Personal Secured Loan

Adding an extension, conservatory or carrying out general home improvements can be costly. If you have a big home improvement project then a personal secured loan might be a financing option you could consider.

On the other hand, you may have multiple debts spread over several credit cards, store cards and other unsecured loans. Using a personal secured loan to consolidate your existing credit could help lower your monthly repayments.

Personal loans are generally unsecured, but if you are a home owner with a mortgage, you could apply for a personal secured loan from Nemo. The difference between a personal loan and a secured loan is that you have to offer your home as security when borrowing from a secured loan lender.

The main advantage of taking out a secured personal loan is that the lender may be able to lend you more than those offering unsecured loans, and they are also likely to be able to offer you a longer repayment period. For example Nemo could lend you up to £100,000 over a term of up to 25 years.

You might find that the Typical APR on a personal secured loan is lower than that offered by unsecured loan lenders, and if you’d like to shop around to see what the various lenders can offer, you could use a price comparison site to help you. Nemo’s Typical rate is 9.6% APR variable.
Repaying borrowing over a longer term may increase overall interest charges.