Pieces of information needed for proper processing:
• Loan Purpose
• Employment Status
• Monthly Income
• Homeowner Status
• Property Value
• Outstanding Mortgage Amount
• Monthly Mortgage Payment
• Name, Address and Date of Birth
• Contact Details
The purpose of the loan is not as important as many of the other pieces of information, but it is still very important for qualifying for certain loans. For example, if the purpose is to pay for a new car, and your credit is not very good, then the secured loan may not be offered to you. But if the purpose is loan consolidation, then some lenders may be willing to make an exception because the loan is replacing other loans that you may already be making payments on.
Lending companies like to know that you are currently employed, because it lets them know that you are going to be able to make payments. Even if you have a large amount of money in the bank, lending companies want to see that you have a job because it tells them you have income coming in over the course of your loan.
This part is vital not just for qualifying for a loan and receiving a low interest rate, but for convincing lenders that you deserve a loan even if you have bad credit. Some lenders are willing to make exceptions for people with bad credit if they see that you are receiving a reasonable amount of income from your job.
This is to see if you are able to qualify for a secured loan. If you wish to get a secured loan, you need to be a homeowner.
Property Value and Outstanding Mortgage Amount
Secured loans are based on the equity in your home. Your property's value and your equity are directly related. If you need a secured loan amount that is greater than your home value, or close to it, this is something that lending companies take into consideration when deciding if they can lend you the amount you are requesting.
Monthly Mortgage Payment
This is useful for the lender to know so that hey can see how much of your income is already given over to paying back your mortgage.
Name, Address and Date of Birth
The name and address are for contacting you. Although, some lenders may look at the postcode and consider how affluent that area might be. Also, when it comes to looking at providing you with a loan in detail - they will need this information to do a credit check and see how long you have been at that address. Date of birth is needed as you need to be over 18 to borrow money in the UK, and some lenders may not lend to someone over a certain age.
So that you can be contacted.
Not answering any of these questions makes it difficult to get you an accurate quote on your secured loan
. If you wish to apply for a loan, all of these questions should be answered as honestly as possible.