For the previous decade until 2007 the start of the recession, there was a great availability of all sorts of loans, and loan lenders were vying for your trade.

Homeowners always found it easier to obtain loans than did tenants, although during these years even non homeowners could get loans.

There have always been firms such as Provident and Shop A Cheque who granted unsecured loans to tenants and homeowners alike, but at very very high rates of interest

One loan lender who proved to be very handy for tenants was Welcome Finance who were willing to grant unsecured loans to tenants even if they had some bad credit registered against their name.They also were involved in the secured loan industry, and would even register their charge on the Land Registry on homes that had little or no equity. They would even rank as a third charge behind another secured loan lender. Welcome was very handy especially for tenants who now have no where else to go to a great extent.

The situation is such that if a non homeowner really needs a loan, they are forced to go to one of the many pay day loans firms which have sprung up and their loans have interest rates of often almost 2000%. Yes 2,000%, and this is not a typing error.

The poorest and weakest in society when they require a loan have always been forced to use the services of illegal money lenders who abound in the large inner city housing areas. Now people who in the past could obtain loans else where are being forced to go down the route of the illegal money lenders, as their last hope.

Homeowners are in a better position as if they have equity in their property they can obtain a secured loan based on the equity of their property, and if they have a good credit rating these secured homeowner loans are available from about 9% APR.

Bad credit secured loans are still available to homeowners with sufficient equity.

Learn more about homeowner loans then visit Champion Finance’s site to obtain free information about secured loans