Applicants can complete the secured loan process 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 requires both validation and confirmation 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. In essence, they need reassurance that the amount of equity (another word for ‘worth’ or ‘value’) you have in your home covers the amount of the loan.
With the secured loan process, you may also need to supply banking details and other financial information. This process varies from lender to lender but can take several weeks. You can always ask for an estimated time at the point you decide to proceed.