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Secured Loans and Secured Personal Loans
Secured Loans and Secured Personal Loans are secured against your property and thus reduce the risk of total loss to the lender. Interest rates for secured loans are lower than those for unsecured loans, and longer loan repayment terms are usually available. This is often the best option for larger loan amounts or for people with a less than perfect credit history and/or a poor credit rating.
Some lenders will offer 'repayment holidays' allowing you to defer repayments for an agreed period of time but few will offer 'further advances' without the costs of repaying the initial loan off beforehand. This is usual with lenders and can prove costly if you require further funds early into the repayment term
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Unsecured Loans and Unsecured Personal Loans
Unsecured loans and unsecured personal loans are offered by lenders who require no security for the debt or risk they take. These lenders include most banks and building societies, and some other financial institutions. Generally, unsecured loans may be used for any purpose but there can be exclusions such as loans for business use or loans for property purchase.
Personal loans can usually be arranged for different amounts and different repayment terms depending on the amount and purpose of the loan. Longer repayment terms are normally available for loans in excess of £10,000. Lenders can be flexible and some offer useful perks such as 'repayment holidays' allowing you to halt loan repayments for an agreed time, and 'further advances' giving you access to more funds providing the loan account has been kept in good order and loan repayments have been made on time.
Getting accepted by a lender for an unsecured personal loan is usually straightforward providing you have a good credit history, regular full-time employment and you are a homeowner without mortgage arrears.
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