Personal secured loans require you to be able to put an asset up to acquire the loan, in most cases this is usually your home. Since this provides a degree of security to the lender, you will most likely be able to get a lower interest rate and a longer period of time in which you have to pay back your loan. The personal information in which you will supply when you submit the application, are held by the finance company processing the loan application. It is your duty to make certain that your personal data is exact, current and to inform your lender of any changes that need to be made.