While shopping around for a loan, your major concern is that the loan must come at low rate. Well, secured personal loan is what you are looking for. There are numerous secured personal loans providers around you or they can be searched on internet.

As the term implies, secured personal loans are offered against property of the borrower. Higher equity in the property secures the loan more, enabling the borrower to benefit from host of advantages of the loan. The biggest one is lower interest rate. If equity in collateral is higher then even reduced interest rate is possible to achieve if credit history is good. Low interest rate is usually the motivation behind opting for secured personal loans.

The borrower can also choose a suitable repayment duration that ranges from 5 to 30 years. With the combination of lower interest rate and larger repayment duration, the borrower reduces loan burden as monthly monetary payments for the installments gets reduced substantially. Under secured personal loans, lenders usually approve an amount anywhere from £5000 to £75000 depending on equity in collateral and good credit history of the borrower. The loan amount can be utilized for any personal purpose like home improvements, meeting wedding expenses, buying a car or for consolidation of debts.

Are you labeled as bad credit? Lenders incur no risks in making secured personal loans deal with bad credit borrowers since they can always recover the loan amount on selling the borrower’s property taken as collateral. So they approve the loan without many enquiries in bad credit cases. All borrowers having arrears, late payments, payment default, CCJ’s and even bankrupts are eligible for secured personal loans. Such borrowers however may have to fork out a bit higher interest rate.