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Personal Loans

Personal loans are split into two broad types: secured and unsecured.

A secured loan is one where the borrower has an asset (usually their home) which can be used as a form of security to guarantee the loan. In other words, the asset can be seized by the lender in the event that the borrower fails to keep up repayments on the loan.

Secured loans are normally only available to homeowners. They tend to have lower rates of interest than unsecured personal loans as, from the lender’s point of view, there is less risk involved.

An unsecured personal loan is a loan for which there is no security offered by the borrower. This means they are available to non-homeowners, such as tenants in rented accommodation or people who are living with parents.

To request a no-obligation quote for a secured loan or an unsecured loan, please click here.