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A loan which is repaid by a series of small, periodic payments until a given date, when either the balance comes due in a single, large payment or the amount of the payments rises significantly.

Are Secured Loans The Sensible Option?
By Peter Kenny
Secured loans maybe easier and faster to obtain than many other loans, but there are a number of potential dangers with getting secured loans. If you are in need of a loan, but are unsure if a secured is the right way to go, then this article can help you. Knowing more about secured loans and their dangers will help you to decide if secured loans are the sensible option.

What are secured loans?

Secured loans are loans that are granted because you put up some form of security behind the credit, usually in the form of your house. Amounts usually range from between £3000 and £50000, and repayment terms range from 3 to 25 years. The amount that you can borrow and the interest you pay will depend on how much equity you have in your property, which is the amount you have already paid towards your property’s value.

Are there any advantages?

There are many advantages to secured loans. One such advantage is that you can have the approved much more easily than other loans, especially if you have poor credit. This is because you are providing the lender with security in the form of your property should you not be able to make repayments. Secured loans also allow you to borrow more money over a longer period of time than you would be able to do with unsecured personal loans. If you know that you can make the repayments, then a secured will give you more favourable

terms, which is always the aim when taking out any form of credit.

So what are the problems?

Despite their advantages, there are also many dangers with secured loans, most notably the danger of losing your home. If you cannot repay the loan, then the lender can recover the amount through the sale of your property. Although you may be able to make the repayments right now, if you become unemployed or your income decreases, then you may end up with serious financial problems. If you can, it may be better to get an unsecured loan, credit card or remortgage than to secure credit against your property. Financially overstretching yourself will lead problems, so it is important that you think carefully before taking out a secured loan.

Are they worth it?

Knowing whether or not you should get a secured really depends upon your situation. Secured loans are most suitable for debt consolidation or for making home improvements. They are also the best source of finance for people with poor credit. However, in most cases secured loans should only be used as a last resort, and other types of loans should be reviewed first to see if they could meet your needs. Whatever your situation, you should think carefully about your ability to repay the loan. If you do this, then using a secured will be much less problematic and will give you the credit that you need.
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