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Secured loans 'help people meet their dreams'
Consumers in the UK could make their dreams a reality by taking out secured personal loans, according to an expert.
Sarah Conner, financial consultant for Chums Finance UK, has suggested that people can generally get hold of such a product relatively easily, as long as they have quality collateral to place against the loan.
She explained that the security can take a number of forms, from property and land to gold, but needs to have a strong market value.
"By and large, both the interest rate and the duration of repaying the instalments are fixed by keeping the need and comfort of people in mind," she added.
"In comparison with the other loans, the rate of interest in secured loans is quite low."
Recent research by Santander Cards revealed that one per cent of consumers in the UK use personal loans to fund their attendance at weddings.
It also found that the average guest now spends a total of £380 on making such ceremonies.