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Video Transcript When shopping around for a secured loan, borrowers will often come across the term “consideration period.” What is this? The consideration period is the time lenders are legally obliged to give the borrower to review all documents related to the secured loan. Lenders should not contact borrowers in this period, as doing so […]
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Borrowers considering applying for a secured loan will have numerous questions about the product. One of the most common is: Is being a homeowner an essential part of the eligibility criteria for a secured loan? Secured loans are only accessible to homeowners, although a borrower does not necessarily always have to use their home as […]
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Video Transcript Borrowers looking to borrow a larger amount of money than what is typically available from an unsecured loan may consider applying for a secured loan as an alternative. While borrowers may use a secured loan for similar reasons to if they took out an unsecured loan, their circumstances may dictate they need to […]
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Video Transcript What drawbacks should a borrower consider when looking at applying for a secured loan? The time it takes to apply for a secured loan and receive a loan decision from a lender can represent a major drawback for some borrowers. It takes longer than going through the unsecured loan process, but is typically […]
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Video Transcript Borrowers seeking out financial products can easily be confused by the presence of a comparison rate and Interest Rate when visiting lenders’ websites or reviewing information. Which one should borrowers look at? While lenders will tend to primarily advertise using the base interest rate, as this is the lower figure, borrowers should seek […]
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Video Transcript While the comparison rate is a good comparison point when shopping around for financial products, borrowers should be aware of what may or may not be included within the comparison rate. Borrowers should enquire with prospective lenders as to what exactly is included in the comparison rate. It is common for loan fees […]
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Video Transcript The repayment term, also called the loan period by some lenders, is the time over which the borrower will repay the loan to the lender. The borrower makes regular repayments over the term, clearing the loan balance by the end date on the agreement. Repayment terms for unsecured loans and secured loans differ. […]
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Video Transcript When applying for a personal loan, it is crucial for borrowers to understand all terminology related to borrowing. What does the term ‘loan period’ mean? The loan period is the time over which the borrower borrows money from the lender. This then becomes the repayment period, over which the borrower will have to […]
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