Frequently Asked Questions

Cheap Secured Loans works round the clock to answer all your questions and clear all your doubts.
Following are some of the most frequently asked questions.

What are the advantages of a secured loan?
Ans- Lenders prefer it because there is lesser risk involved. And customers prefer it as a low rate of interest is charged.

What amount can I borrow as a secured loan?
Ans- The loan amount depends on the value of your collateral; the higher the value of your asset, the higher your loan amount. But generally, it ranges up to ₤125,000.

What is the repayment term granted on secured loans?
Ans- Usually, the repayment term is granted from 3 to 25 years. But the repayment term can also be extended for which a higher rate of interest is charged.

Can I use my deposited asset, i.e., the collateral, during the transaction?
Ans- Yes, of course! Lenders only hold the title of your asset in black and white. So you can use whatever asset you have placed as security during the repayment period.

Is there any chance of repossession of collateral with secured loans?
 Ans- Yes! If you fail to live up to the credit agreement, then the lender can repossess the asset you deposit as collateral.

Can I dissolve the loan before the repayment term?
You can pay off the balance left on the secured loan prematurely. We try to reduce the balance of the secured loans also.