The secured personal loan will take some time because it will involve having your property assessed. If the time comes when you cannot keep making repayments then your lender can take your home as a way to get their money back. This means that they can legally take your property and or your possessions and have them repossessed.
If you have payment protection then you have security against the loss of your job of if you have an illness or accident and that will add to your total cost. Lenders will certainly advertise their ‘best’ rates but that does not mean you will qualify for them. The best rates you will see will be offered to few people with perfect track records. Look for the APR (Annual Percentage Rate) this will be the actual rate you’ll be paying. Look closely to those special offers because what looks like a good deal can sometimes cost you more than you think. It is unknown how things will be in the future so you should be looking for repayments holidays, flexibility in any over payments and penalty-free early repayment is very important. Not every personal loans will give you this kind of flexibility and that my be the biggest downside.