A loan can take the form of a secured for homeowners or unsecured for non-homeowners or tenants. A secured deal is any one that requires the borrower to provide the lender with some form of security or collateral as guarantee of repayment. This means that when you apply online, because you own your own home, we can search the market for the lowest interest rates. The alternative is an unsecured deal, where no collateral is secured; finance of this type generally features higher interest rates than secured finance, due to the fact that no collateral is secured on the borrowed amount. The repayment term available will also depend on the purpose for which you require the funding, and may be restricted accordingly. For example, they may be restricted to a 24 or 36 month term.