Glossary

Secured Loan or Homeowner Loan

Secured loans are also known as homeowner loans or personal home loans as they are usually secured on your property (or other assets) by the lender as a form of 'collateral' in the event you should default on repayments. This is highly beneficial for you as a borrower because it means the lender has lower risk and therefore will be able to offer you a secured loan at a lower Annual Percentage Rate (APR) than an unsecured loan. This is a way for you to use the equity you have built up in your home to allow you to raising funds relatively cheaply. Compare >

Debt Consolidation Loan

The purpose of  debt consolidation loan is to help you to consolidate all your debts into a single loan with more manageable monthly repayments. ie at a lower rate. This is usually a secured loan. Compare >

Bad Credit History Loan

Loans for people with an adverse credit history , CCJs, defaults, arrears, discharged bankrupts etc. These are secured loans usually arranged by specialist lenders. Compare >

Unsecured Loan or Tenant Loan

An unsecured loan requires the lender to take on all the risk of repayment default, as the loan is not secured against a property or other asset. This type of loan will generally have a higher interest rate and is usually limited to amounts up to £25,000. Tenants are suitable candiates for this type of loan, but it also open to homeowners / mortgage payers too. Compare >

Car Loan

Depending on your circumstances, you can apply for a special finance loan just for car finance. These loans are usually provided by specialist lenders who can give you the flexibility to buy the car you want, from the dealer you want. However. If you are a homeowner, a secured loan will provide you with a much lower interest rate than a specialised car loan. Compare >

Logbook Loan

Logbook loans are secured on the logbook, or vehicle registration document, of the borrower’s vehicle.

A logbook loan requires the borrower to keep the logbook with the lender until the loan amount has been repaid in full. Log book loans are usually approved very quickly. Compare >