Adding an extension, conservatory or carrying out general home improvements can be costly. If you have a big home improvement project then a personal secured loan might be a financing option you could consider. On the other hand, you may have multiple debts spread over several credit cards, store cards and other unsecured loans. Using a personal secured loan to consolidate your existing credit could help lower your monthly repayments.

Personal loans are generally unsecured, but if you are a homeowner with a mortgage, you could apply for a personal secured loan from Nemo. The difference between a personal loan and a secured loan is that you have to offer your home as security when borrowing from a secured loan lender.

The main advantage of taking out a secured personal loan is that the lender may be able to lend you more than those offering unsecured loans, and they are also likely to be able to offer you a longer repayment period. For example Nemo could lend you up to £100,000 over a term of up to 25 years,* whereas personal loans are usually capped at £25,000 and must be repaid over a term of no more than 7 years.

You might find that the Typical APR on a personal secured loan is lower than that offered by unsecured loan lenders, and if you’d like to shop around to see what the various lenders can offer, you could use a price comparison site to help you. Nemo’s Typical rate is 10.4% APR variable.

Nemo has also teamed up with Norwich Union to provide a Payment Protection Plan, taking care of life's 'what ifs.' If you lost your income without warning, or through accident or illness, payments for your personal secured loan would be covered. For more information on payment protection, click here.

*Repaying borrowing over a longer term may increase overall interest charges. Some of Nemo’s products are repayable over a term of 10-25 years.

Secured loans from Nemo are for personal purposes only. Nemo does not provide secured loans for investment or business purposes. A Nemo loan is secured on your home and is for homeowners with a mortgage only. All loans are subject to status.