Secured loans could help hard-up homeowners

Homeowners without savings who require cash for an emergency may find a secured loan can be a cost-effective solution.

Research by National Savings and Investments (NS&I) recently revealed 32 per cent of Brits do not have money set aside for a rainy day.

Of those questioned, another 22 per cent said they were budgeting for emergencies, but were not keeping this cash separate from their main account.

NS&I claimed this opened people up to the temptation of using such savings for everyday expenses.

Some 32 per cent of participants in the study stated life was too short to worry about this kind of thing.

Dax Harkins, NS&I's senior savings strategist, commented: "It's essential that we are all prepared for any emergency that will require immediate access to money."

Homeowners who need to borrow cash may find a secured loan is a good option.

Their property is used as security, so lenders are generally prepared to offer relatively competitive rates.


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