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How much would you like to borrow?	Over how many years?

Purpose of loan?	Current residential status?

What is your monthly income? (including any benefits)	Your employment status?

You qualify for two types of loan. Select either:

	Homeowner Loan Is secured on your home. Rates depend on your circumstances; usually lower than an unsecured loan and often more flexible.
	Unsecured Loan Not secured on your home. May not qualify you for the best rates. Applying to a number of lenders may affect your credit score.

Estimated value of your property?

Your current mortgage balance?

Where will you buy your car?

What is the total value of money you owe to companies?

Do you owe money to 3 or more companies?

YesNo

What is your monthly rent/mortgage payment?

Your living arrangements?

Your date of birth?

Do you have adverse credit?
(if yes, we can still help)

YesNo

Based on your information we recommend you speak to a personal debt adviser.

They will offer you advice on:

Whether a loan is your best option
Consolidating your debts
Reducing the amount you owe
How to freeze your interest payments
Protecting you from creditors

First name:	Last name:

Phone number:	Alternate phone number:

E-mail address:


First line of current address:	Current postcode:

Based on your requirements we have selected the FSA regulated broker Broker Name to help you with your enquiry. Please click 'Search' to confirm that you are happy for them to contact you by telephone/e-mail.

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Thank you for your enquiry.

Your adviser will be in touch with you shortly.

How easy is it to Apply for a Secured Loan

The Application Process

The application process will differ depending upon whether you want to apply online or over the telephone. It is mainly down to personal preference as there are advantages and disadvantages to both.

If you apply online it is generally a much quicker process than if you were on the telephone. This is fairly obvious as over the telephone the operator is asking you questions and then typing in your details and checking various pieces of information. Online however you simply have to type in your details and then click OK. It sometimes takes less than five minutes and it is not a very demanding process at all.

However, if you would like to apply over the telephone it gives you the peace of mind that you have actually spoken to somebody about the loan and you know exactly when you will be accepted and if you will be accepted. Usually the process takes around twenty minutes to half an hour over the phone so it can be quite time consuming. You will also need various pieces of information. You may know most of it but just in case it may be helpful to get some documents to hand.

Generally loan companies want to know:

- If you and your partner are working and what your salaries are

- The value of your home

- Various information about the home

- Bank details

Overall the process is usually fairly simple and you should find that it is not as strict as a unsecured loan, but that doesn’t mean that you shouldn’t look over the plan carefully. It is always worth knowing exactly what you are getting before agreeing to anything.

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This article was written by Derek Rogers on 31st January 2007.

2008-04-25