A secured loan is one in which the borrower has to provide the lender with some form of security, typically their property. A loan secured on a property that already has a mortgage is known as a second charge, whereas a loan against a property that is owned outright is known as a first charge. The amounts available to borrow generally range from £3,000 to £50,000, although you may be able to borrow sums up to £100,000, over a term of between three and 25 years. The lender may levy a penalty for early repayment of the loan, an important fact you need to check during the application process. In some cases, you may even be able to borrow up to 125% of your property's value, though this may be unlikely following the advent of the credit crunch.

The secured loan advisers and brokers we deal with are not tied to offering secured loans from just one bank or building society. Instead, they can look at a choice of secured loan options to find the most competitive secured loan for each individual borrower. If you are searching for a low cost secured loan quote, our loan finder service provides specialist advice for property owners from independent brokers who can advise and assist you.  

This is especially important if you have bad credit problems or a poor credit history, as finding out which secured loan lender will take the most sympathetic view of your circumstances can save you a lot of time and effort.