secured loan

blienafa

Hi there,
I need some advice please, what would be the best way to move from a secured loan to an unsecured one?:question:

B.

CLAPTON

I'm a little unclear what you're asking.

you just get an unsecured loan and pay off the secured loan.

Rafter

Secured loans are generally big and offered at rates that are lower than the equivalent unsecured loan - because they can always take away your house if you don't keep up payments!

Unfortunately no bank is therefore going to turn it into an unsecured loan voluntarily. Your only option is as Clapton suggests, take out an unsecured loan to repay the secured one - but you are going to need a big income and rock solid credit rating if you need to borrow a lot.

Good luck

R.

GarryTaylor

Remember that under some conditions the creditor can take your home even on an unsecured loan. If the creditor goes to court due to a large number of defaults then they can ask for equity release or in extream cases repo. Unsecured for large amounts is basically secured at the end of the day....

jonesMUFCforever

Filipe_Freitas wrote: »

hi the best way to move from secured loan to unsecured loan is.... the first thing you should see that your credit rating should be good..or You best option is to forget about an unsecured loan and to go with a cash advance

What sort of advice is this???