Home  |  Loans |  Secured Loans |  Unsecured Loans |  Payday Loans | Debt |  Finance News  | RSS

Secured Loans

Compare Secured Loans or let us search for you

1. Fill in the form and press submit.
2. A loan advisor will search the market and compare many loans for you.
3. If you like what they find you can continue with an application

What are Secured Loans

A secured loan is a loan that is secured against land or property. Secured loans are normally secured against the value in your house minus the existing loans and mortgages you already have secured against it, this value is called the equity. You need to have a positive equity in your house in order to secure a loan against it.

What are secured loans for?

Secured loans can be used for a number of reasons; home improvements and debt consolidation are popular uses of secured loans but you could use then for weddings, holidays or many other uses. As with all borrowing you will need to check what your lenders terms are.

Secured loans are normally taken out over a term of a few years to about 25 years and upto a value of £100,000 in some cases but it will depend on your circumstances and the equity in your property.

In comparison to unsecured loans a secured loan can normally offer you a lower interest rate of interest and so the overall cost of credit will normally be less. However you have to remember that if you fail to make repayments you are risking your home being repossessed. The fact that the lender has the ability to repossess your home is the main reason why a secured loan is less risky for them than an unsecured product and so they normally offer the lower interest rate as mentioned. So you normally benifit from a cheaper loan as long as you play fair and keep up repayments.

If your borrowing needs are less than £5000 or if you are a tenant you may want to consider an unsecured loan which as the name suggests doesn't require security of your house. These are normally a bit more expensive than secured loans as they don't give the lender the same security if you default on repayments.

If your finance requirements are £750 or less you may want to consider a payday loan but beware these loans can be very expensive.