Secured loans are secured against property in the UK, this
means your home is at risk if you fail to make payments.
This loan is "secure" for the lender but it offers you no
security at all. These products have become increasingly
popular targeting the sub-prime(bad credit) market often
offering larger amounts for borrowing.
Who should use
secured loan debts?
Ideally no one who has trouble making regular payments
or who has a debt load larger then they can realistically
afford. If you have good credit, find the best rates
available for unsecured loans. If you are able to repay your
loan without any problems consider this option only
when the lender is prepared to offer a rate which is better
then the most competitive unsecured rate. Ideally a
percentage or two lower, as you should be compensated for
the "lack of risk" on the lenders part.
here: Secured Loans