A secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual circumstances. The amount that can be borrowed, the term available and the Annual Percentage Rate (APR) will depend on:
- the value of your property
- your ability to repay the loan
- your personal circumstances
Secured loans allow you to borrow more and repay over a longer period than a personal loan Ė up to 25 years. They can normally be used for almost any purpose and as the lender has the benefit of security they can be offered to people who may be excluded from other loans. Borrowers, who are self-employed, have recently changed jobs or have previous credit problems will be considered for a secured loan. They are also useful for borrowing larger sums or where the applicant requires a longer repayment period.
All you need to do is tell us a few details about the secured loan youíre looking for and your personal circumstances. Itís free, impartial and any information you give us will remain confidential and secure. We can find you the best secured loan for your circumstances in record time!
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