A secured loan is a loan which is typically 'secured' on your property, i.e. your home. These types of loans are generally for larger amounts than personal loans and may come with a lower apr than the personal loans listed here as the security of your home is being used. These types of finace are typically used for home improvement loans, bad credit loans and even debt consolidation loans, where you will use the loan and pay off all the small debts, resulting in one manageable monthly payment.
There are some advantages that make secured loans a more attractive proposition which include a lower apr, a longer repayment period so that you can spread your monthly costs more easily and also various other benefits that individual companies can offer such as repayment holidays. With the repayment holiday you can take a break from your repayments if you choose to.
source : http://www.selectloans.co.uk/SecuredLoans.html
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