UK Money News
20th February 2008
Borrowers opting for secured loans
Increasing numbers of borrowers are choosing to secure their loan against their home, a price comparison site has claimed.
MoneyExpert.com said it has noted an 85 per cent increase in demand for secured loans on its website during the period from November to January.
The growing appeal of secured loans can be attributed to the increasingly competitive interest rates being offered by providers, according to Sean Gardner, Chief Executive of MoneyExpert.com.
He said "Historically secured loans were seen as something of a product of last resort. But these days they are far more attractive to homeowners who are looking for a competitive rate of interest.
"The best secured loan deals are actually cheaper than the average unsecured loan."
Research conducted by the site found that the average repayment rate on a cash advance of £15,000 on an unsecured loan is 8.44 per cent.
This compares with just 5.9 per cent offered for secured loans.
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