A secured loan (also known as a homeowner loan) is a loan secured against your property.
Secured loans may
be ideal if you want to borrow a large amount of money. They are usually used to consolidate
existing credit, or to
make home improvements, or fund major purchases. Because your property is provided as security
for the loan, lenders
see you as less of a risk and may charge lower rates of interest. However, your home could be
at risk if you are
unable to repay the loan.