What could affect borrowing power with secured loans

17 July 2008

Secured loans require collateral to help ensure you pay off your secured loan or to sell off in case you can't make repayments. However there are other elements that may affect your borrowing power with secured loans.

These include:

Your credit rating - A good credit history may give you a better chance of having more borrowing power. If your credit rating is poor, you may have decreased borrowing power on your secured loans.
Financial and employment status - A full time job and a steady income may improve your ability to borrow more with your secured loans.
Income - The better your income, the better your chances may be of having more borrowing power with your secured loans.
Outgoings - We all have bills to pay. You bank will take all your outgoings into account when you apply for secured loans.
Level of equity with assets - The more your assets are worth, you may receive higher borrowing power.

Compare secured loans and find out more about the benefits of secured loans.

Back to News Index | Back to Home

Best Personal Loans