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Loans, credit cards, payday loans, the number of financial products in the UK is simply gigantic. So if you've recognised that you would like or need some extra funds, it is important that you fully understand the benefits of each individual offering.

A secured loan, sometimes known in the UK loan market as a home loan, requires the debtor to pledge an asset (most commonly a house or a car) as collateral for the loan. By securing a loan in this fashion, consumers often benefit from lower rates as opposed to personal unsecured loans. Of course, there is a flip side to this - if you do not keep up repayments your creditor may well begin proceedings to repossess your property.

During uncertain economic times, the secured loan market often flourishes as lenders seek extra security for their capital. Personal loans which do not require any sort of collateral upfront are issued on the basis of a good credit score and a strong credit rating. Credit checks will still be carried out if you apply for a secured loan but lenders are often more willing to consider individuals with less than pristine credit scores.

Because credit checks are carried out, and given the number of products in the UK loan market, it is imperative you appreciate your financial circumstance before applying for a secured loan. Credit search footprints, if accrued quickly, can be detrimental to your credit score.

At the Credit Jungle we work with a variety of home loan providers to ensure you get the best rate available to you. Get your free credit score now, work out what the lenders think of you, and then apply. If you follow that rule of thumb you won't go far wrong!