Loans FAQ's

What is the lowest rate APR I can get on my secured loan?
	This is entirely down to your personal financial circumstances and market conditions. UK secured loans are tied to Bank Of England Base Rate which is 5.75% (August 2007). We at Viking Financial Services work with loan brokers who aim to find you the lowest APR they can offer.
What is the difference between secured and unsecured loans?
	Secured loans are secured against property. Unsecured loans are not secured against a property. Secured loans are tailored to homeowners, so they are often called "homeowner loans". Similarly, unsecured loans are often taken up by tenants or renters and so are sometimes called "tenant loans".
What can I use a secured loan for?
	Anything you want. Debt consolidation, a new kitchen, other home improvements, to pay off credit cards or to pay legal fees- what you use the money is entirely up to you!
Who is eligible for a secured loan?
	In general secured loans are for homeowners who already have a mortgage. Secured loans are further advance loans usually offered as a "second charge" on top of your mortgage. Secured loans are sometimes offered to people who own other property such as an office, a retail premise or a warehouse.
Where can I get secured loan advice?
	Viking Financial Services always recommend that you speak to an Independent Financial Adviser (IFA) in your area if you require detailed information about secured loans. Unfortunately Viking Financial Services are not authorised to give financial advice.
What are secured loans?
	In simple terms, secured loans are secured against property. Secured loans are therefore only available to homeowners. Unsecured loans do not have any kind of security involved. A secured loan is a loan in which the borrower pledges some asset (e.g. a house or a property) as collateral. The loan is then secured against the collateral. If the borrower defaults on agreed payment terms, the lender may eventually take possession of the asset used as a collateral and may sell it to recoup the amount of the loan lent to the borrower. Therefore, you must think carefully about securing a loan against your property or any other asset you do not want to lose if you cannot keep up the repayments. In the UK, secured loans are a very popular form of finance where homeowners can use the equity tied up in their home to release a second charge in the form of a loan (usually on top of an existing mortgage).