Secure Loans

In recent months the number of secure loan applications have doubled, almost tripled. This is due to the fact that many know the secure loan market has been removing loans from the industry options. The other half of this is because the unsecured loans are getting to be more expensive.

An unsecured loan doesn’t provide any collateral to the company, which means they are shorter terms and higher interest rates. For families who are struggling to cover their debts they need to change their current situation, which means if they can get a secure loan it is the time to do so before the products are removed from the market or before they are in too much debt to get out.

With a secure loan the interest rates will be lower, and if there is collateral in the home this type of loan should be used for consolidation.

Many families in the UK are suffering from too much debt or will soon be suffering. They are struggling to find the money for the essentials. They can’t afford their gas, electric, groceries, and other monthly expenses because these consumer goods are rising in price, but their salaries are not.

At the moment the main concern in the UK is the debt that everyone is suffering from and how this is affecting the loan programmes. Several of the lenders like First Direct actually stopped offering loans for six weeks to get caught up on all the loan applications they were receiving.

Part of the increase in loan applications has been fear. Consumers fear that the loans are going to be removed permanently from the industry and they won’t be able to get another home loan, car loan, or even remortgage. Others are getting new loans because they are in a period of change with the fixed rate ending on their loans. Trouble is still ahead for the market, and if you have an unsecured loan you might want to get it switched over before the debt starts to rise against you and your family. The prices are starting to move higher despite the rate cuts.

Back To Financial News June 2008

100 Percent Mortgages
36 Percent Fall in First Time Buyer Loans
Arrangement Fees for Mortgages
Bank Account Situations
Bank Accounts Are Changing
Buy to Let Mortgages
Cotton Traders Scam on Credit Cards
Credit Card and Loan Insurance Changes
Credit Card Insurance a Scam?
Credit Cards: A Source of Desperation
Current Account for UK Consumers
Debt Consolidation Loans Can Help
Earn Higher Interest on Your Current Account
Fixed Rate Mortgages Increasing
Halifax and Mortgages
Insurance in the UK
Loan Insurance
Loans from First Direct
Lower Credit Card Fees?
Monlink and Mobile Banking
Mortgages in Recovery
Payday Loan Companies
Payday Loans and Pawn Shops
Payday Loans can be a Problem
Payday Loans Increase Debt Issues
Quick Money Option
Reverse Mortgages Have Advisers Concerned
Secure Loans
Stolen Card Details Used in Hotel
US Debt Worsen which Could Affect UK