Is a secured loan better than an unsecured loan?
The amount you require may be more than can be borrowed unsecured. Secured loans are usually available over longer time periods than unsecured loans, and the interest rate may be lower. However there will be costs or fees associated with a secured loan. Also as the loan may be repaid over a longer time you might pay more interest in total, despite the monthly repayments being lower. If you are unsure, speak to a broker who can explain the upsides and downsides of both.
