Secured LoanSecured
loans are available at banks, building societies and other leading financial institutions
and require security to be offered against the debt, such as your house or car.
A lump sum is borrowed in return for making regular repayments usually
via direct debit and paid monthly. The repayment period is fixed and is usually
anything from 3 years up to 25 years. The sum borrowed from £3,000 anything
up to £1,000,000+. The amount you can borrow depends on the value
of your security. Interest is charged on the loan and this can be fixed
or variable. A secured loan is usually fixed through out the repayment period
but can be variable for longer repayment periods; you will be informed of this
when you set up the loan. The interest you pay will be quoted in terms of
an APR, annual percentage rate, and is the rate that you should use as a comparison.
When a rate is quoted it will usually be the typical APR, which is the rate, offered
to over 50% of successful applicants. The exact rate you will be offered
depends on the amount you want to borrow, the repayment period and your own personal
circumstances. A secured loan can be used for any purpose, as long as it's
legal, although there are some restrictions on using an unsecured loan for business
or investments. A secured loan is available to people who have a good credit
rating as well as to people who have credit rating problems. Secured Loan
lenders | 
