Secured loans 'a good option for homeowners'

By Sarah Engle, Wed 20 Aug 2008 - Published in Loans

Homeowners looking to borrow money may find a secured loan is the best option, according to the Thrifty Scot.

The news provider claims while getting a secured loan can involve filling in a lot of forms it offers a number of advantages.

Those who opt for a secured loan will be able to pay it back in regular monthly payments over a period of anything up to 25 years, it claims.

It also states that payment holidays can often be taken once a year.

In addition, borrowers are able to tailor a secured loan to their budget by increasing or decreasing the term of repayments, it adds.

Meanwhile, it can prove cheaper than other forms of borrowing because of the decreased risk to the lender.

The Thrift Scot concludes: "With the ease of the internet and many lenders having an online presence, it is easier than ever before to search for an affordable personal loan online."

In related news, Moneyfacts claims Brits looking for a loan should compare a number of deals before making a decision.

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