Secured Personal Loans
Get the lowest rates and persuade banks that you're a safe bet
If you've got a dodgy credit rating or simply want to get a very low interest rate, then secured personal loans could be the answer. They're riskier than unsecured loans – your house is at risk if you don't make the repayments - but they mean that lenders will be much more likely to lend you money.
Secured personal loans are worth looking at for two reasons: if you're having problems getting an unsecured loan, perhaps because you don't have the best credit rating, then secured personal loans are a safer bet for lenders and you're much more likely to get some money as a result. Even if your credit rating's good, secured personal loans are worth considering: they tend to offer very low interest rates, and the amount you can borrow and the period of the loan can be larger and longer than other loan products.
Most lenders offer secured personal loans, although they're frequently called "homeowner loans" instead. Rates can be very low – as little as 5.1% - but watch out for the small print: some of the lowest interest rates are variable rate rather than fixed rate, so if interest rates rise then so will your payments. If you're looking for secured personal loans that will run for a fairly long period of time, it makes sense to go for one with a fixed interest rate.
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