How long will it take to process a secured loan?
The process 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 decide to proceed.
FAQs: Pick a category below you may need help with
Baffle-free guides to borrowing
Loans can be super confusing, but never fear – our set of loan guides will help you beat the Baffles.Loans Guides
It’s not always easy to know how to handle your finances. Our set of money management guides can help you out.Learn more