The principle of a secured personal loan is fairly straightforward - the lender will grant you a personal loan for the agreed sum, provided that you can offer something of at least the same value to pledge as collateral (ie - something which they can take possession of if you fail to meet the agreed repayments on that loan).
It's commonly thought that secured loans are only available to homeowners, but this is not the case. It's true that in most conventional secured loan arrangements, a home or other property is used as collateral, but there are many examples of other valuable items being pledged as security against the loan. This could be your car, your jewellery, land... basically anything that at least matches the value of your loan which the lender is willing to accept as collateral.
So, don't rule yourself out if you are not in a position to offer property against a secured loan - talk to a loans adviser and they may be able to offer you some good news.
