For a more detailed look at secured loans visit the secured loans 365 consumer information site.

Secured loans are personal loans that require the borrower to provide the lender with some form of security. That security is usually the lenders home regardless of whether it is mortgaged or owned outright. If the loan is secured against a property that has already been mortgaged then its known as second charges. Loans secured on properties owned outright are known as first charges.

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Secured home-owner loans are available in for different sums and with different repayment plans. The amount you can borrow will usually range from £3,000 to £50,000, but some will lend up-to £100,000. The amount borrowed is repaid on a monthly basis over an agreed period which will usually range between three years and twenty five years. Some lenders will charge a penalty if you repay your loan earlier than agreed, so you should check each lender's individual policy before agreeing the on the loan.

Lenders make their profit on lending you money by charging interest on the amount you borrow, this percentage rate is known as the annual percentage rate (APR). Both the amount you can borrow, length of repayment and the APR are all depended on the equity in your in property and how the lender assess your ability to repay the loan.

You may be able to borrow up to 125% of the property value depending on your circumstances. Its also worth noting that advertised APRs are usually the typical rates and your may well be different depending on your circumstances. The APR is still the best way to compare loans but it should be used as a guide and not a definite repayment level.

Secured loans are generally much easier to obtain than unsecured loans because the lender has the added benefit of security in the event of a customer's inability to repay. Secured loans are therefore a good option for anyone self employed, whose have recently changed jobs, or for anyone with adverse credit. They are also useful for larger amounts or where the applicant requires a longer repayment period.