Secured Loan.

hWhat is a secured loan? A secured loan is secured against a property, and usually a secured loan is secured against a residential property. The interest rate of a secured loan will normally be lower than that of an unsecured loan. Who is eligible to apply for a secured loan? Obviously as the name suggests, only homeowners can be eligible. For what purpose can a secured loan be used? A secured loan can be used for almost any purpose. A secured loan cannot be used for any purpose that is not entirely legal of course.What age of person can apply for a secured loan? This varies from one secured loan lender to the other. However, usually people from 18-85 years old can apply for a secured loan, although usually the secured loan must be paid off before the applicant reaches the maximum age of 85. Sometimes the secured loan lender will extend the age limit of the secured loan applicant under certain circumstances. For those who have reached the age of 70 years old at the commencement of the secured loan legal advice is required to explain all conditions of the secured loan to the applicant.