Loans are taken to be paid back and if you don't, you are calling for adverse repercussions. These may include loss of property at stake (if any), CCJs and bankruptcy status. In case of unsecured loans, there is very less flexibility in terms of repayment options. This is because the borrower doesn't put any of his assets like home as security. The lender, therefore, charges high interest on unsecured loans, and doesn't give any benefit of flexible repayment options and other advantages.
However, in case of secured personal loans, the borrowers get many advantages. The most lucrative feature of secured loans is that they carry low interest rates. Then you can choose from the various repayment options cited below:
So, apply for secured personal loans if you want to avail the advantages cited above. One does not get so many benefits in case of unsecured loans because the lender is at a very high risk.
About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in business administration and is currently assisting Shakespearefinance as a finance specialist.
For more information about personal loans please visit: http://www.shakespearefinance.co.uk