Should I take out a secured loan?

If you're considering a secured loan then consider the risks.  However, there are many situations where a secured loan is the best solution.

• If you are tied in to your mortgage.
• If you have got a great deal but need to borrow a large sum.
• If you want to consolidate debts.
• Extending or renovating your home.

You should never use a secured loan for extending your lifestyle – things such as holidays and flashy cars are best left to personal loans and credit cards but keep in mind that borrowing money has a future impact.

If you've settled on a secured loan make sure you go to a broker that has a wide range of lenders to choose from. Don't just call the first lender you see on TV with a famous personality touting their benefits as broker can usually offer better deal.

Get a quote from over 1000 secured loans now

Negotiate the best deal

Some brokers and lenders will make you pay a fee, which will be added onto the loan. If you have good credit use your negotiating skills to get yourself the best deal. They might not be able to budge on the APR but they might come down on the fee.

The rules you must follow

• If you don't repay the money you own your home could be at risk.
• At the moment fixed rates deal are a better option.
• Use a broker not a lender

Call our broker for free on 0800 061 2159

• Speak to a broker rather than use a comparison website as they don't correctly factor your situation.