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Secured Personal Loan
Welcome to our secured personal loan page. We hope that you will find this page useful in your search for a new secured personal loan. Below you will find an explanation of what a secured personal loan is, along with some secured personal loan providers in the UK.
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What is a secured personal loan?
A secured personal loan is a loan made to an individual where that individual puts up their home (the security) which the lender has a right to claim against should the individual not be able to keep up loan repayments. As the lender has the right to this security, it means the loan is less risky for them, so they can charge a lower interest rate than if the loan was unsecured.
As a secured personal 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 personal loan can be made against a property whether it has a mortgage on it or not, but the greater the mortgage, the higher the interest rate on the secured personal loan will be. Also be aware that there may be penalties if you decide to pay off a secured loan early, or if you decide to vary your payments.
Common uses of a secured personal loan are for a new car, a holiday, home improvements or debt consolidation.
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