Why Choose a Personal Secured Loan?

Listed below are some of the many reasons why choosing a personal secured loan makes good sense. Personal secured loans are also commonly known as a homeowner loan. This type of loan is essentially an amount that is secured against property as collateral.

A personal secured loan is a loan which is provided to you from a bank, building society or other financial institution. Personal secured loans require you to be able to put an asset up to secure the loan, this is typically your home. Since this affords a measure of security to the lender, you get lower interest rates and a longer period in which to pay back your loan.

With a personal secured loan you can borrow from around £5,000 to £75,000 that can be paid back over an average period from 5 to 25 years depending upon the amount repayable each month. When you are accepted for the personal secured loan you will receive a lump sum in return for your agreement to make regular repayments usually by direct debit.

Taking out a personal secured loan gives you the opportunity to borrow money in order to increase the value of your home by making improvements. You could also take out a personal secured loan in order to pay off a number of other smaller loans, credit or store card balances. You would then benefit by having to make a lesser monthly payment and the ease of having to make only one payment each month.

Personal secured loans can be used for a wide range of purchases or financial help, from home improvements, weddings, buying a new car to consolidating all your existing loans, credit and store cards.

A personal secured loan gives you the option to pay back the loan borrowed over a longer period of time and at a lower interest rate. Personal secured loans also offer you the ability to increase your repayments or to repay a lump sum if your financial situation changes at any time. This can help to reduce the amount of time you will be paying off the loan, and of course the total amount of interest you pay back.

Personal secured loans tend to have a lower interest rate compared to unsecured personal loans. This is because there is less risk involved for the lender because the loan is secured on your property.

One of the advantages of personal secured loans is that they are generally straightforward and therefore quick to arrange, often within a few weeks. As the lender is securing the loan against your property as collateral, it means you don't have to sell up or move house.

Even if you have a bad credit history such as CCJ's, mortgage arrears or payment defaults, you can obtain a personal secured loan although the rate of interest you pay will be higher than if you had an unblemished credit history.

Personal secured loans can be used for a variety of reasons, including:

home improvements - a loan is taken out to carry out home improvements, with the aim of adding to the overall value of the home.

car finance - a loan is taken out to finance the purchase of a new car, as the terms of a personal secured loan are more attractive than other car finance options.

mortgage arrears - a loan is taken out to cover arrears in mortgage repayments, or to convert current mortgage repayments into a longer-term, more manageable loan repayment.

debt consolidation - a loan is taken out to pay off existing debt, thus consolidating the debt into one manageable, longer-term loan repayment.

The danger with a personal secured loan is if you are unable to keep up the repayments on your loan your home or asset which secured the loan could be at risk. It is important to bear in mind that your property is at risk if you fail to keep up the personal secured loan repayments.

You may freely reprint this article provided the author's biography remains intact:

About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

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Google News Updated : Sat, 11 Oct 2008 11:50:43 GMT Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' - Bloomberg Ottawa Citizen Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' Bloomberg - 7 hours ago By John Brinsley and Rebecca Christie Oct. 11 (Bloomberg) -- US Treasury Secretary Henry Paulson indicated that pumping government funds into banks is a priority and said financial markets will remain volatile. US to buy shares in struggling banks Los Angeles Times Obama welcomes Paulson plan to buy equity in firms Reuters MarketWatch - International Herald Tribune - Bizjournals.com - Washington Post all 2,114 news articles Publ.Date : Sat, 11 Oct 2008 04:21:05 GMT Stevens's Reputation 'Sterling,' Powell Says - Washington Post Washington Post Stevens's Reputation 'Sterling,' Powell Says Washington Post - 8 hours ago By Del Quentin Wilber Former secretary of state Colin L. Powell told jurors in the corruption trial of Sen. Ted Stevens yesterday that the powerful Alaska Republican had a "sterling" reputation among the nation's military and political leaders. Reporter's Notebook: Powell Takes the Stand for Stevens FOXNews Powell says Sen. Stevens' integrity "sterling" Reuters CNN - Kansas City infoZine - The Miami Herald - ABC News all 2,865 news articles Publ.Date : Sat, 11 Oct 2008 03:13:53 GMT Mugabe Hands Ministries to His Party - New York Times Voice of America Mugabe Hands Ministries to His Party New York Times - 52 minutes ago By CELIA DUGGER JOHANNESBURG - In a step likely to lead to the collapse of a painstakingly negotiated power-sharing deal, Zimbabwe's Robert Mugabe, in office for 28 years, has unilaterally declared that his party will retain the most powerful ... Mugabe 'gives Zanu-PF key posts' BBC News Zimbabwe's Mugabe hands key ministries to his party Reuters United Press International - AFP - Aljazeera.net - The Associated Press all 1,687 news articles Publ.Date : Sat, 11 Oct 2008 10:57:49 GMT Morgan Stanley, Goldman May Gain Investment From US Treasury - Bloomberg Wall Street Journal Blogs Morgan Stanley, Goldman May Gain Investment From US Treasury Bloomberg - 7 hours ago By Christine Harper Oct. 11 (Bloomberg) -- Morgan Stanley and Goldman Sachs Group Inc., the biggest independent US investment banks, may reap cash infusions as part of Treasury Secretary Henry Paulson's plan to buy stakes in financial institutions, ... As Stock Falls, Morgan Looks to Japanese Bank New York Times Morgan Stanley hangs on Mitsubishi's $9bn pledge guardian.co.uk Forbes - New York Post - New York Times Blogs - Barron's all 895 news articles Publ.Date : Sat, 11 Oct 2008 04:30:39 GMT Palin violated ethics law, inquiry concludes - International Herald Tribune Washington Post Palin violated ethics law, inquiry concludes International Herald Tribune - 1 hour ago By Serge F. Kovaleski NEW YORK: Sarah Palin, the Republican vice-presidential candidate, abused her powers as governor of Alaska by pressuring subordinates to try to get her former brother-in-law, a state trooper, fired, according to an investigation ... Palin ethics lapse cited Los Angeles Times Alaska probe finds Palin 'abused her power' Indian Express Baltimore Sun - Boston Globe - New York Times - Reuters all 4,043 news articles Publ.Date : Sat, 11 Oct 2008 09:58:28 GMT Thai protest leaders released on bail, vow new rallies - AFP GulfNews Thai protest leaders released on bail, vow new rallies AFP - 20 hours ago BANGKOK (AFP) - Leaders of Thai anti-government protests were granted bail Friday after surrendering to police and immediately vowed new rallies, raising fears of mounting turmoil days after deadly street clashes. Video: Raw Video: Tear Gas Fired at Thai Protestors AssociatedPress PAD leaders surrender to Thailand police United Press International The Associated Press - Washington Post - New York Times - International Herald Tribune all 2,495 news articles Publ.Date : Fri, 10 Oct 2008 15:31:03 GMT McCain calms supporters, urges respect for Obama - Los Angeles Times The Associated Press McCain calms supporters, urges respect for Obama Los Angeles Times - 2 hours ago 'NO MA'AM': Sen. John McCain takes a question from a supporter who called Democratic rival Barack Obama an Arab at a town hall meeting in Lakeville, Minn. McCain-Palin's hot rhetoric risks GOP backlash San Francisco Chronicle McCain Lauds and Attacks Obama in Same Day New York Times Boston Globe - Washington Post - Minneapolis Star Tribune - Reuters all 460 news articles Publ.Date : Sat, 11 Oct 2008 09:04:20 GMT RSS Parser Increased Web Site Traffic

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