● You are tied in with your current lender. Or have a great mortgage rate you don’t want to disturb
● You have a poor credit rating. Often this means that no-one will lend to you, or any offers you do have come with a very high rate. A secured loan may be an easier option to obtain
● You need a bigger loan. Unsecured loans are generally of a lower value than their secure counterparts, so the more money you need, the more likely it is you’ll opt for a secured loan
● You want to minimise monthly payments. Although secured loans run over a longer period and so will cost more in the long-run, they may make the monthly payments more manageable.