Cash, Cars and Babes

Everyone in the financial industry is tightening their purse strings at the moment as the credit crunch gets into full swing. So, the obvious advice would be to take care of your credit rating if you need, or will need in the future, personal or secured loans, for example.

According to the Independent, the big credit reference agencies, such as Experian and Equifax, are thoroughly recommending that people:

• Keep up-to-date with repayments on loans, mortgages and credit cards

• Keep on top of your mobile phone bills and utilities

• Being on the electoral roll and being a resident at your address for a decent amount of time also help.

It seems that lenders haven’t dried up completely – they are just extremely picky as to who they lend their money to. If you are seen as responsible, not missing repayments and falling into arrears, then you have much better a chance of being accepted for a loan.

Secured loans could be the answer for parents who are concerned about supporting their child through university.

Confused.com have also advised parents to ensure their budding student takes out insurance for their stuff whilst at uni. Car insurance and energy providers have also been recommended to be thought about to ensure their cjild gets the best deal.

Opting for a secured loan could help parents fund their child's further education, and by searching online for the best deals out there, they can be sure to find a competitive rate with terms that suit them. 

It's crazy how much money some people can get. I've just noticed Abbey have launched a new loan, which let's you borrow £5million for a mortgage (!!).

That's a bit beyond my reach I think. It's a wonderful thought, to think of the house you could have for that amount, but by paying it off, I'd be bankrupt before I even went to the cash point.

You can still search online for secured loans and mortgages which may be more suitable to your spending bracket though.

The current housing market is believed to boost the number of secured loans taken out. Financial experts believe these loans will be for home improvements. Halifax has reported that up to 28% of homeowners are planning improvements over the next 12 months, whether it is a bit of DIY or a complete renovation. Many are choosing to go down the homeowner loan route, which is easier to do since you can search online for them.

It’s believed that rather than people choosing to move, they are deciding to stay put and do up their existing home. It seems to make sense considering the uncertainty of the current market.

If you want to do up your home, or need a secured loan for any other reason, search online today.

Secured Loans are becoming far more attractive to homeowners, compared with unsecured loans. The former appear to be a thing of the past in comparison to homeowner loans, due to the significantly lower interest rates which are applied to them.

It has been found that the average rate charged on am unsecured loan of £15,000 is 8.4%, which, when compared with the APR applied to a secure loan of the same price (5.9%) is rather a susbtantial rate.

In times gone by, secured loans were seen as a last resort for homeonwers. But nowadays, when comparing the interest rates on the market, they are now appearing far more attractive.

Search online to find and compare secured loans, and find which one most suits your circumstances. But be aware, that by securing a loan against your home, if you dont keep up with your repayments, repossession can occur.