A secured loan means your house or some other valuable item is offered as security for the loan. If you fail to repay the loan the lender can sell the secured item to get their money back. This can be the cheapest form of borrowing, but you should always consider the risk should you forfeit on the repayments.
A record of every loan application is left on your credit score, and lenders may look unfavourably on you if you apply for a number of loans over a short period of time.
Remember the more money you borrow the more interest you pay, so try and only borrow as much as you really need.
Although most lenders advertise an APR you may not qualify for this rate if you don't meet all the lenders criteria.
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