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Secured Personal Loan: How Do I Qualify?
By SeanH-9584
You may have set your heart on a conservatory or a new car, and decided that a secured personal loan would offer you the best deal. How do you go about finding one?

To start off the process, you could go into a bank – any bank, not necessarily your own – and ask to speak to somebody about a secured personal loan. Nowadays, another option is to go online, if you have access to the internet. Alternatively, look for an independent broker, who will have access to information on a range of lenders and can guide you to the best deal.

When you have decided where to apply for your secured personal loan, you have to fill in a form, which can be very detailed. This gives the potential lender a picture of your financial situation and your general lifestyle. It is tempting to hurry this, or to leave out information which you may think puts you into an unfavourable light. But if you don’t fill it in honestly and fully, you will find yourself in trouble later on.

To decide whether you qualify for a secured personal loan, the lender will do the following.

•Look at the information on your form. This will include your income, your employment history, how long you have lived at your current address etc.
•Consider the property on which you want to secure the loan. The value

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of the property, and the amount of the equity you have, will determine how much they are prepared to lend you. They will probably carry out a valuation, and this will incur valuation and legal fees which will be added to the amount of the loan.
•Contact the lender of your existing mortgage, to determine the outstanding amount of the mortgage and the amount of equity in the property.
•Contact credit reference agencies to find out your credit history.
•Contact the lenders of any other loans you have.

Generally, a secured personal loan is easier to qualify for than an unsecured loan, because the security in the property reduces the risk. However your credit history can determine the percentage rate – the better your history, the lower the rate. And never forget that lenders are always keen to lend you money – it’s how they make their profits. So the responsibility is on you to make sure you don’t take on more than you can handle.

Sean Horton is a Director of Loans Connection who offer secured personal loans for any purpose

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