e property deeds and is a matter of public record ( this is to stop individuals having multiple charges on a single property, generally speaking only 2 charges are allowed legally, the first charge i.e. your mortgage and a second charge i.e. a secured loan).

This charge gives the lend

Loan advertising has really peaked in the last few years, it is almost impossible to read a newspaper or magazine without seeing a plethora of loan advertisements promising us that we can "clear all our existing credit now" or get "loans up to ?25,000 regardless of credit history" or "loans up to ?100,000 for ANY purpose", but what about the small print?

If you check out many of these ads you will normally find a small disclaimer (usually buried at the bottom of the page) with the words "your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it". This is a good indicator that despite the sales pitch in the main advertisement, this company is looking to sell you a secured loan, so what is a secured loan exactly?

A secured loan, as the name suggests, is a loan secured against an asset, 99.9999% of the time this will be the home you currently live in. When your home is used as security for any borrowing a solicitor will be involved somewhere along the way to apply a legal charge on the property. This is applied to the property deeds and is a matter of public record ( this is to stop individuals having multiple charges on a single property, generally speaking only 2 charges are allowed legally, the first charge i.e. your mortgage and a second charge i.e. a secured loan).

This charge gives the lende

ry" or "loans up to ?100,000 for ANY purpose", but what about the small print?

If you check out many of these ads you will normally find a small disclaimer (usually buried at the bottom of the page) with the words "your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it". This is a good indicator that despite the sales pitch in the main advertisement, this company is looking to sell you a secured loan, so what is a secured loan exactly?

A secured loan, as the name suggests, is a loan secured against an asset, 99.9999% of the time this will be the home you currently live in. When your home is used as security for any borrowing a solicitor will be involved somewhere along the way to apply a legal charge on the property. This is applied to the property deeds and is a matter of public record ( this is to stop individuals having multiple charges on a single property, generally speaking only 2 charges are allowed legally, the first charge i.e. your mortgage and a second charge i.e. a secured loan).

This charge gives the lend

up repayments on a mortgage or other debt secured on it". This is a good indicator that despite the sales pitch in the main advertisement, this company is looking to sell you a secured loan, so what is a secured loan exactly?

A secured loan, as the name suggests, is a loan secured against an asset, 99.9999% of the time this will be the home you currently live in. When your home is used as security for any borrowing a solicitor will be involved somewhere along the way to apply a legal charge on the property. This is applied to the property deeds and is a matter of public record ( this is to stop individuals having multiple charges on a single property, generally speaking only 2 charges are allowed legally, the first charge i.e. your mortgage and a second charge i.e. a secured loan).

This charge gives the lend

ts, is a loan secured against an asset, 99.9999% of the time this will be the home you currently live in. When your home is used as security for any borrowing a solicitor will be involved somewhere along the way to apply a legal charge on the property. This is applied to the property deeds and is a matter of public record ( this is to stop individuals having multiple charges on a single property, generally speaking only 2 charges are allowed legally, the first charge i.e. your mortgage and a second charge i.e. a secured loan).

This charge gives the lend

e property deeds and is a matter of public record ( this is to stop individuals having multiple charges on a single property, generally speaking only 2 charges are allowed legally, the first charge i.e. your mortgage and a second charge i.e. a secured loan).

This charge gives the lender additional security over and above the contracted "promise to pay" in the signed loan agreement, this additional security can allow the lender to offer loans to customers with current or historic financial problems such as IVA, bankruptcy, CCJ's or decrees. Basically as long as there is sufficient equity in the property a lender can be pretty sure they will be repaid one way or another ( i.e if you do not keep up repayments on the loan they will recover the costs by selling your property!)

The advantages of a secured loan therefore are that

loans can be offered even to customers with adverse credit

rates can be cheaper due to increased security for lender

loan amounts can be up to ?100,000 if secured on property

But what about disadvantages?

you can lose your home if you fall behind with repayments!

can take some time to organise due to legal involvement - up to 6 weeks

will usually involve additional costs such as survey, legal fees etc though these are generally added to loan

.

So, why not arrange an unsecured loan instead? Un