Secured Personal Loan
A secured loan requires you to offer an asset owned by you as security for the loan amount. This provision of security against the loan reduces the lenders risk that they reflect by generally offering lower interest rates and fees on secured loans. The security you offer as collateral against a secure loan can be an asset you currently own or if you are taking out a car loan, the car you are purchasing can also be used as security. Due to the lower interest rates and charges secured loans are a popular option for debt consolidation, where you can consolidate your credit cards, store cards and personal loans debts into a single secured loan offering one easy to manage repayment and a lower interest rate.
If you do not own any assets to offer as security you should consider an unsecured loan which requires no assets to be offered as security against the loan amount.