Secured Loan
A Secured Loan can only be obtained against the value of your assets
To apply for a secured loan you are required to provide security or collateral like a home or car against the amount you want to borrow. The amount you can borrow will depend upon the value of the assets.
If you have a mortgage, the lender will have a second charge on your property or first charge if you own the property outright without any mortgage.
Secured loan is generally easier to obtain and usually allows higher borrowing limits with lower interest rates.
If you cannot repay the loan, you may lose your home or car. The lender will recover the amount including the interest by selling your asset.
It is therefore important to remember that your home could be at risk if you miss payments on a secured loan.
If you have a mortgage, the lender will have a second charge on your property or first charge if you own the property outright without any mortgage.
Secured loan is generally easier to obtain and usually allows higher borrowing limits with lower interest rates.
If you cannot repay the loan, you may lose your home or car. The lender will recover the amount including the interest by selling your asset.
It is therefore important to remember that your home could be at risk if you miss payments on a secured loan.
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