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Burtplan welcomes personal loan applications from private tenants, council tenants, if you live with your parents, if you do not own a home, if you have a good or bad credit record or if you have been declined elsewhere, for whatever reason. If you are a homeowner but do not want a loan secured on your property then we can also help.

 

 

Burtplan is a specialist lender of unsecured personal loans to tenants and non-homeowners. Burtplan was established in 1957 and can bring many years of experience to meet your financial needs, offering a broad range of flexible personal loan products.

 

What is the difference between a personal loan and a secured loan?

A secured loan uses your home as collateral or security for the lender, so the lender is very confident that he will be repaid. The lender gains an interest in your property and has the right to repossess it in the event of loan default. For this reason, secured loans are normally available even to people with adverse credit history, provided there is sufficient equity available in their properties.

 

Lenders may also be relaxed about missed payments as they know that they have the legal right to recover the full amount of the debt. The advantage to the borrower is that the interest rate is normally lower than for personal loans but you risk losing your home if you cannot afford to keep up repayments.

A personal loan carries less risk to the borrower due to the fact that his/her home is not used as collateral or security for the lender.

 

Borrowers will not normally lose their homes if they cannot afford to keep up repayments.

 

When applying for a personal loan, most large lenders use credit scoring techniques to assess the creditworthiness of applicants. Consequently, applicants with a poor credit will find it more difficult to have their loan applications approved. The credit checking process means that personal loans can take longer to be approved than secured loans.

 

The credit check will look at factors such as your address, whether you are on the electoral or voters role, how frequently you change address, public information such as bankruptcy or CCJs and whether you have ever defaulted or fallen into arrears on past credit agreements.

 

However, when your personal loan application has been approved, it is faster to obtain than a secured loan as there is no need to value your home. Other advantages to the borrower are that personal loans can be more flexible and the borrower has greater control over the repayment profile. It is typical that the lending sum offered is restricted to less than £20,000 and the maximum loan term allowed is ten years.

 

Personal loans carry a higher interest rate as the lender bears more risk. Lenders may be more aggressive in chasing late or defaulted payments because they do not have the security of being able to claim your house if you don't pay back the loan.

 

Burtplan Personal Finance

 

Applying for loans, mortgages and remortgages could not be easier: Burtplan Personal Finance have a no hassle promise and will help you take control of your Personal Finances today!

As a major UK loan broker we only get paid if we get your loan paid out. Therefore we do everything we can to get your loan paid out as quickly as possible at the best loan interest rates and monthly repayments to suit your circumstances.  Apply for a personal secured loan or homeowner loan quotation.

Burtplan Personal Finance will compare secured loans, personal loans and remortgages to suit your circumstances while achieving the lowest interest rates available from the leading UK Personal Finance Lenders. We also offer business and commercial mortgages. Apply here for a commercial mortgage. Apply here for a unsecured personal loan.