Loans that are secured against property are called secured personal loans. They are suitable for when you are having difficulties getting an unsecured personal loan, are trying to raise a large amount, or you just have a bad/poor credit history. Usually, lenders are more flexible when it comes to secured personal loans, which makes them worth taking into consideration if you want to buy a new car, make home improvements, or take the luxury holiday of your life.

Here is a list of benefits of a secured personal loan:

You have lower monthly repayments than an unsecured personal loan

You can borrow more money

Repayments can be spread over a longer period of time

Because a secured personal loan is a type of loan available to people with securable assets (usually homes), they are often referred to as 'homeowner loans' or just 'home loans'.

To be eligible for secured personal loans you don't even have to own your own home outright. You can put the proportion of the home that you own up as a security, if you have a mortgage.

Because secured personal loans are secured on property, many of the lenders will approve your loan 'ignoring' the fact that you have a history of adverse credit such as arrears or even county court judgements. This makes them the perfect choice for people who can't qualify for a loan from their local bank.

You can borrow a very large amount of money and repay it over a period that usually range from 5 to 25 years. You just have to select a monthly payment that fits your financial situation. Generally, a secured personal loan tends to be cheaper than any other forms of borrowing.

For a secured personal loan, the interest rate depends on factors such as the amount of money borrowed, the period of time you choose to repay them in and your personal details. Payments can also be insured so that you don't have to worry about losing your job or being unable to work due to accident or sickness.

It usually takes from 14 to 28 days for a secured personal loan to be completed. During this time you will be made a no obligation offer (once your application has been processed and accepted).

T. O'Donnell owns a site that offers personal loans, advice, an ebook and a loan calculator for the UK. Visit him at http://www.tigertom.com/personal-loans-uk.shtml