Which one is better? It all depends on your personal situation. If you have had trouble in past with credit cards and revolving credit, a HELOC could be a very dangerous thing. Maxing out your HELOC has a lot more at stake than maxing out a typical credit card. So it is important that you have your finances and budget in place, prior to taking out such a loan. If your credit is poor, a HELOC may give you options where a traditional loan would not. Bottom line; understand your situation and you should have no trouble deciding right loan product for your needs.

A secured loan puts cash in your pocket and is an extremely flexible facility which enables you to choose sum you wish to borrow at a repayment you feel able to manage comfortably.

With a Secured Loan you can borrow from £5,000 to £75,000 with low monthly repayments. Secured Loans secured on property can be repaid over a period of between 5 years and 25 years .

Secured loans can be used for any purpose, there are no restrictions. Maybe you need to reduce your monthly outgoings by paying off all your debts, leaving you with one lower and more manageable monthly repayment. Or perhaps you would like to buy a new car, boat or caravan. What about new windows, conservatory or maybe an extension? It really is up to you.

One of advantages of secured loans is that they are generally straightforward and therefore quick to arrange, often within a few weeks. As lender is securing loan against your property as collateral, it means you don't have to sell up or move house.

In event that you cannot repay loan and you default on it, lender then has right to force you to sell this collateral in order to recover money that you owe to them. The collateral is usually a house or other property.

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