What is a secured loan?

You’ve come to the right place to learn exactly what a secured loan is:

• Secured loans are usually taken in order to make a big purchase, to consolidate existing credit; or to make home improvements.
• Consolidating existing credit with a secured loan means you’ll know exactly when your monthly repayment will be.
• No more juggling multiple repayments for various credit cards, store cards and loans as these will be consolidated with your secured loan.
• What’s more, by consolidating your existing credit, you could lower your monthly outgoings, freeing up more of your income.*
• On the other hand, you might be thinking about taking out a secured loan to make home improvements.
• Making home improvements with a secured loan could add space for a growing family, and could even add value to your home.
• Secured loans, also known as homeowner loans, are secured against your property.
• Secured loans are different to personal loans because you offer some form of security - in Nemo’s case, that security is your home. Find out more about how secured loans differ from personal loans.
• In order to apply for a secured loan from Nemo, you need to be a homeowner with an existing mortgage. Your mortgage is known as the first charge on your property, and a loan from Nemo is secured by way of a second charge.

* Consolidating your debt may increase the amount you pay back overall and extend the repayment period for your debts. Early repayment charges apply to the Nemo loan.