Secured Loans
A secured loan is any loan that requires the borrower to provide the lender with some form of security - some item of value which they get to keep if you don't pay the loan back. There are various different types of secured loan
What would a secured loan cost?
Lenders charge interest on the amount you borrow. Interest is quoted as the Annual Percentage Rate (APR) . The amount you can borrow, the term available and the APR will all depend upon the equity you have in your property, the lender's view of your ability to repay the secured loan and your personal circumstances, for example any adverse credit.
Quoted APRs will sometimes be "typical" rates, and these act as a guide only as the exact rate offered will be on an individual basis. There is a meaning to the phrase typical rate - it means that at least two-thirds of the lender's loans arranged as a result of that advert are at this rate.
The Financial Services Authority does not regulate Personal or Unsecured Loans