Compare Secured Loans

Cheap Secured Loans

Do you want to compare secured loans? Whether you’ve got bad credit, need a personal loan, or a car loan, here at Tiger.co.uk we can help you find a range of cheap secured loans quickly and easily with our simple online comparison system.

Personal loan or secured loan – what’s the difference?

A personal loan is also sometimes called an unsecured loan and it’s this secured / unsecured part that differentiates these loans. A secured loan requires some kind of collateral or asset to be offered up as security for the lender. Usually, this is a property, but it can also be a car, jewellery or another valuable asset. A personal loan doesn’t require any collateral, hence it’s an unsecured loan.

Why choose a secured loan?

A secured loan means that any lender has reduced the risk involved in lending to you. If you don’t keep up with repayments, you would lose the collateral used to secure the loan. Because the lender is almost guaranteed to be able to recoup the loan amount in this case, you might find the following benefits:

• A lower interest rate
• You can borrow a larger amount

On the flip side, if you aren’t able to keep up with repayments, this can result in you losing your collateral, which might mean your home. Therefore a secured loan has the following disadvantages:

• Riskier – you might lose your home
• If you have a poor credit rating your interest rate will be higher
• If you struggle, it can exacerbate financial problems in the future.

What can be collateral to secure a loan?

Each lender will have its own rules and guidelines on what can be considered collateral. However, here’s a list of common assets used to secure loans:

• Property
• Vehicles
• Jewellery
• Artwork
• Bonds and some savings accounts
• Guaranteed future earnings

Is a secured loan easier to get?

It always depends on individual circumstances, but generally speaking, yes, a secured loan is often easier to get than other types of loan. This is because the lender has reduced their risk by securing the loan against some form of collateral.

Where can I find cheap secured loans?

With any financial product, you want to shop around to find good deals on cheap secured loans. When you compare secured loans from a range of providers, you have a good chance of finding competitive rates.

Find great deals with Tiger.co.uk

We are an unbiased comparison site. We make it easy for you to compare secured loan quotes from a broad selection of leading UK lenders with our expertly designed online system. Use Tiger.co.uk and you’ll find it easy to find a range of cheap secured loans at your fingertips.