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The secured loan process is generally slower than it is for an unsecured personal loan, and it will often take anywhere from three to six weeks to be approved for a secured loan. However, you can still apply for a secured loan within a couple of a minutes, and loan approval times will vary between different lenders.
This is due to the fact that you’ll be using your house as security against the loan, which means the lender will need to both verify the ownership situation and take out a valuation of the property. These steps are in addition to the normal personal loan application process, during which lenders need to verify your identity and check your credit history and financial situation.
While it can take longer to get a secured loan than an unsecured personal loan, there are potential advantages offered by a secured loan:
Yes, you’re still eligible for a secured loan if you have bad credit, and you’re much more likely to be approved than you would be with an unsecured loan. When deciding whether to approve a loan application, lenders are mainly concerned with the level of risk associated with the loan. This refers to the likelihood that the applicant will be able to pay off the loan on time.
Someone with bad credit will be considered a higher risk than someone with good credit, as their history suggests they may have struggled with paying off debts in a responsible and timely manner. With a secured loan, the lender can take ownership of the home equity you’ve used as security in the event you fail to repay your loan. As a result, the loan is considered less of a financial risk for the lender, meaning you’re more likely to get approved.
If you’re looking to get quicker access to funds, you could consider the following:
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