Why should I choose a secured loan?
Taking out a secured loan could mean you:
- get a relatively low rate of interest
- are able to borrow a larger sum
- may be able to borrow without a high credit rating
- get a longer repayment term than you would with a personal loan – although this will mean you pay more interest overall
As with all loans, the exact rates you receive will depend on your personal circumstances, so be sure to look around for the best secured loan for you. You may be able to borrow without a good credit rating, but you’ll probably be offered a higher interest rate.