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If you are prepared to take a secured loan you will be able to borrow more than if your loan was unsecured. This is because with a secured loan, the financial risk to your lender is much lower so long as there is sufficient financial equity in your home. (The equity in your home is the difference between the open market value of your home and the value of any loans or mortgages secured against it.)
However, security is not the only issue. Clearly, you have to be able to afford the monthly repayments and your lender will ask various questions about your monthly income and expenditure in order to assess this point. They will also want to see proof of your income.
Your past credit history will also affect the amount of money that the lender will be prepared to advance to you. Obviously if you have been 100% reliable with your previous borrowing, they will be much more relaxed and more likely to agree to lend larger sums to you.
In general, with an unsecured loan you can borrow between £500 and £25,000. But with a secured loan you could qualify for a loan of between £3,000 and £100,000, sometimes even more.
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