| Question |
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My mother has a secured loan for £16 000 but would like to make it unsecured? Is this possible?
Sorry if this is a silly question. I'm not great with things like this and I only found out about the loan today.
Helen Peter
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| By
baby_face_paris |
Posted on
03/16/08 Total Answers
6 |
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| Answers- |
| If her credit rating is ok, get another loan, to 'pay the first one off with' |
| Answer by :
My name's MUD On Date
2008-03-16 15:01:36 |
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| You cannot change a secured loan into and an unsecured one. The only way would be to apply for an unsecured loan and then use the money to pay off the secured one, though you should read the small print since sometimes there are clauses and you have to pay a penalty for early redemption. |
| Answer by :
Kimmie Craig On Date
2008-03-16 15:08:13 |
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| Depends on many things like credit history.
Secured borrowing is typically cheaper then unsecured - so why the switch?
Personally - shop around - most important. Interest rates currently are in the range of 6% to over 100%. Get the best rate you can, and if your unsure get some advice? Does she really need a 16K loan? |
| Answer by :
straightxdresser On Date
2008-03-16 15:09:36 |
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| Not without paying it off and replacing it with an unsecured loan, which are usually at much higher rates. |
| Answer by :
georgebukshi On Date
2008-03-16 15:13:08 |
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| not likely - chances are she would not have gotten an unsecured loan of that size in the first place = they only lent her the money because she had collateral |
| Answer by :
Doctor Deth On Date
2008-03-16 15:17:48 |
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| If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don’ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best deal. When searching for a loan, it pays to do your research. Look for as many suitable lenders as you can, so that you can find the very best deal. There are many online pages that<!--allow you to compare loan rates from a variety of lenders. As well as looking online, check out your high street banks and mortgage lenders for deals too. You may find the loan that you need here,
http://best-loans.awardspace.com/
If possible, try and avoid taking out secured loans. If the amount you need to borrow is small or you have good enough credit to borrow without collateral, then do so. Although unsecured loans have higher rates, they are less risky because your home will not be at risk if you cannot make the payments.Try and take a loan out over the shortest period-->you can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time. |
| Answer by :
Penelope On Date
2008-03-16 19:36:56 |
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