SECURED LOANS INFORMATION

Please see information on Secured Loans below.

        

Secured loans

What is a Secured Loan?

A secured loan is a loan that is 'secured' on a significant asset, such as a home or a car. If you would like to borrow a sum of money, you can use a large asset to receive a large loan against this asset.

Who are Secured Loans suitable for?

Secured loans are available for the banks in Ireland. With a secured loan it is necessary to provide an asset as collateral for the security of the loan. Depending on your credit rating you should be able to borrow a large sum of money over a period of one to twenty give years.

What are the benefits?

If you have put up a significant asset such as a house against the loan, the lender considers the loan to be less of a risk so is willing to lend a larger amount of money. Depending on the value of the asset, a secured loan is usually quite easy to obtain because there is significantly less risk to the lender.

What are the risks?

Secured loans are a lot more risky for the borrower than an unsecured loan. If you fail to make your repayments on a secured loan, you could lose your property or car. If you are able to borrow through taking out an unsecured loan then you should try to do this before you commit to a secured loan. You must always think carefully before securing debt against your home. Your home could be repossessed if you do not keep up repayments on your loan.

        


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