A secured loan, sometimes referred to as a second charge loan or homeowner loan is secured on the equity in your property by the lender.
A secured loan can have several advantages over an unsecured loan.
- A secured loan can be easier to obtain than an unsecured
loan if you have an adverse or bad credit history although the terms,
particularly the interest rate, are likely to be higher if you have a
less than perfect credit history.
- If you have a good credit history, many lenders will offer secured loans
of more than the equity in the property.
- You can use a secured loan for any purpose you wish from consolidating
existing debts to a dream holiday.
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