Secured loan with Central Trust

carina62

Has anyone had any experience with Central Trust lender? Thanks

[Deleted User]

Any more detail you could add?

carina62

Am considering taking out a secured loan with then on the recommendation of a broker. My partner and I will be going to read over the T&C's, it will be based on a variable rate so just a bit concerned that they're going to put up the rate and payments when they choose to but I'm sure they can't do that, just don't want the monthly payments to increase too much.

TadleyBaggie

carina62 wrote: »

t will be based on a variable rate so just a bit concerned that they're going to put up the rate and payments when they choose to but I'm sure they can't do that

Of course they can, what did you think variable rate meant?

carina62 wrote: »

just don't want the monthly payments to increase too much.

Then don't get a variable rate loan.

DCFC79

Whats the purpose for the secured loan ?

Get a unsecured loan, it won't be secured on your home so it won't be at risk.

amersall

Don't touch this with a barge pole,all sub prime lenders are no better than loan sharks,go for unsecured as suggested, if you can.

Pixie5740

A lot of people who post on this board with secured loans on a variable rate seem to have found that the rate only varies one way and that's up.

foxy-stoat

My advice is, take the advice on your previous thread.

https://forums.moneysavingexpert.com/discussion/5510562

Brock_and_Roll

Foxy-Stoat's advice on the previous thread is bang on, as is the final post:


"Whilst your desire to help you daughter is admirable, you are not in a position to do so. You need to be in a far stronger financial position yourself. Helping her from savings or liquid assets is one thing - borrowing to help her, particularly in your position, is financial folly
"

iolanthe07

Blatant advertising from the USA. Reported.

Smodlet

How come it's still here?