What is a secured personal loan?
Essentially, a secured loan is one that is secured against your property, which is why they are often also called homeowner loans. What this means is that, by taking out a secured loan, you are using your house to guarantee the loan repayments. If you continually fail to make repayments on a secured loan, you could be putting your house at risk. Because the risk is lower for the lender than on an un-secured loan it is possible to get better interest rates than on a loan that is not secured on a property. This is also the reason that lenders are able to offer higher sums than for un-secured loans. Secured loans can also be taken out over a longer period of time. In the case of loans from UK Personal Loans Ltd, this can be between 60 and 300 months.
