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Secured Loans – What is a Secured Loan

Updated on May 19, 2010

Loans

Every so often we need a little extra money to see us through. Maybe there’s a birthday coming up, or you’ve got a Christmas to fund. This is when you need a loan to see you through those financially lean periods. You can always get a quote on a secured loan to see whether they are for you.

Money - that's what we want

Secured loans maybe the answer
Secured loans maybe the answer

Secure Loans

One way in which we can get that little bit of extra money we need is with the help of a secured loan. What is a secured loan you may well ask? A secured loan is when you borrow money off a bank or other financial institution, and in return you guarantee to repay that amount. Crucially, you have stump up some form of collateral to guarantee the loan. Normally this collateral is your home.

What this means to you is that you have to keep up the repayments, or the company who lends you the money may well take your home away from you. Hence the phrase you hear at the end of lots of loan commercials which says “your home maybe at risk if you don’t keep up the repayments on your loan…”

On the bright side (and there’s always a bright side), you can often get a lower rate of interest because the lender has taken less of a risk. They know full well they’ll get their money back, because if they don’t, they’ll sell your house to get what they’re owed. Harsh but true.

Make sure you can keep up the payments

So, when taking out a secured loan, make sure you can afford to make the repayments. If you have a doubt in your mind, be very careful. You don’t want to lose your home.

If, however, you’re confident that you’ll be able to keep up on the loan repayments, a secure loan can be a great way to borrow a little bit extra; especially if you’re adding to the value of your home by improving it. Why not get a quote for a secured loan, and see how much it will cost you – it costs nothing to get a quote, and you maybe surprised what you can borrow.

What do you think? Have your say about secured loans

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