Secured
Loan UK. With a secured loan UK the money that
you borrow is set against all or some of your assets.
This is normally an item of property that you can prove
to own. Its often your home depending on the size of the
loan although it can be a car or other form of valuable
property, depending on what you are borrowing the money
for and the loan provider.
Your property is used as insurance for the lender against
defaults or non-payment of the secured loan amount they
are owed.
This type of secured loan normally only applies to people
with a house or other type of property.
How much you can borrow depends upon how much equity you
have in your home. Secured loans are normally available
between between £3,000 and £75,000 with repayment
terms between 3 and 30 years subject to the status and
equity of the borrower (The individuall borrowing the
money).
