Secured loans

A secured loan uses the value of your house to secure your borrowing, this means that if you do not keep up with the payments on the loan then the lender may be able to force you to sell your house to pay them back.

The advantage to the consumer, is that either the interest rates (i.e. how much you need to pay back) will typically be lower for an individual for a secured loan than for an unsecured loan.

For some people, particularly those with poorer credit history, then a secured loan may be the only option.

What to look for

First, shop arround, there is a lot of competition and many companies are offering both secured and unsecured personal loans at present, each company has different lending criteria and may offer different interest rates to different customers.

It is worth checking a few companies to compare their headline interest rates, often advertiesed as 'TYPICAL APR'. However, remember to check the actual rate you get offered, this can sometimes differ from the typical rate.

Chase saunders - secured loans

Secured Loans

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