Want to check our more video? Click here!
What is a secured line of credit?
Having the ability to leverage cash flow is crucial in today’s economy. With job closures, layoffs and all of life’s unforeseen circumstances, a secured line of credit can make the world of difference. Big banks and regulators restricting the amount that can be borrowed and limiting who qualifies for secured lines of credit means they have almost gone extinct.
What are the benefits of a secured line of credit?
A secured line of credit is an excellent option for cash strapped homeowners because they can be used to consolidate higher interest debt. Secured lines of credit are invaluable because you are only obligated to pay the interest as a minimum payment but can pay as much of the principal off as you want. Another added benefit is that you only pay on the amount you have used on the card and you can reuse the amount you have paid down at any time.
Can I get a secured line of credit with bad credit?
Fortunately, there are a number of lenders who have identified secured lines of credit as a necessity and they are trying to make them readily available for those clients who qualify for them based on common sense lending. Knowing what lenders to approach and how to submit an application for an optimal approval is imperative and having an experienced broker on your side can mean the difference between an approval and being turned away.
Turnedaway.ca has been helping clients arrange secured lines of credit for over 30 years. Our exceptional, long-term relationships with the mortgage lending world translate into approvals with the best rates and flexible terms. If you are looking for a secured line of credit to clear up high interest credit card debt, renovate your home or for peace of mind we can help.
If your application for a secured line of credit has been turned away by your bank contact us today. We will provide you with a no obligation quote.
We’ve helped a lot of people. See what they have to say!
Marilyn & Bob T
We can’t thank you enough for all your help with our mortgage. We were skeptical about filling out an online application but we had tried several banks and due to our credit, couldn’t find anyone to help us. Getting a call within 15 minutes of submitting our application to go over the application put my mind at ease but my husband and I were both shocked to receive a call the same day with an approval. We are still amazed at everything you did considering how difficult the banks made our situation sound. Again, from the bottom of our hearts thank you so much!
Marilyn & Bob T, Whitby Ontario.
Dave & Sharon S
My wife and I felt completely lost and didn’t know where to go after being declined by our bank of 18 years. We were so relieved once you advised us there are still lenders that value a mortgage based on merits other than just your credit rating. We had never missed a payment on our mortgage for 18 years and to hear our bank say they couldn’t help us even though we owed virtually nothing on our home was heartbreaking. We couldn’t be more grateful that you helped out two complete strangers when nobody else would.
Dave & Sharon S, Ottawa Ontario
I can’t put into words how greatful I am to you regarding coordinating all of the activities in seeing my new mortgage go through. There are several reasons for the appreciation from my side but most importantly it will allow my daughter to continue to grow up in a home and neighborhood that she has identified as being very important to her.
I owned a home for almost 15 years and faithfully renewed at my bank every 5 years. About 14 years into my mortgage my job was terminated and I was forced to rely on credit cards to keep things going. Fortunately I found work after 7 long months but by then my credit had deteriorated and my bank wouldn’t help. I called turnedaway.ca after hearing one of their radio ads and I am glad I did. They bailed me out of a bad financial situation, got rid of all my credit card debt and got me down to one manageable mortgage payment.
John C, Toronto Ontario.