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Guide to secured loans8/8/2009 11:31:58 AM The amount of money that you can borrow varies depending on the lender and the customer's personal cicrumstances. The APR, the term available and the amount that can be borrowed will depend on the value of your property, your personal circumstances and your ability to repay the loan. It is vital that you think about how you can manage a secured loan before taking one out as your home is at risk if you default on your payments. Why should you choose a secured loan instead of an unsecured loan? A secured loan allows you to borrow a higher amount of money and you can borrow it over a much longer period of time, up to 25 years, making the monthly repayments lower. The lender has the benefit of security against the loan, this means a loan can usually be issued for any reason and to people who may be excluded from being approved for other types of loans. Secured loans can be issued to borrowers who are self employed, have recently changed jobs, moved address or who have a bad credit history. Secured loans are usually for people who want to borrow a large amount of money or want a long repayment period. Written by Sammantha Peppercorn of Secured Loans |