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Secured Loan
Welcome to our secured loan page. We hope that you will find this page useful in your search for a new secured loan. Below you will find an explanation of what a secured loan is, along with some secured loan providers in the UK.
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What is a secured loan?
A secured loan is one in which the borrower puts up a valuable security, usually their home, which the lender can make a claim to if the borrower cannot meet loan repayments. As the lender has this additional security, it means that a secured loan is less risky for them to make, and therefore they will lend to the borrower at a lower interest rate. Generally then a secured loan will offer the borrower a much better interest rate than an unsecured loan, where there is no additional security for the lender.
As a secured loan is secured against the borrower's home, be aware that your home can be at risk if you find yourself unable to make loan repayments. A secured loan can be made against a property with or without a mortgage, but the bigger the mortgage, the higher the interest rate on the secured loan is likely to be. Also be aware that there may be penalties if you decide to pay off a secured loan early, or if you vary your payments.
Common uses of a secured loan are for a new car, home improvements, a holiday or debt consolidation.
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