What is a Homeowner Loan?
Generally, there are two types of homeowner loans – secured and unsecured. A secured homeowner loan is tied to your property and an unsecured homeowner loan is a type of debt that doesn’t involve any asset or collateral. That means the loan is not secured against your property and hence, homeowners can easily apply for this online. However, the rate of interest of these loans may be high as no collateral or guarantor is involved in the borrowing process.
Lenders offer two types of unsecured homeowner loans – short-term and long-term homeowner loan. Short-term homeowner loan can be taken out for a period of 1 year or less. While a long-term homeowner loan can be taken out for a period of 1-7 years. The borrower has to make fixed monthly repayments. Also, these loans allow a borrower to take out a smaller amount as compared to secured homeowner loans. If you fail to pay your unsecured loan, your property may not be at danger, but your credit rating may be harmed.
Approval to Tailor-made Loans for Home Improvement
When you apply for loans for homeowners with Loan Broker, the lenders will assess your credit report to know how good you are at managing your personal finances. They will consider your current creditworthiness before approving the loan.
The loan amount you applied for will be agreed by you and the lender and has to be paid back over a set period – depends on the type of unsecured loan you have opted for.
Also, the monthly repayment amount that you pay back will include interest rates and fees. However, you should always check the Terms & Conditions of the loan that the lender is offering you before signing on the dotted line.
Bad Credit Homeowner Loans UK
At Loan Broker, we feel that poor credit shouldn’t come in your way of borrowing money that may help you to take control of your financial situation. Our lenders offer homeowner loans with bad credit, which will also help you to build your credit score if you repay timely.
Bad credit homeowner loans are specially designed to help borrowers who do not have a stellar credit history and are facing difficulty to avail a personal loan. We deal with lenders who do not consider a bad credit score as the only deciding factor for a loan.
How to Avail a Homeowner Loan Online?
We believe in simplicity and hence, we have designed a simple online application form that needs to be filled out when you are applying for instant homeowner loans. Make sure you provide the correct information which will help our lenders in making a decision regarding your loan application.
3 easy steps will help you avail a loan with us:
1. Tell us about you
Fill in the online application form with personal and professional details such as – date of birth, contact number, email address, current employment status, bank account details, residential address, and the loan amount you need and for how long.
2. Get the decision
Our lenders will verify the information provided by you. And also, they will assess your loan eligibility to evaluate your creditworthiness. They need an assurance that you will be able to repay the money to them, without any fail. The decision made by them will be displayed on the screen within a few minutes.
3. Loan disbursal
If the lender approves your loan application, the loan amount will be disbursed by the lender to your bank account. The time taken for loan disbursal depends on the lender you’ve chosen and your bank.
Loans for Small Businesses (SME)
When you are looking for a small business loan, it is usually to help you as a company. You might be operating as a self-employed worker with or without a limited company set up, or
A personal loan is a type of credit paid to a singular person for their own use, as opposed to a business loan. The loan is made directly from a lender to an individual’s bank
Low interest Loans
A low-interest loan, as the name suggests, is apersonal loan offered at a relatively lower rate of interest. These loans are aimed at making borrowing more affordable.
FAQs on Homeowner Loans
If you default on a homeowner loan in the UK, your credit score will be severely impaired. A poor credit score may restrict you from borrowing money in the future. Also, if you completely stop making the repayments, a court notice may be issued to you.
You may use this personal loan to consolidate your existing debts. It is always considered easier to manage a single repayment rather than paying multiple debts on multiple days. The usage of this loan depends on you. You may use it to cover any unexpected expenses as well.
One of the main advantages of using an unsecured homeowner loan is – there is no risk involved for collateral damage. Moreover, the loan amount can be used for basically any purpose. Also, this short-term personal loan doesn’t take much time for approval, unlike other loans.
Find Homeowner Loan – With Loan Broker
Loan Broker is an FCA registered credit broker that operates across the major cities of the UK. All the lenders associated with it are also authorised by the financial regulator. The mission is to promote responsible lending and hence, our lenders perform soft credit checks to offer initial quotes. Soft credit checks are safe as they do not leave any footprint on your credit report and doesn’t even harm your credit report.
We do not charge any upfront fees to our consumers. We offer an array of unsecured loans such as – debt consolidation loans, self-employed loans, to help borrowers get back on their financial track. As a credit broker, we help our borrowers to find the right lender by considering their requirements. With Loan Broker by your side, you can choose no obligation loans. We are loan brokers, committed to extending a true hand of help for borrowers seeking hassle-free, and affordable loans despite bad credit rating.
Borrow responsibly and repay timely.