A secured loan, also known as a second charge mortgage or homeowner loan, enables you to borrow money (usually £25,000 upwards) using such as your home as security against the repayments.
A secured loan or homeowner loan is a good option if you require a larger sum of money, as long as you have a realistic repayment plan. Personal loans (unsecured) are usually only available up to £25,000.
Secured loans can be used for almost any legal purpose. Popular loan purposes can be used for debt consolidation, home improvement and home extensions.
If you are paying interest on debts such as credit cards, getting a secured loan to consolidate all your debts could reduce your monthly outgoings. You should be aware however, that you may be extending the terms of the debt and increasing the total amount you repay.
Secured loan interest rates are usually comparably lower than for unsecured loans because they’re borrowed over a longer term.
Getting approved for a secured loan may well be easier than for an unsecured loan, because lenders are more willing to accept applications from those with poor credit history.
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