Secured Loans - Perfect Solutions For Homeowners

[ad_1]

Ever imagined a life without your cell phone, credit card, and car? Once considered as luxury items have now become necessities. Life is going at a high speed. New technologies and innovations certainly make life smoother and convenient. Internet i.e. the web media of mass communication is one thing that has indeed revolutionised our way of living. It has given us access across all boundaries and frontiers in fraction of seconds. So, be it booking tickets for a movie, or looking for a life partner, Internet has become a vital part of our lives. It has earned for itself the reputation of being a reliable source of information and fulfills our cognitive, social and recreational needs.

When it comes to the  loan  market in the UK, the online media is being used effectively to advertise, promote, publicize and sell varied  loan  products. The advancement of online media benefited the UK  loan  market in manifold ways.

Benefits for the customers:

Access to various lenders and  loan  products

Cost-effective way of searching for  loans 

Saves time and effort

Web tools like  loan  calculators help to compare  loans 

Benefits for the lenders:

Target oriented reach

Automated process of  loan  application

Secured  loans  that generally take a long time have also become fast in application and processing, thanks to the online media. Gone are the days when it used to take months for the secured  loan  application to get approved and disbursed. No body today has the time to go "in person" to various banks and manually fill in the lengthy  loan  application form and wait endlessly for the money to get transferred to his account. Online secured  loans , thus, come really handy to those in need of quick money. Though these  loans  can in no way be quicker than the unsecured  loans , the web medium has indeed made their processing swifter than before.

Online secured  loans  give the borrowers ample opportunity to search for and compare various deals offered by different lenders. Some of the web tools that are of great help to the borrowers are discussed below:

Online  Loan  calculators- These help you to search compare and find the cheapest  loan  deals to save you money. Just by entering a few details like the amount desired to be borrowed, the  loan  tenure, etc. you get an approximate EMI (equated monthly instalment) you"ll be paying at a certain rate of interest.  Loan  calculators help in giving borrowers a tentative idea about the  loan  instalments. It is a handy tool to help you decide which  loan  deal to choose.

Online Credit reports- Though secured  loans  are dependent on the value of home equity, the credit score of the borrower is also important in getting him a cheap deal. To find out your credit score on your own, enter your financial details on sites that offer free credit score and reports. These online reports help a lot in assessing one"s credit status. Online credit reports carry the person"s detailed credit history relating to repayment record, defaults, CCJs etc. Experian and Checkmyfile are two of the websites that offer credit checks and reports free of cost.

Online Comparison charts- Many of the financial websites offer comparison charts that compare  loan  deals offered by various lenders on the basis of the APR charged. This helps the borrower in deciding as to which  loan  deal to go for. Especially in case of secured  loans , cheap rate of interest can be availed with other added benefits like flexible repayment options. So, it"s always advisable to take the help of an online comparison chart. This saves the energy, time and effort otherwise spent in shopping around the  loan  market.

 Loan  advice and alerts- Many websites provide you timely alerts about changes in the UK  loan  market. They also advice you if you call them. These sites offer  loan  help lines and  loan  consultants. And the amazing thing is that many of these sites offer these services for free. So, you can remain updated on changes in secured  loans  and the interest rates etc. for free by registering to one of these sites.

So, availing secured  loans  is no longer a daunting task with the advancement of online media. Let"s see how the process of online secured  loans  works.

Application Stage- This takes a few minutes as most of the online applications are simple and short. Once the borrower fills the online application form for secured  loans  by entering a few vital details the  loan-officer  of the lending institution calls him for other verification.

Approval stage- Once the credit check is done by the  loan-officer , the underwriters offer the customer varied deals on online secured  loans  in accordance to the credit profile and financial requirements of the borrower. The  loan  amount offered on secured  loans  is decided on the basis of the property evaluation carried on the lender.

Disbursal Stage- Once the borrower agrees for a particular  loan  deal, the amount is transferred into his account. Thus, in three simple steps the secured  loans  are processed.

[ad_2]

Source by Erika Anaya