SECURED PERSONAL LOANS

Use our simple and easy application form to apply for a secured personal loans quote today! We will then get back to you with an agreement in principle within 24 hours!

Are secured personal loans your best choice?

If you're a property owner or have high-worth personal assets such as a car then you can use these possessions to take out secured personal loans when you want to borrow money. This is probably the most common type of loan for home owners and accounts for a large percentage of loans taken out in the UK every year.

So, why do so many people opt for secured personal loans rather than unsecured ones? The answer basically lies in the rates on offer. Rates for secured personal loans will be way lower than for other loans products so it makes good financial sense for many of us over the term of our borrowings. It can, in other words, significantly cut our costs.

Whenever we take out secured personal loans we give a guarantee to the lender we choose that we are willing to repay our debt. This isn't just a question of signing an agreement and promising to do our best. We put our personal property behind our agreement. So, if we stop making repayments on our secured loan, the lender can simply take its money from our secured property. This, as you might imagine, makes us much less of a risk - so that's why we get such good interest rates!

Are there any disadvantages with secured personal loans?

You've probably heard the famous loan phrase - 'your home is at risk if you don't keep up repayments' - from lenders' TV advertising for personal loans. This is the worst case scenario with a secured personal loans package. Stop paying and they'll take their cash from your guarantee.

What you have to ask yourself is how likely this is to happen to you. Chances are it won't. But, you have a couple of points to consider before taking out these types of personal loans to make sure you protect yourself and your property.

Firstly, you should never borrow so much cash that your repayments in themselves are beyond your personal income. Do this and, to be honest, you're asking for trouble from the word go. If you're unsure at how your finances will cope with the loan you need then talk to a secured personal loans specialist to get some advice.

Secondly, you should think about taking out some kind of payment protection insurance policy for your secured loan. Things can happen that stop us making repayments and managing our finances - with this sort of plan behind you you'll have no problems. It will, under certain circumstances, simply take over your repayments for you for a while.

Making sure you get it right

There are two main things you should look out for with secured personal loans. First of all you should always deal with a reputable lender that makes the whole loans process as easy as possible for you. Services you can look at include payment holidays, flexible payments and early loans redemption.

Then you need to take a long and hard look at costs. A loan is, at the end of the day, just a loan. You borrow a certain amount and then pay back more to make it worthwhile to the lender to give you the cash in the first place. The lower your interest rate, therefore, the less 'extra' cash you'll pay back.

We can make sure that you have both angles covered for all types of secured personal loans purely because we work in partnership with tried and tested lenders across the entire secured loans sector. Let us search for deals and rates on your behalf and we look everywhere to dig out the lowest cost options.

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