A Secured Loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally lent to the borrower.
Secured loans can be used for:
- Paying your tax bill
- House Extensions
- Consolidating your Debts
Airedale Commercial Finance have a large panel of lenders who consider all circumstances with lower rates.