A Secured  loan is a loan under which the borrower is required to offer with some form of security.  It may be in the form of collateral of sufficient amount. The collateral has to be in the name of borrower.  The lender has the right to  recover the amount of loan by selling out  the said property if an obligation is not discharged.  Loans secured against property that is already mortgaged to some lender are known as loans against second charge.  The loans secured with no other charge are known as first charge.   An example would be a Loan on your house. The mortgage company/bank owns the house till the amount of loan is not paid off by the borrower.

If you require fairly large sum of money and if you have equity in your property, you can opt for the range of secured loans available. With secured loans you need not  worry about unmanageable repayments because the lower interest rates and longer repayment periods as the monthly repayments will be far lower than those of an unsecured loan. The  secured loan applications are processed  quickly.