What is a secured loan?
With a secured loan your property is used as security against the loan and they’re therefore only suitable for homeowners. The amount that you can borrow differs between lenders and depends on your individual circumstances.
You need to think very carefully about how you manage a secured loan as if you default on the loan you risk losing your home.
Who should choose a secured loan?
Secured loans allow you to borrow more and repay over a longer period (up to 25 years) than a personal loan does.
Because your property acts as security, secured loans are sometimes an option for people who can’t get a personal loan. Borrowers who are self-employed, have recently changed jobs or have previous credit problems will be considered for a secured loan.
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If you’re not sure whether a personal loan or a secured loan is right for you, try ourloans calculator to compare both.
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