What can I use my loan for?

A homeowner loan can be used for almost any legitimate purpose. Due to the high amount you can get from a homeowner loan, they are most typically used for covering the cost of larger expenses. 

Common purposes for people taking out homeowner loans include:

    • Debt consolidation – taking out one large loan to cover all existing loans. This way you can keep track of your money owed easier, and hopefully have a lower interest rate.

 

    • Home improvements – if you are undertaking a large and expensive project on your home, a secured loan is a great way to cover the costs and spread them over time.

 

    • Vehicle purchases – if you are in the market for a new vehicle but don’t have the money to complete the purchase, a secured loan can be used to pay off your purchase over time.

 

      • Wedding costs – weddings can be expensive, which is why a secured loan can be really helpful. This way you can have the wedding of your dreams without having to pay out all of your own money in one go.

     

Your loan can be used for any legal reason you may have, though it is important to only take out an amount you will be able to afford to repay.