How long will it take to process a secured loan?
The process can be completed fairly quickly if you can provide all the right information as soon as possible.
After you’ve made your secured loan application, you’ll normally receive a quote 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.
Here at Freedom, one of our qualified secured loan advisors will run all this through with you over the phone. They can also give you advice on the best loan option for you, so it's good to have a pen and paper handy so you can jot down any key bits of information and write down any questions to ask them as you go.
As the loan will be secured against your property, the lender will want to know its value. They’ll need to be satisfied 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. Depending on the lender, this can be done either digitally via our secure app or via post (which may take a little longer).
This process varies from lender to lender and can take from around 10 days up to a couple of weeks. You could ask for an estimated time at the point you decide to proceed.
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