A secured loan is a loan secured on some form of valuable asset – normally your home - this provides the lender with an excellent level of security, regardless of whether your home is mortgaged or owned outright.
In these circumstances you can borrow from £5,000 up to £50,000 sometimes up to £100,000, and the interest rates are lower too! This means that on a like for like basis, the monthly payments for a secured loan are cheaper than an equivalent unsecured loan.
With secured loans you can also pay over a longer period of time. Anything from five years to thirty years depending upon your age and circumstances.
You should be aware that secured loans do take a little longer to arrange. That's because your property will have to be valued and the necessary paperwork put in place to secure the legal charge.
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