it is a secured loan is which is against your property so that if you miss or cant afford the repayments they have something they can get their money back on.

Secured loans require collateral. You normally borrow against your home or other property you own.

Secured loans are difficult to get at present with many lenders reducing the LTV to 65-70%?

Secured loan is like a second mortgage. If you default, the lender could take action against you to posses your property !

Mick

A secured loan is a loan taken out against say your property

secured loan is a loan taken against your property, or some valuable possession if you fail to repay the loan the bank has something in his hands to get their money back.

If you have a mortgage it may be worth asking your mortgage lender if they can provide a further advance. Quite often it works out to be cheaper.

Hi, I wouldn't reccommend a payday loan as the interest rates are so high and so are the penalties if you miss payments. I would reccommend you getting some financial advice which will help you get back on your feet.


thanks

it means that if you don't pay they take your assets and sell them to repay the loan.

Usually secured on your property..

A secured loan means that you give that person the right to take something of yours that has value, if you don't pay. Usually it's a house or real property.

If you don't know what a secured loan is, you should probably not be trying to start your own business until you have a little more business knowledge.

ITS not securing any thing for us , its the bank or financial institution securing their money which they are lending to us!!

Secured loans are long-term loans that can be availed against collateral. Assets may be in the form of borrower's home or any other residential property.

Following on from a previous answer Secured Loans in the UK are now available upto 80%. Very strong rumours that 90% will be available from February 2010. Loans possibly getting easier as the credit crunch eases.