Secured loans

c-m

I recently passed my motorcycle test and sold my old bike to pay for the training and test.

I am now of course without transport and only have a small amount put away as saving towards a bike.

I have a poor credit history from student days, so an overdraft extension or credit card is not an option.

I was wondering are secured loans less strict in terms of history than other forms of lending?

I only need to borrow £1000 which I can pay off at around £100 per month.

jonesMUFCforever

You won't get a secured loan for a grand.

It's not worth the time and effort and would you have security to provide anyway?

The only way forward as I see it is for someone to stand as guarantor for you.

bathgatebuyer

c-m wrote: »

I only need to borrow £1000 which I can pay off at around £100 per month.

They'll try and tie you into 5 years minimum and have horrendous early settlement charges. I need a car for my work and get £350 a month on top of my salary to pay for one. Asked at Loans.co.uk for a quote for a £8K loan over 3 years. They said I would only be accepted for a 5 years loan secured incorporating all my other debts into it. Total cost with interest? £29,000!!!! :eek:

Avoid a secured loan at all costs.