide evidence of your income over the previous six months.

Secured loans are available from £1,000 to £20,000 from Evolution Money in order to fund larger investments, once-in-a-lifetime trips or major home extensions or improvements. Unlocking the equity in your home can mean that your dreams are within reach, even if your past history is not as spotless as you would like it to be or if you want to borrow more than an unsecured loan can provide.

Putting your home up as a guarantee can be a very effective way of getting the money that you need, but you must ensure that you can make the repayments, both now and in the future. Failing to do this can put you at risk of losing your home.

This can actually be a positive incentive for you to keep on track with your repayments, however, as long as you make sure that you can really afford the loan before you take it out and are totally honest in your application. You can help your lender help you by ensuring that all of the information that you provide is completely accurate in order to make sure that you are offered a loan that you really can afford to repay.

Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

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0161 814 9158

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0161 814 9165

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Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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