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A secured loan is simply a loan which is secured against your property. Secured loans are different to personal loans because you offer some form of security - in Nemo’s case, that security is your home. In order to apply for a secured loan from Nemo, you need to be a homeowner with an existing mortgage. Your mortgage is known as the first charge on your property, and a secured loan takes the second charge on your home.
Secured loans are usually taken in order to make a big purchase, to place multiple debts into one; or to make home improvements. Consolidating debts with a secured loan means you’ll know exactly what your monthly repayment will be. You’ll no longer need to juggle multiple repayments for various credit cards, store cards and loans as these will be consolidated with your secured loan. Making home improvements with a secured loan could add space for a growing family, and could even add value to your home.
Secured loans from £10,000 to £100,000 are available from Nemo. We will allow you to repay your secured loan over a term of 5 to 25 years. When you speak to us about your requirements, we can talk through the term over which you’d like to repay your secured loan, and we’ll explain what your monthly repayments will be.
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