What is a Secured Loan?

A secured loan will provide you with a lump sum of cash to use for things such as home improvements, debt consolidation or a new car – it’s yours to use as you want to.

Secured loans are also often known as homeowner loans. They can be cheaper than unsecured loans because they’re less risky for lenders.

Why choose a secured loan?

Box Icon Rates can be low

Rates can be low

Interest rates can be relatively low and often cheaper than other borrowing methods

Box Icon Longer repayment terms

Longer repayment terms

Secured loans can last for ten years or longer. A long repayment period allows you to spread out the monthly payments.

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Your credit history considered

If your credit rating is less than perfect, you may still be able to borrow because a secured loan is backed by an asset.

Box Icon Can help improve your credit rating

Can help improve your credit rating

Can help you improve credit scores by maintaining regular payments.

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Types of Secured Loan

Box Icon Short term fixed rate

Short term fixed rate

With a short term fixed rate secured loan, you pay a fixed amount every month throughout the term  that the rate is fixed. Typically short term loans are usually between one and five years. After the loan term has finished, your repayments will then revert to the lender’s standard variable rate, which means that that your payments may vary and could go up or down.

Box Icon Fixed for term

Fixed for term

With a fixed term secured loan, you pay a fixed amount every month throughout the term of the agreement, giving you the peace of mind that your repayments will not change, allowing you to budget and manage your outgoings.

Box Icon Variable rate

Variable rate

With a variable rate secured loan, the interest you pay may vary depending on the Bank of England base rate or market forces. Your monthly repayments and the total amount you repay over the term of the agreement could increase or decrease. If interest rates go up, you may end up having to repay a lot more than you originally budgeted for.

Frequently asked questions

If you fail to make the repayments, your home, or any other asset you’ve used as collateral, can be at risk of repossession.