Secured Loans

Secured Loans from Between £250 - £15,000.

A secured loan is a loan which is secured against your home or some other asset. Secured loans can come in different forms, such as a logbook loan, which is a loan secured against your car. A secured loan will generally have the lowest APR rate available, and the lender offers much higher amounts of money available. Think very carefully before committing to a secured loan as your home or car could be repossessed. It is critical you can afford to make the monthly repayments with the lender.

Generally if you take out a secured loan you will have access to a much larger amount of money as compared to an unsecured loan. Secured loans can vary from £1000 to over £100,000 so you must be comfortable with the amount you wish to borrow, however the amount you wish to borrow shall depend on several factors such as your credit history, income, monthly outgoings and also the equity in your home. The lender should always be responsible and advise you of all your obligations to them.

A big disadvantage with taking out a secured loan is that the loan repayments can span over 20 or 30 years so you will be in debt for a very long period of time, however this can reduce monthly repayments as the loan term is longer.  The other big obvious disadvantage is the loan being secured against your home or vehicle. Before committing yourself to a secured loan always weigh up your options and consider if it is the best choice for you, consider the amount you want, the monthly repayments that you could comfortably pay back and your credit history. 

Finally, on your secured loan agreement always check the small print so the lender can’t hit you with any unexpected surprises or clauses a couple of years from when the loan was taken out.

Secured Loans - general information.

With a secured loan you can borrow a lot more as compared to an unsecured loan but you will be in debt for a much longer period of time. The amount you can borrow will ultimately come down to the lenders decision and your personal circumstances.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.