In the past previous to the credit crunch all types of loans were readily available. Loans were freely flying about like pieces of confetti.

Homeowners always found it easier to obtain loans than did tenants, although during these years even non homeowners could get loans.

The problem with Provident is that the maximum loan has always been small. At present the maximum loan available for a first time borrower is 100, hardly a sum that would buy much nowadays.

Welcome Finance used to advance both secured and unsecured loans to both tenants and homeowners, and although their interest rates were high, it was a useful product which did allow tenants to borrow the money they needed. Unfortunately after many years of profitable trading, Welcome closed their doors, and this left tenants out on a limb with very little options of obtaining a loan.This is a most unfortunate situation., and one that could not be fore seen.

For tenants requiring a loan the situation is bleak, and they are being pushed to obtain loans from a pay day loan firm, which is a sign of the times and these firms are charging’00% interest or there a bouts which is extortionate. This figure is no exaggeration.

There always have been money lenders in the major cities of the UK and the poorest of individuals have always had to avail themselves of their services. Now however those who would not have dreamed of obtaining money from these illegal money lenders are being forced to do so, again at unbelievably high rates of interest.

Homeowners are in a better position as if they have equity in their property they can obtain a secured loan based on the equity of their property, and if they have a good credit rating these secured homeowner loans are available from about 9% APR.

Bad credit secured loans are still available to homeowners with sufficient equity.

Want to find out more about homeowner loans then vist Champion Finance’s site to find the best secured loan for you.

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