Secured V Unsecured Loans: What's the Difference?
Secured V Unsecured Loans: What's the Difference?Author: andrew.regan.2006@googlemail.com These days, more and more people are arranging finance for a range of reasons: holidays, a new car, home improvements; the list is endless. In order to offer consumers the widest possible choice of financial products, many companies now offer customers several different types of loan from which they can choose; the most popular type of loans being secured loans and unsecured loans. A secured loan, for example, is a loan which requires the borrower to provide the lender with some form of security. Most often, the security levied is the borrower's property – regardless of whether it is mortgaged or is owned outright. A loan secured on a mortgaged property is known as a 'second charge', whereas a loan secured on a property that is owned outright is known as a 'first charge'. Secured loans are most often associated with homeowners and mortgage payers, with loans available in varying amounts and for many different purposes, including debt consolidation. Available amounts range from 3000 to 50000, although some lenders will consider lending up to 100000 with repayment terms typically ranging from 3 years to 25 years. However, you might incur a penalty fee if you repay your loan earlier than agreed with your lender. Depending on the amount of money you borrow, lenders will charge interest, which is referred to as the Annual Percentage Rate (A.P.R).
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