UpMyStreet guides: compare secured loans

If you're thinking about taking out a secured loan, read our guide before you compare secured loans on the market to help you make an informed choice:

What is a secured loan?

A secured loan, also known as a homeowner loan, is so-called because the money you borrow is secured against the value of your home. With this sort of loan, you are able to borrow a larger amount of money over a longer period of time than you can with a personal or unsecured loan. When you compare secured loans, lenders base the amount you can borrow on the value of your home, how much you can afford to pay back each month and your personal circumstances.

Is a secured loan right for me?

You can use a secured loan for almost any purpose and because lenders have extra security, they are more likely to be flexible on how much you borrow and the repayment period. If you compare secured loans, you can see which lenders can cater for your circumstances. Some lenders will consider those excluded from applying for other loans - for example people with previous credit problems, or some self-employed workers. However, you should think carefully before you take out a secured loan, because you could risk losing your home if you fail to keep up your loan payments.

Who provides secured loans?

There is a wide range of loan companies on the market to compare. Banks, building societies and specialist secured loan providers all offer secured loans. You could also find your loan through a secured loan broker, who works on behalf of different lenders. It's important to compare secured loan providers to see what the best deal is for you - don't rely on a TV advert for the facts on a loan company.

Where can I go to compare secured loans?

With advert after advert on the TV offering great deals on loans, knowing where to start can be confusing. By using our impartial comparison service, you can compare the latest deals from reputable lenders. When you go to compare secured loans, all you need to do is enter your requirements, including how much you want to borrow, the repayment period and how much your home is worth. You will then be able to compare all the loans available that match your criteria.

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