Secured loans are slowly but surely becoming more and more popular amongst British homeowners today for the simple reason that there are more individuals in debt than ever before. The UK's personal debt is extremely high and has risen by over 10% since July 2006 and, as a result, many individuals are looking into putting a viable solution into place once and for all. The Secured loans are represent one of those options and the secured loan rates can be extremely effective.

Secured loans are offered to individuals that own their own home but your credit rating and personal circumstances will not affect their availability for you as long as you fall into that category. However, that is not say that your credit rating does not play a part in determining the secured loan rates that you are offered. Nine times out of ten an individual with a good credit rating will get a slightly better deal than someone with a poor credit rating. However, the rates associated with secured loans do not feature as wide a gulf as unsecured loans that are available for those with good and poor credit scores.

To give you a quick summary of what to expect from secured loan rates in accordance with your credit score, you can take a look at the guide below. However, before doing so, you may want to look into your credit scoring itself. This can be obtained by contacting one of the credit agencies. This has been made easy for you as some now have online facilities enabling you to do so.

Excellent/Good Credit – Secured loan rates are at their best for those individuals with excellent or good credit. In fact, many rates are between 6% and 7%. This is a fantastic rate for any loan at the moment, and considering that the majority of those are actually fixed for the duration of the loan, it represents good long term value as well. There are very few loans with interest rates below 6% and they are near on impossible to find so look for those that are just over 6% instead.

Fair Credit – Fair credit secured loan rates are also good value, but they often tip 7% and can go as high as 10%. However, when you consider that unsecured loan rates are often around 15% for those with fair credit, this puts that in perspective.

Poor Credit – Those individuals with poor credit will often not experience difficulty when applying for a secured loan, but secured loan rates are slightly higher in most cases. The routinely exceed 10%, but usually remain below 15%. However, there are odd exceptions that may be as low as 7%.

Both credit rating and personal circumstance may affect the product's interest rates, but the availability of secured loan rates is usually excellent. Whilst companies reserve the right to elevate interest rates as they see fit, it is unlikely that individuals that own their own home are offered nothing. This is and will remain a viable debt or expense solution for the foreseeable future!