Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK Credit subject to status & affordability assessment by Lenders. 786 Loans is a credit broker and not a lender

786 Loans has a panel of regulated lenders who provide loans to people with a bad credit rating. There are various ways to gauge a borrower’s creditworthiness and one of them is their credit score. But, lenders do not consider a score to be the only deciding parameter for loan approval. They assess the borrower’s profile and check how efficiently the person has managed their finances. If they feel that the borrower can easily repay the debt, they take the risk and approve the loan.

It is a commonly believed notion that people with a bad credit history will never be accepted for an unsecured loan. However, if you have a bad credit score, you may apply for a Homeowner Loan for Bad Credit at 786 Loans. Not so perfect credit history doesn’t necessarily mean that you cannot avail a short-term loan.

The loan given out must be repaid by the borrower in fixed monthly instalments as agreed by both the parties (the lender and the borrower). This short-term loan can be used for any purpose or as seem fit by the homeowner, who has availed it. Repayment schedule must be properly planned by the borrower as this is a form of high-cost short-term credit and irregularity in repayment may cause serious damage to your credit score, further impacting your ability to borrow money in the future.

A homeowner loan is an unsecured borrowing a property owner can opt for a period of a year or less. As it is an unsecured debt, no collateral or asset has to be pledged while taking out this loan. The property is taken into consideration but not on papers.

The rate you are offered will depend on your individual circumstances. All loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount. Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54 .

What Are the Advantages of a Unsecured Homeowner Loan?

Homeowner Loans in the UK can be used for various purposes for a short period. There are many advantages of this credit product, which have been listed below to help borrowers understand and analyse their need for this type of credit.

Boosts Property Value

If the borrower decides to use this loan to renovate and redesign their home, it may boost the overall value of their property. While planning a home improvement, consider the areas that need redevelopment and what potential home buyers may appreciate.

Pay Off Debt

A borrower may use this loan to pay off their existing debts. This can do wonders for your financial situation. Paying off multiple debts provides a sense of relief to the borrowers.

Unsecured

This type of loan doesn’t put your valuable assets at stake as they do not involve any collateral. Hence, your property will be safe when you avail a homeowner loan online.

Multiple Usage

A homeowner loan doesn’t have any limitations to its usages. A borrower can use it to fix their broken boiler, replace the old battery of their car, change the colour of their house, to convert their garage into an extension, or to pay for any medical emergencies.

Easy to Use

The application process for this loan is quite simple and easy. If you are looking for a loan, you may avail it online within a few minutes.

Minimal Documentation

To apply for an unsecured loan, a borrower doesn’t have to go through a lot of paperwork and documentation. However, the required documentation will be carried out online. This will save a great deal of time and energy.

Flexibility

It offers the borrower flexibility of repayment tenure. The borrowers will have to repay in fixed monthly instalments. Because the repayment schedule is planned, it will not impact the borrower’s monthly budget or impact them adversely.

With advantages come a lot of responsibilities as well. Timely repayment of the loan borrowed is necessarily required, else your credit score can get impacted negatively. Borrow only if you can afford repayment.