What is a secured loan?
A secured loan is only available to homeowners with an existing mortgage, as the loan is secured on your property. This means that you will be able to borrow a larger amount than you would if you took out an unsecured loan and benefit from a lower APR. Which makes it ideal for major purchases e.g. a new kitchen or bathroom and for consolidation of existing debts. You are also able to spread your repayments over a longer period, anywhere between 5 and 25 years which will allow you to tailor your repayments to suit your circumstances. Although this may increase the total amount you have to repay.
Who are Zen Finance?
Zen Finance are a specialist secured loan broker. By arranging your secured loan through Zen Finance you can be assured that you will receive impartial advice and the benefit of our extensive experience within the marketplace.
I’m finding it hard to keep track of my finances, what’s the answer?
If you have credit cards, store cards, outstanding loans and big bills and you’re finding it hard to manage them all, then rolling them all up into one loan could be the solution. This is called consolidation. You could pay them all off and maybe have a cash sum left over to spend as you please. Even though the total amount you eventually repay could be higher, if you want to simplify your life and reduce your monthly outgoings right now, this could be the right choice for you.
How much can I borrow?
You can borrow any amount from £3,000 to £150,000.
How long can I spread the repayments over?
A secured loan is flexible, you can choose to spread your payments over 5 – 25 years whichever is best for you.
How quickly can I get access to the money?
You can get access to your finance within 2 weeks of your initial application. Which makes a secured loan an ideal solution if you need access to the cash quickly e.g. to pay a deposit on building work.
What happens if I don’t understand the documents Zen Finance send me?
If you don’t understand your documents when you receive them, your personal advisor is on the other end of the phone to talk you through the process. You can call your advisor at any stage of the process for an update, it’s our job to make the process of arranging your secured loan as straightforward as possible.
I’ve had problems getting credit in the past, will this effect me now?
Don’t worry if you’ve been refused a loan, have a less than perfect credit history or CCJs, we’ll still be able to help you get the cash you need for whatever it is you want.
I’m self employed, will this effect my application?
At Zen Finance we specialise in giving advice and finding practical financial solutions for people in all employment situations, including those who are self-employed.
I don’t own my home can I apply for a secured loan?
You can only apply for a secured loan if you are a homeowner with an existing mortgage. However, if you are looking to purchase a car, DSG Financial Services may be able to help you. Give our advisors a call on the above number to discuss your options.
Can I repay my loan early?
If you would like to repay your secured loan early, you should contact us to request an early settlement figure on your behalf. Details on the charges relating to early settlement can be found in your loan agreement.
Are there any up front fees?
There are no up front fees; we may charge a fee of between 0 and 10% of the amount borrowed for arranging your secured loan. This is dependent on your circumstances and considers your previous credit history and ability to prove your income. All fees will be discussed and agreed with you by your advisor.
What happens if I need to raise additional money during the term of my loan?
If you need to borrow more money, all you need to do is give us a call and one of our advisors will take you through the process and you should have a decision in principal on the same day.
What happens if I lose my job and can’t meet my repayments?
By taking out payment protection insurance when you arrange your loan you will be able to safeguard your repayments against redundancy. The cover also protects against accident, sickness and unemployment. Which will give you added peace of mind that your repayments will be taken care of should something out of your control occur.
If you do have problems making your payments you should contact us or your lender as soon as possible.
What happens if I move house?
If you are moving house all you need to do is give our advisors a call and let them know your new property details. In most cases they will be able to transfer the security to your new property.