The United Kingdom was hit hard by the global financial crisis and it has become much more difficult to obtain finance as lenders have tightened up their lending criterion for approving guaranteed acceptance finance. Although many of the large high street lenders market their products as guaranteed acceptance finance packages, they are in fact extremely strict in the hoops to which potential customers must jump prior to being accepted. Although guaranteed acceptance loans are now widely seen as payday loans with extortionate interest rates. There are companies on the internet whom are tasked with finding consumers the lowest rates on guaranteed acceptance loans. Many of these companies also offer secured lending for people who have assets to borrow against. The two main types of loans with the United Kingdom are the secured loans and the unsecured loan. Guaranteed Acceptance Loans offered by many businesses fall into the unsecured category as the lender has no security and really only your word that you will pay back the loan plus any interest. As a result of this increased risk to the lender, the interest rates for an unsecured loan almost always higher than for those associated with Secured loans. The term 'secured' in secured loans should not be misunderstood and is only security for the lender and not the borrower. They do however offer much lower interest rates for the borrower and can be taken out over longer periods and for a greater amount. For those wishing to finance a new car or holiday home who have positive equity in their home, a secured loan may be the best and cheapest option. Securing your loan against collateral almost always ensures you loan will be viewed by the lender as a guaranteed acceptance loans package. You are a much better prospect to the lender as the security of the ability of the lender to get their money back through the sale of the asset is much more likely to see them accepting you as a guaranteed acceptance lending customer. By applying for a guaranteed acceptance loans package which is secured against an asset is likely to result in the funds being made available in a fraction of the time it takes to obtain an unsecured loan. Always remember though that guaranteed acceptance loans secured against an asset can be claimed back by the lender forcing the sale of the asset on which the loan is secured. However as long as you have done your financial home work prior to securing finance this should not be a problem.