Already on ArticleSlash?

Forgot your password? Sign Up

Before You Apply For A Secured Loan


Visitors: 145

Applying for a secured loan seems to be a very stressful thing to do for some people. So let me tell you how you can turn this chore into a simple step in taking out your next financial commitment in life.

It is best to have all of the following documentation to hand before to even look for a lender to lend you money, as these are standard items that they will want to see before considering any one for a secured homeowner loan.

The items include:

- ID for both applicants, or if it is only for one person, then just their ID. Acceptable forms of ID are - Passport, Driving Card, Firearms Certificate, Police Warrant Card, Credit Card with recent statement, Bank Card with recent statement.

- Proof of address for the client/s, Acceptable forms of this are - Utility Bill, Council Tax Bill, Bank Statement, Credit Card statement, A letter headed paper letter from a known company. ( All of which will need to be dates withing the last 3 month)

- Proof of Income, Acceptable items to prove your income might be - Your last 3 Months Payslips, A job reference stating how much you earn and length of time employed there, If you are self employed, then you may need to provide your accountants details to the lender, if you don't have an accountant, then your tax returns are sufficient with some secured loan lenders. If you have none of the above, and can't prove your income, there are some lenders, that on some of their products will lend to their customer on whats called a self certified homeowner loan, however their is normally a higher cost for this, as the secured loan lender is taking a higher risk.

- Your last 3 months bank statements are always handy to have when applying for a secured loan, as most lenders like to see the way in which you operate your account. For example, do you pay your bills on time, or are there late payment fees in your bank account?

The above are the normal items that you should expect to be asked for when applying for a homeowner loan with most lenders in the UK. On occasions the lender, if not satisfied with what has been provided to them, are in their own rights to ask for more information, this can range from, a breakdown of what the money is for, (if it is for major home improvements, I have known the lender to ask for a copy of the plans) to paying off your existing credit for you, if the loan is for consolidation, rather than letting you pay them off, just so that they know that the debts are being paid off.

There are many of ways of applying for secured loans , one ways is through a homeowner loan broker. Advanced Finance are one of the UK's most experienced brokers in homeowner loans, bridging loans , remortgages, and other such financial products, when you are considering taking out a secured loan, ask Advanced Finance for their free advise first, and see what they can do to help you.

When looking for a mortgage, bridging loan, or a secured loan, Advanced Finance are one of the largest brokers in the UK who are abel to arrange finance for their clients, no matter what their situation. For more information or to apply for your chosen finance, simply visit the website or you can call an experienced underwriter on 08709 777 888 today.


Article Source:

Rate this Article: 
Online Secured Personal Loan - Suitable Loan Scheme For Asset Owners
Rated 4 / 5
based on 5 votes

Related Articles:

Don't Get Burned When You Apply for an Online Secured Loan

by: Jim Ferris (February 02, 2007) 

Secured Loans Try it and Taste a Better and Secured Loan Term

by: Pamella Scott (September 02, 2008) 

Apply For a Secured Credit Card

by: Dave Nichols (July 23, 2008) 

Secured Loans Find a Secured Loan Now

by: Robin Brain (August 26, 2008) 

Apply For Bank Loans - Tips on How to Apply For a Bank Loan Online

by: N Hynes (September 30, 2008) 

Mortgage Loan Request Areas to consider Before you apply for your current Bank ..

by: Johnson Smth (October 29, 2011) 

Need Funds Apply For Bad Credit Secured Personal Loans

by: Amanda Thompson (January 18, 2007) 

Fast Secured Loans - Finding a Good Company to Apply With!

by: Robert Mcleary (September 28, 2008) 
(Finance/Home Equity Loans)

Secured Loan Debt Consolidation Pros and Cons of Consolidating Debt With ..

by: Ricky Lim (December 25, 2008) 
(Finance/Debt Consolidation)

Online Secured Personal Loan - Suitable Loan Scheme For Asset Owners

by: Johns Tiel (May 14, 2008) 
(Finance/Personal Loans)