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  • secured loans

    can you get the intrest on a secured loan frozen

  • #2
    Re: secured loans

    Originally posted by rooney View Post
    can you get the intrest on a secured loan frozen
    Yes, but it's not easy - you would need to ask the lender, they are under no obligation to help - but it'd obviously be in their interest to.....

    Best of luck
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    • #3
      Business loans are primarily classified into two classifications to be a specific secured business loan and unsecured business loan.

      A secured business loan is characterized as business loan type in which the borrower needs to present an collateral as security to the moneylender to get the business loan. The collateral submitted is held back by the bank until the payment of business loan along with the interest. If in case, the borrower neglects to make the entire payment within the tenure than the collateral is owned by the lender forever.

      Collateral to be submitted in order to get the secured business loan is mutually decided by the borrower and the lender. It can include residential property, commercial property, machine etc.

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      • #4
        did I miss something, who mentioned a business loan?
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        • #5
          The freeze prevents you from accessing funds in the account until you have repaid the loan. The loan amount cannot exceed the account balance. You keep earning interest on your savings over the period of the loan, which pays off the interest you pay on the loan.

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          • #6
            Yes, But have low-interest rates on secured loans compared to other loans. This is the benefits of secured loans.

            It will depend on the lenders also. If a lender has no obligation for interest rates, you can proceed with them. All the best Rooney.

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            • #7
              this is an old post from 2011,

              Leojack, the op already had a secured loan, they were in financial difficulty, therefore they wanted to know if the interest could be stopped, while they sorted out finances,

              The problem with secured loans is just that, they are secured on your property, therefore if you get into financial difficulty, your home is at risk of being sold from under you,

              I notice that you seem to know all about loans, strange that you had to ask if we thought you could get a loan for a holiday and what the intrest rate would be.

              Last edited by nightwatch; 23rd August 2019, 12:40.
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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