Homeowner Loans - choose between secured & unsecured loans

Loan companies who advertise on TV would like you to believe that Homeowner Loans have to be secured loans - i.e. secured on the value of your property.

While this is certainly one option we also believe that Homeowners should consider the option of an unsecured loan when wanting to borrow. So, to us, a Homeowner Loan can be either a Secured Loan or an Unsecured Loan.

So, how do you choose whether a secured or unsecured loan is the right type of loan for you? Well, we thought a summary of the key differences would help you decide. We can also provide no-obligation quotes for each - just go to the unsecured loan application form or secured loan application form:

Secured Loans vs. Unsecured Loans

	Secured Loan	Unsecured Loan
Applicable to:	Homeowners only (the home acts as security). Owner must have a mortgage.	Homeowners & Tenants
Max Loan Value:	£1m (1)	£25,000
Max Repayment Period:	25 years	7 years
APR rates:	Having the home as security means rates can be lower. Rate will depend on loan size, credit status and the equity in the property.	Rates will be higher (no security involved), but they are also affected by credit status.
Speed of getting funds (approx):	3 weeks (faster for loans over £25k as they are not regulated by 1974 Consumer Credit Act)	1-2 weeks
Other:	Needs to be free equity in the property