Secured Loans

Secured Loans

Harrington Brooks have many years experience in securing loans for our customers. These loans may be for anything from doing home improvements to consolidating any high-interest debts you may have. We review each application on an individual basis which means that all applications are considered.

Harrington Brooks can arrange secured loans, through our secured loan brokerage Ask Finance, no matter what your financial circumstances currently are. If you have been refused credit in the past, have a poor credit rating, a CCJ or have defaulted on your mortgage payments and fallen into arrears Harrington Brooks can assist. With typical interest rates at 14.5% APR variable you have the opportunity to obtain a secured loan at a competitive rate

Once the application has been approved, we will arrange for the funds to be transferred into your account.

What is a secured loan?

A secured loan, or a homeowner loan, is where the borrower provides the lender with a form of security. For example, a car or a property may used as security for the loan. The lender will hold the rights to that security until the borrower repays the loan.

Advantages of a secured loan

  • It is an effective way for homeowners to obtain money at an affordable rate. This means you are able to consolidate all other debts, and make one manageable monthly payment.
  • You can borrow a larger sum of money through a secured loan, than an unsecured loan.
  • The repayment period may be longer than with an unsecured loan. It could be up to 25, or even 30 years. You have flexible repayment options, and can choose to repay it over any period between 5 and 25 years.
  • People with an adverse credit listing can still qualify, although their interest rate may be higher than the standard.
  • You can decide how you want to use the money.
  • Interest rates for secured loans tend to be much lower than that of a secured loan.

Disadvantages of a secured loan

  • You could potentially stay in debt for a long time. However, you can choose to opt for a shorter period over which you can repay the loan.
  • You need some an asset to use as security for these loans. (This might not be an option for those without a home or a vehicle).
  • There is a risk that you could default on the payments, which could damage your credit profile, lose your home or vehicle as a consequence.