A secured loan is very similar to how a mortgage works in the sense that it is secured against your property. When a secured loan is taken out the details of this are placed onto the Land Registry.
What are the benefits of a secured loan?
Secured loans are a lot easier to obtain than unsecured loans (However these also come with added risks) as these often get secured against your home. In the event that payments are missed your house could be repossessed.
Secured loans also offer the possibility to borrow more, again due to the fact this loan is secured against your property.
Secured loans can often be paid back over a longer period of time which is usually between 5 to 20 years. On the other hand for a unsecured loan you could be looking at a term of 1 to 7 years.
If you think that a secured loan is for you why not take a look at Promise Money. Promise Money are a leading secured loan finance specialists based in the West Midlands but operating Nationwide.