In the current financial climate, it can be difficult to find a cheap secured loan. You have to trawl through the various secured loan companies, comparing prices, terms and interest rates.

If you have a poor credit rating, finding a secured loan is even more difficult, as many lenders will refuse to even consider you. Fortunately, there are still many options when you are looking for a quick secured loan.

Before applying to a secured loan company, you should consider your circumstances, to ensure you get the loan that is right for you.

Both secured and unsecured loans are available, so it is important to weigh up which of these options is most appropriate for your own financial situation. When applying for a secured loan, the borrower puts forward an asset (usually their home or car) as collateral. Unsecured loans do not have this collateral and are paid out based solely on the borrower's credit rating.

A poor credit rating doesn't need to hamper you: it simply means that it makes more sense for you to choose a cheap secured loan.

There are many reasons for taking out a quick secured loan, including:

• Home loans - whether for a mortgage or for home improvements.
• Holiday loans - to fund a dream family trip.
• Debt consolidation - to ensure your debts do not spiral out of control.

Debt consolidation can dramatically reduce monthly outgoings. This is why it has become one of the most popular reasons to apply for a cheap secured loan.

Many people speed up the process by going to loan comparison sites. Websites that compare secured loan companies can help ensure that you find the loan best suited to your requirements. Loan advisors will take many things into account, including:

• The loan amount you require.
• The term for repayments.
• Your employment status - many companies provide self-employed and self-certification loans.
• The purpose of the loan - secured loans for buy-to-let properties can be available.

Having access to many loan providers in one place can make it much easier to find a quick secured loan that meets all your needs. To help the application process go smoothly, you should make sure you have all the paperwork you need at hand. This includes:

• Proof of ID, including name, photograph and address.
• Recent utility bills.
• Bank statements from the last three months.
• Payslips or accounts references.

You can help ensure your secured loan is processed quickly by organising the necessary paperwork, as well as choosing a secured loan company that promises to meet your needs.