Can Secured Lending help you?

Secured Lending

At the beginning of the year, many people find themselves wanting to give their finances a new year tidy up. As often as not, this is down to the fact that the end of the year and the Christmas season leads to a blip in spending on gifts for friends and family, on going out for meals, and on entertaining.

As a result, it can often be the arrival of the January credit card bills that really brings home the state of personal or family finances. The lucky few may have been offered tempting balance transfer offers, although today many of these come with a transfer fee attached, and offer a discounted interest rate for only a short period – after which the cost of the debt flies up to the credit card’s regular high interest rate.

But you may not have the luxury of transferring balances. Perhaps a tough autumn, and expensive festive season, have left you with high outstanding balances on all your credit cards – and no prospect of settling much more than the minimum payments for the next month or two. All the while, the high rates of APR charged by many credit cards mean that interest payments continue to rack up at an alarming rate.

In this case, one of the sensible options is to consider consolidating those balances into one, single loan that attracts a far lower rate of interest – a secured loan. This is an easy option for most homeowners, or anyone who has suitable security to offer for the loan.


So a secured loan has a number of benefits. First, it will cost you less. With a secured loan, the lender has the security – such as a charge over part of the value of your home – against which he can call, were you as the borrower to default on your repayments. As a result, his risk of a default is lower, as is his risk of not making a full recovery of the debt. In return, a secured loan will always have a lower rate of interest, compared with others.

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