People all over the place are advertising the ‘best secured loan’ but what are they really offering?

The best secured loan for one person may not be the best secured loan for another.

Companies are also not allowed to claim they offer the ‘best secured loan’ or any other kind of financial product unless they are regulated and authorised to do so. Check for any reference to the FSA

They may be able to advertise THEIR best rate or loan but that does not mean it is THE best loan available.

(NOTE: If a secured loan lender displays their best rate they must also display their ‘typical apr’ - if it is not the same. If they fail to do so, they are not following the rules.)

Also, the best rate does not necessarily mean the best loan.

Some companies advertise low APR loans but when you read the small print the story is very different.

For example, one secured loan company currently offers a very low rate of 5.9% APR but it only applies if the loan is above £75,000 and not everyone wants a loan that big so it’s clearly not the best secured loan!

For some people, the best secured loan will be the one from a lender that approves them despite having problems with their credit.

It is because the factors that define what is the ‘best’ are so varied that only regulated individuals or organisations are able to make suggestions that reflect the best solution for an individual based on their circumstances.

Price comparison sites like moneysupermarket.com and moneyfacts.co.uk are a good place to look and get an idea of what is available.

A licensed broker may also have access to a wide panel of lenders and be able to source a suitable solution from a choice of possible lenders.