Borrowers Warned Over Secured Loans Market

Tue, 20 May 2008

Borrowers should be cautious when applying for a secured loan in the UK market, comparison and switching service uSwitch has warned.

The company explained that potential borrowers are failing to carry out research in the UK secured lending market before applying for a loan, which can prove very risky given the current economic uncertainty.

With homes being placed at risk, uSwitch said it is imperative for consumers to observe all the options that are fully available, as well as to carefully study the small print.

"While there are many reputable providers who lend money responsibly and ensure customers only take a loan after understanding all the risks, there are providers who offer money with punitive terms that can drive the borrower into deeper debt," said a uSwitch spokesperson.

"Borrowers need to have a clear understanding of rates offered across the UK secured loans market, as what can look good on an advert may not stand up when compared to other loans in the UK market."
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