Secured loan or re-mortgage with extra borrowing

denis22

Hello MSE community!
I was refused to get unsecured loan (25k) due my wage and expenses. I am looking for two options SECURED LOAN and RE-MORTGAGE with EXTRA BORROWING. What option would be the best? 
Money needed to expand my Forex trade business as its going well and I will get back this loan within 1 year.  
Thank you!

[Deleted User]

You'll have the same challenge with both, in terms of equity. 

Then you just need to factor in the relative APRs and any early settlement costs.

denis22

Deleted_User said:

You'll have the same challenge with both, in terms of equity. 

Then you just need to factor in the relative APRs and any early settlement costs.

Thanks for your reply zx81. I am thinking to call my current lender and see what options they got. What should i tell i need monies for? Property renovation, buying buy to let  or ... ? 
Thanks

MallyGirl

If say anything other than the real purpose of the borrowing then that would be fraud

denis22

MallyGirl said:

If say anything other than the real purpose of the borrowing then that would be fraud

MallyGirl. Let`s say I need money for home improvements. Will bank ask me for a building materials receipts or come to check my home improvements? I contacted three secured loan companies and all three refused me as I said real purpose. 
I do not want go against the law but can`t see to borrow monies for real purpose either.   

CocoM2020

Do you not think that if the banks aren’t willing to lend you for those reasons it that perhaps is not a good idea? You can’t guarantee you will get it back in a year. - have you thought what you will do if that happens? 

jonesMUFCforever

This has not happened.

Clive_Woody

denis22 said:

MallyGirl said:

If say anything other than the real purpose of the borrowing then that would be fraud

MallyGirl. Let`s say I need money for home improvements. Will bank ask me for a building materials receipts or come to check my home improvements? I contacted three secured loan companies and all three refused me as I said real purpose. 
I do not want go against the law but can`t see to borrow monies for real purpose either.   

They need to hear the truth to be able to make a judgment on whether they want to lend you money. You lie, then it's fraud and a crime. 

foxy-stoat

denis22 said:

Hello MSE community!
I was refused to get unsecured loan (25k) due my wage and expenses. I am looking for two options SECURED LOAN and RE-MORTGAGE with EXTRA BORROWING. What option would be the best? 
Money needed to expand my Forex trade business as its going well and I will get back this loan within 1 year.  
Thank you!

Courrrrrrse you will Rodders....or you will lose the lot and risk your home.

You are better off getting credit cards with money transfer option as you will definately get the money back within a year so you shouldn't have to worry about the introductory discount ending before going on the 30% interest rate.

denis22

CocoM2020 said:

Do you not think that if the banks aren’t willing to lend you for those reasons it that perhaps is not a good idea? You can’t guarantee you will get it back in a year. - have you thought what you will do if that happens? 

CocoM2020. Thank you for reply. No I can not guarantee to give money back in year. I have a property abroad and thought I might sell it if things will go wrong - price will be just right about... 

denis22

Clive_Woody said:

denis22 said:

MallyGirl said:

If say anything other than the real purpose of the borrowing then that would be fraud

MallyGirl. Let`s say I need money for home improvements. Will bank ask me for a building materials receipts or come to check my home improvements? I contacted three secured loan companies and all three refused me as I said real purpose. 
I do not want go against the law but can`t see to borrow monies for real purpose either.   

They need to hear the truth to be able to make a judgment on whether they want to lend you money. You lie, then it's fraud and a crime. 

Clive_Woody. Agree and do not want go against. Luckily got credit cards for 15k not enough but better than risk home