Many UK families need secured loans

It’s a familiar story.

The family is managing OK on two incomes, although there is not a lot left over at the end of the month, and then the daughter announces the wonderful news that she’s going to be married — and they’ve set the date four months from now!

After a giddy round of happy parties, and the visits from streams of well wishers, mum and dad have to get down to the grim business of finding the money to pay for the wedding day.

They are not alone. Five million people, or one in 10 adults, spend more than they earn on a monthly basis, according to financial comparison web site Uswitch. And in addition, two in 10 adults don’t have any spare money left at the end of the month.

This is where a secured loan becomes attractive. Not only because a good bank, or a solid. non-traditional lender, will look favourably on a home owner who has equity in his property that can be stood up against the loan and let him borrow. But also because this can be negotiated quickly.