When is a secured loan the right option and how do you get the best deal?
Choosing the right loan for your circumstances is important and the first step is choosing between a personal unsecured loan and a secured loan. If you don’t own your home or other property you don’t really have a choice, but if you do, you may want to consider a secured loan. Secured loans allow you to borrow money, using your property for security.
When is a secured loan the right option?
This will depend entirely on your circumstances, but there are some instances when a secured loan may be the right choice.
- You can borrow more. Because a secured loan is held against your home you are normally able to borrow more than through an unsecured loan. Typically anything between £5,000 and £25,000
- Self-employed. Because it can be difficult to prove your income when you are self-employed many people are refused loans. But because a secured loan is against your home the rules tend to be more flexible
- Consolidate your debts. If you have multiple debts, including unsecured loans and credit cards, you could choose to consolidate them all into one secured loan and one monthly repayment
- Home improvements. You might want a new bathroom or kitchen fitted, a secured loan allows you to borrow money against your home to get the final touches made
Secured loans can also be a good alternative to remortgaging, particularly if you are paying a low mortgage rate or face high exit fees.
How do you find the best secured loan deal?
Well, firstly, you need to know exactly what you are looking for. How much do you want to borrow? For how long? Once you know that you can start to compare secured loan deals and find the best deal for your specific circumstances.
Everybody is different, you might want a loan to consolidate your debts, while someone else might want to extend their house and all this information needs to be taken into account.
We can help you to find the right loan because we compare 100s of secured loan products before providing you with a selection of deals to choose from. That way you can just pick from those that have already been filtered to meet your criteria.
Borrow from £5,000 to £200,000 over anything from 3 to 30 years. We won’t charge you, there is no obligation and your credit rating will not be affected, all we will do is narrow down the search and help you to find the best secured loan deal for you.