What is a secured loan?

It’s a loan that’s secured against your home, so you need to own your own property or hold a mortgage to be eligible.
Secured loans can be used for many different purposes, including home improvements, debt consolidation or to buy a new car.
As the loan is secured against your home, it gives lenders an extra level of security. As a result, these loans are usually for larger amounts of money, the rates are usually lower, and you can borrow the money for longer, compared to other loans.
Please be aware, it may take you longer to repay what you owe, so you may pay more interest overall.