Comparealoan.co.uk Launches Price Comparison Service for Secured Loans
As the name suggests a secured loan is a loan secured against collateral put up by the borrower. In the current context the collateral used is usually residential property or other real estate owned by the borrower. Where the borrower fails to pay back all or a portion of the loan the property used to secure the loan may be sold to recoup the outstanding amount. These types of loans may be advantageous to consumers because they can usually be spread over a longer term than unsecured loans and may have lower interest rates.