What is a Secured Loan?

Secured loans are easier to obtain than an unsecured loan because the secured loan lender has the added benefit of security which provides protection in the event of a customer's inability to repay the secured loans amount. This also means that individuals who are self employed, have a new job or who have very bad credit can still take out a secured loan. They are also useful for bigger amounts of money or where the customer requires a longer repayment period in which to repay the loan.