Loans and Interest Rates

Generally, secured loans are available between £3,000 and £150,000 and are repayable anywhere between 3 to 25 years. Some lenders pay more than this amount.

Those who are interested in applying for a secured loan will be offered a choice between a fixed or a variable rate. Fixed rates are assured and give the security that repayments won't change, although it is more expensive in the long run. Your repayments will not be reduced if the lender cuts the rate of interest. Variable rates change if the bank base rates, making you vulnerable to higher or lower monthly repayments.

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