Avril Moir

A secured name as the name suggests is a form of loan for which only homeowners are eligible as the loan must be secured to an asset. In the case of a personal secured loan the security is your home or it could be your holiday home if you are one of the lucky ones who own a second home. As th loan is secured the interest rates are good, starting at about 8% APR for those with a good credit rating. Homeowners with a poor credit porofile can also be considered for a secured loan, but the interest rate charged will be higherand the equity in the property must be greater. In the past there were 125% equity secured loans which were only available to employed applicants with stellar credit ratings. Nowadays due to the credit crunch and house prices falling causing 125% secured loan lenders no amount of trouble,this product has ceased to exist. The maximum LTV now is 80% for the employed and a maximum of 70% for the self employed. Secured loans are a very versatile product as they can be used for almost any purpose, eg. debt consolidation, weddings, hholidays, to purchas a vehicle, to fund homeimprovements, and so on and so forth. http://www.championfinance.com