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Obtaining a secured loan is a straightforward process if you have property which you can use as surety, according to the Thrifty Scot.

It states although getting a secured loan can involve filling in a lot of forms, there are numerous advantages to this option if you need to borrow money.

The news provider claims you have a regular schedule of monthly payments which can be spread over up to 25 years. Borrowers are also often permitted to take a payment holiday once a year, it adds.

Furthermore, secured loans can be tailored to the borrower's budget, as taking a longer term can reduce monthly payments.

Interest rates are also lower on secured loans because of the decreased risk for the lender, the Thrifty Scot states, "With the ease of the internet and many lenders having an online presence, it is easier than ever before to search for an affordable personal loan online."

Meanwhile, Moneyfacts claims Brits should shop around for a loan with the best possible rate of interest rather than settling for the first deal they come across.