SECURED LOANS INFORMATION

Please see information on Secured Loans below.

        

Secured Loans

What is a Secured Loan?

A secured loan is different to an unsecured loan because it is a loan that is secured against an asset. Some lenders prefer secured loans because in the event that the borrower defaults on his or her loan, the lender is protected by the asset i.e. house.

What is an example of a secured loan?

A mortgage is an example of a secured loan the asset the loan is borrowed against is the house.

Benefits of a secured loan?

If you have an asset to secure against your loan, because you are thought to be less of a risk, you will benefit from lower interest rates and more favourable conditions.

What can you use to secure your loan against?

If you have a vehicle or property and you need cash, you can ask your lender to secure your loan against either of these assets.

What are the risks?

Although you will receive lower interest rates if you are able to secure your loan against an asset, if you do not make your repayments on time you could risk losing your home or car. Always think carefully before you take out a loan of this nature and be sure to seek independent financial advice if you are in any doubt.

        


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