Summary: Taking out a secured loan can boost your credit score significantly by diversifying your credit types and building a long history of timely repayments, but only if you strictly adhere to the payment schedule. Missed payments will severely damage your credit file and put the asset used as security, usually your property, at serious risk of repossession.

Summary: Eligibility for an unsecured loan hinges primarily on four factors: being over 18 and a UK resident, demonstrating regular income, and possessing a satisfactory credit history that suggests you can afford and are likely to repay the debt. Lenders must assess affordability rigorously before approval.

Summary: There is no single credit score needed for a secured loan, as lenders review your entire financial situation. Because the loan is secured against your property, it can be an option even with a lower score, but this also means your home is at risk if you fail to make repayments.