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Testimonials
“We are extremely satisfied with the level of service and professionalism combined with a friendly attitude of all the staff we spoke to, and would like to thank everyone at Harrington Brooks very much.”
Mr and Mrs B, Liverpool
“We were really pleased with the efficient way that Harrington Brooks handled our enquiry and by the speed in which our mortgage was finalised.”
Mr and Mrs S, Birmingham
“I found the staff at Harrington Brooks were all very polite, helpful and understanding. I couldn’t fault the level of service we received from start to finish.”
Mr J, Warrington
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Unsecured or Secured Loan?
If you are looking for a loan, you might be wondering whether an unsecured or a secured loan is better for your circumstances. A loan should be considered as a big financial commitment, so it is essential that you are aware of the main differences between a secured and unsecured loan:
Assets - With a secured loan you will have to offer an asset of value, most often your home, against the debt. This means that you could lose the asset if you fail to make repayments to the loan, so it is essential that you can afford the monthly loan repayments.
An unsecured loan does not require any asset as security, so you can avoid the risk of losing your home if you fall behind on repayments. But never agree to a loan which you could struggle to repay, as your loan provider can still pursue this debt in court if necessary.
Amount you can borrow - It is usually possible to borrow more with a secured loan as the loan provider has your asset as a form of security against the debt.
Interest Rates - Interest rates are often lower with a secured loan, again because the loan provider has secured the debt against your asset.
Although the interest rate on an unsecured loan is usually higher than a secured loan, they are often lower than most credit or store cards, although the exact interest rate is partially dependant on your credit rating.
Credit Rating - Your credit rating is one of the main factors which the loan provider will take into account when deciding whether or not to accept your loan application.
If you have a poor credit rating it is more likely that you would be able to get accepted for a secured loan over an unsecured loan, as your lender uses your asset as security against the debt.
Loan Alternatives
If you think that your financial history or your current circumstances may prevent you from getting accepted for an unsecured loan, you will be glad to know that there are a number of loan alternatives.
You could lower the amount that you need to pay towards your debt with a debt management plan. This offers you a loan-free alternativeto consolidating your debts. Harrington Brooks will not lend you any further money but instead make your current debt repayments more affordable to you.
