The problem with any kind of loan (even the Secured Loans for big home improvements you may be canvassing around for) is that financial products tend to change rather quickly - especially if it takes you a long time to make up your mind which one to get. This means that the financial products may still be called Secured Loans but you may find that the original rates and original lending terms and conditions have been changed by the lender since you last checked, meaning you have to do another round of canvassing for the right Secured Loans for big home improvements that you can afford.
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Now, when should you opt for Secured Loans and when should you use a Personal Loan or your credit card instead? You should choose Secured Loans as a borrowing option if you are prepared to put up something significant, like the family car or your current home, as the security or collateral which will persuade the lender you are a good risk to take. However, this borrowing option means that, should you fail to pay all your payments on time and in full, the lender gets the right to take ownership over your collateral (meaning, there goes your prized car and you may find your family literally out on the street with no home to call your own.) Brutal, but those are the facts. Ironically, you have no security in a Secured Loans scenario (unless you know people whom you can turn to for emergency money when your own money for the loan payments runs out for some reason.) The Secured Loans are secured only for the creditor (the lender), not you.
People tend to opt for Secured Loans because they may have a poor credit history (meaning, if the lender takes one look at their credit history, almost certainly such borrowers would be denied for the unsecured loans - or loans that do not need collateral).
If you are looking for Secured Loans for big home improvements in Britain, UK, fortunately many lenders there do offer that type of loan. You use such Secured Loans for big home improvements like renovating an aging kitchen, adding a bathroom here and there, and generally sprucing up your home so that it goes up in value. This is why many lenders are open to providing Secured Loans for big home improvements: if you fail to keep up with the payments and default on the loan, the lender actually gets an asset that has been improved since the start of the loan period. Hence, the asset (or collateral) has gone up in value somewhat. Banks are not the only lenders in UK that offer Secured Loans for big home improvements. Nowadays, you can also get Secured Loans for big home improvements from online lenders too (and the advantage with that is such lenders offer lower interest rates compared to loans from banks.)
Another, more novel way of taking out Secured Loans for big home improvements, is to pursue securing an additional mortgage on your current property. This is called re-mortgaging your property, and leads to consolidation of the two loans into one attractive package.
Whether you stick to having just one mortgage on your home or take out an additional one, make sure you have a feasible payment plan to follow so that your home does not get put at risk of being forfeited to the lender if you fail to pay your loan in full and on time.
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