With stagnant job market and rising banking regulations, online gap fill loans such as personal loans and/or payday loans have become more and more common in the UK. Whether your car broke or a you need funds to get your garage repaired or it is a medical bill or a shortage of cash for your anniversary gift, it is more convenient to apply for online personal loans rather than going to main street lenders.
Most people with poor credit opt for online loans as they are relatively easy to obtain and have less hassles involved. In fact, being a homeowner, you can avail home equity loans and raise huge funds for home extensions or foreign travel. However as a debt is a debt, it should never be used casually. You should have a proper plan before you apply for personal loans for homeowner online.
Here are 5 FAQs asked by homeowner loan borrowers:
Are homeowner loans extensions to my mortgage?
Well, it is one of the most common misconceptions among some of the borrowers. Home loans and homeowner loans are not the same. Homeowner loans are essentially a second charge against your property. The loan is independent of your mortgage and you may or may not use the same lender. Homeowner loan is thus not an extension to your current mortgage loan.
Do I need a guarantor for homeowner loan?
Being a homeowner, your loan application is coveted as reliable one. When you apply for homeowner loan you need not have a backing of a loan guarantor. In fact it is also possible to search loans for poor credit no guarantor is needed to get the loan approved.
Can I get unsecured homeowner loan?
If you do not want to pledge your home equity rights, you may consider applying for unsecured homeowner loans. There are some lenders who consider homeowner applicants better than tenants. However reaching them singly could be a neck in pain. You may consider using professional broker’s help to ease the job for yourself.
Why use loan broker’s advice for home equity loan?
Brokers are loan advisors. Contacting them opens up a plethora of options available for you. They do not indulge in decision making for you and thus you get fair chance to make an informed decision. However when you choose to reach out to lenders directly, the process gets tedious and slow.
What purpose can I use home owner loan for?
Like personal loans, homeowner loans are also all purpose loans. There are no restrictions attached on the use of loan amount. You can use the amount raised from home equity loan for your personal reasons. Generally most people apply for homeowner loans for debt consolidation or home improvement. Whatever be your reasons, make sure you have a full back up to repay loans on time. With timely loan repayment you can gradually improve your credit situation.