Is secured on your home. Rates depend on your circumstances; usually lower than an unsecured loan and often more flexible.
Not secured on your home. May not qualify you for the best rates. Applying to a number of lenders may affect your credit score.
Based on your information we recommend you speak to a personal debt adviser.
They will offer you advice on:
Whether a loan is your best option
Consolidating your debts
Reducing the amount you owe
How to freeze your interest payments
Protecting you from creditors
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Personal loans should not be kept secret
When taking out a personal loan, it is best to share that information with loved ones, according to the Consumer Credit Counselling Service (CCCS).
A spokesperson for the CCCS said that "many people" do not tell their partners that they have taken out a loan or have accumulated debt.
However, he recommended that financial issues be shared with loved ones, as not doing so could lead to stress and unhappiness.
"There's a lot of stress associated with keeping a serious debt problem secret and by sharing the problem that stress is relieved somewhat," he explained, suggesting that "a problem shared is a problem halved".
Recent research by Abbey Loans revealed that up to 1.35 million unsecured personal loans taken out by Britons have been kept a secret from partners and family.
Abbey Loans estimated that the value of these hidden loans was around £7.7 billion.
