Secured Loans

A secured loan, also referred to as a second charge loan or homeowner loan is secured on your property by the lender as 'collateral' in the event of a default. A secured loan can have 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.