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Secured loans 'key for large projects'
Brits who are looking to improve their homes in the next few months should consider using secured loans, it has been suggested.
According to Christina Jordan of Lovemoney.com, the financial products can be very useful for those planning major renovation jobs, such as a loft conversion, an extension or a conservatory.
Writing for the website, she explained that secured loans can offer some benefits over other products.
"They are sometimes cheaper than unsecured personal loans and you can usually choose your repayment term to run alongside your remaining mortgage term, or decide to repay the debt over a shorter period of time," she outlined.
However, she added that the products often involve putting a home at risk, so the decision should be considered carefully.
Advice website Loans&Credit.com recently suggested that consumers who need a personal loan could benefit from taking out multiple products, as lower rates could be featured on smaller deals.