A secured loan is meant for property owners or mortgage holders where the lenders may forcibly sell your home to get their money back if you can't repay. The word 'secured' bit means that the lender gets 'security' and if there are problems then they can't repossess your home.
On the other hand, if you talk about personal loan from a bank or a building society, then these are basically unsecured loans which mean that there is no link attached to your home or any other property. Here, you don't have the threat of repossession if you can not keep up the repayments.
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The advantage of a secured loan is that it is easier to obtain as compared to its unsecured counterpart. An unsecured loan can be availed by the people who have a decent credit score, whereas secured loans can be sought by the people with a poor credit as well.
The maximum amount with an unsecured loan is £ 25,000 whereas with a secured loan you can borrow up to £ 2, 50,000. Though, with a secured loan, you can borrow the loan amount on the equity of your home. Apart from these benefits, a secured loan can be borrowed for a longer time frame.
The interest rate on a secured loan depends upon the length, loan size, your 'credit score' and the equity in your home. The lenders assess these factors in different ways.
Your credit score depends upon different factors like your credit rating, income, outstanding debts, arrears, defaults, bankruptcy, County Court Judgements or the CCJs.
It is advisable to take PPIs (Payment Protection Insurance) which can cover the repayments in the event of sickness, unemployment and accidents.
An online broker may assist you in looking for a suitable lender for procuring a secured loan. As soon as you fill up the online application form, the broker will send your loan application form to a suitable lender.
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