The recent credit crunch has seen numerous issues change over due course. Up until recently, loans against collateral like property already mortgage were called second charges whilst those without mortgage were called first charges. Whilst these loan types were simple to come by earlier, it is not the case anymore. Even secured loans and unsecured loans are not so simple to come by anymore. Generally cheap secured loans uk are now more open to secured loans for a variety of reasons. Unsecured loans in particular are under threat due to the current economical conditions prevalent throughout the world.Lending institutions are much more open to lend if an asset can back the loan. This generally includes the asset that loan is being applied for. Creditors are more choosy these days on whom to lend. Unsecured loans can still be taken but bad credit history will not be accepted unless collateral is surrendered. Lenders are much more open to those willing to surrender their assets and take secured loans in the current economic climate. Secured personal loans uk are a much better option for those wanting to borrow a big sum to be repaid over a longer duration.Besides, the typical individuals can comprehend secured loans as regulations governing these unsecured car loans for people with bad credit are much more relaxed. Nevertheless, no matter how much is asked, the amount lent, will depend on the asset surrendered and also the term availed. In addition, the value of the property will determine the rate of interest as well even for unsecured loans.