A secured loan is any loan that requires the borrower to provide the lender with some form of security. In the case of secured loans, the security will be the borrower's property, regardless of whether it is mortgaged or owned outright. Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges.
If you are a homeowner and are looking to borrow between £5,000 - £100,000, apply here for a free, no obligation quote. One of our trained advisors will call you back at a time convinient for you.
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An unsecured loan does not use your assets (i.e. your home) as collateral for the loan. An unsecured loan is best suited for people who do not own a property, such as council tenants or private renters although they are available to homeowners as well. You will almost certainly need proof of your income and you may not be able to borrow as much as you could if you secured the loan against your property.
Even if you have problems with your credit history, you will still be able to arrange an unsecured loan with Zengo loans.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.
