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Personal Secured Loan

Borrowing at better rates because the loan is secured on your home.

Getting a personal secured loan over an unsecured loan allows you to borrow more by placing your property as collateral to the loan. For business or home improvement purposes this is a clear advantage; however it should only be used as a last resort in debt consolidation, as all your existing debts will then be settled by your own home if you fail to meet repayments!

A personal secured loan increases your borrowing options dramatically against an unsecured loan. Forgive the cynicism here, but plenty of lenders who would refuse you an unsecured loan on the grounds of lending responsibly; will suddenly change their tune when the loan is secured against your home. This is why the vast majority of debt consolidation loans are of the personal secured loan variety.

If you're simply borrowing a large amount of money, or looking to fund a business, then fine- a personal secured loan will get you the money you need, and at a more attractive rate (if you shop around) because you'll be on the lender's variable rate of interest. But for debt consolidation, please be aware that this is your final chance to resolve your financial situation. If that's the case, be sure that your repayments will be reduced, and that if the period is extended you can handle the loan for that length of time. Also be aware that there are a tiny number of companies who have another approach- negotiating a partial write-off of some debts.

Anyhow- back to your personal secured loan- if you are borrowing for essential repairs to your property, you may benefit from a remortgage instead, or be offered a particularly low rate on the loan- the Halifax and Bank of Scotland are particularly generous in this respect.

Finally, when dealing with large sums, be aware that interest rates suddenly become very important- a few tenths of a percent can really mount up over time, and the fringe benefits (payment holidays, flexible payment dates etc.) pale into insignificance. Be sure to shop around (you don't have to stick to your original mortgage lender) and go for the lowest rate. Also, consider speaking to a financial adviser, especially if you're remortgaging; some personal secured loan deals are only available through independent financial advisers, and attract very good rates.