It is easy to see why many of us take out loans. Not the 15 year mortgages on our homes, but those quick loans that give us a smallish amount of urgently needed money to bridge us over an unexpected expense. The loans we repay quickly with little effort.
Simply put, we take these loans because a sudden need arises that we just can't meet from our income even with all our wise planning and careful spending. A medical emergency that requires an operation in the private sector. Or a family wedding that you have to pay for. Or a car that breaks down and needs to be replaced -- by next Monday!
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Taking a loan for these reasons is the lot of those of us on 'ordinary' incomes. It is as if the economy of this country deliberately gives us almost enough -- and forces us to use our family connections and ingenuity to get the rest when emergencies or opportunities sudden arise.
Less fuss - no embarrassment
So, it is easy to see why we take out loans. But the slightly harder question is, how do we secure one quickly with the minimum fuss and embarrassment? Well, you have options. Several tested, safe financial instruments exist for this very purpose. And many people in ordinary jobs and walks of life use them. The best known is the secured loan.
It goes by an number of different names. Some people call them 'second mortgages' for example. And this is a good name for many of them, since often a home is used to get the loan, just as a mortgage is given for a home.
This is how they work. You have a legitimate need for a loan of several thousand pounds. You have been living in your home for some years and, actually, when you look in to it with a valuer and a banker, you find you own a significant amount of equity in your house. So you offer to let the bank take your home and sell it if you can't repay the loan. And the bank gives you the loan.
It sounds easy -- and it is very easy for the right kind of borrower -- but there is one word of caution that a good loan broker will explain to you. It is this: a secured loan is secured. If you fail to repay, you will lose the thing that secures the loan. Your home? Bankers do not pay attention to the tears of their customers, and if you fail to repay a loan that has your home as the collateral then the bank will sell it from under your feet.
These loans can be safe
In the normal course of events, however, this is never going to happen. One reason is that you will almost certainly only use your home to secure a loan if you have a good record of borrowing, and at the time you take the loan you don't have any (or at the most, very few) outstanding loans. If you have a steady income and light out goings (ie. few loans) then a small extension of your loan with the family home as collateral is probably one of the best things you did for a while. The chance that you will not be able to meet your repayments is remote.
Another thing about a secured loan is that they can be excellent for people with a history of poor credit. This is the case because the lender is giving you your money not on the basis of how you repaid earlier loans. But rather, on the basis of the equity you now hold and your current ability to repay the small extra loan. Getting a secured loan now will do a lot to deal with your less-than-perfect credit history. A good loan broker will know about these two factors and can steer you towards the best secured loan for you and your family.
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