How long will it take to process a secured loan?
Applications can be completed fairly quickly if you can provide all the information efficiently and accurately.
After you’ve made your secured loan application, you’ll normally receive a quotation that needs to be validated and confirmed by your lender. If you decide to take the next step, then your lender will assess your credit report.
If the loan you want is secured against your property, then the lender will want to know its value. They’ll need to be reassured that the amount of equity (another word for ‘worth’ or ‘value’) you have in your home covers the amount of the loan.
You may also need to supply your banking details and other financial information.
This process varies from lender to lender but can take several weeks. You could ask for an estimated time at the point you apply for the loan.
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