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These personal loans can be used to consolidate credit card and other loan balances which have high interest rates, pay off the tuition bills, or just to have extra cash in hand. There is no penalty fee on the prepayment of these loans and the debtor can make more than the minimum monthly payment or pay the loan in full at any time of the loan period. There is no need to use your house or any other personal assets as collateral as a qualification for the loan and only having a good credit is the best and one and only qualification for availing a personal loan. The secured homeowner loan is it just uses the repayment available against the asset usually the home as security. In these secured loans the debtor usually pledges with any kind of asset like a car or a home as a security against the loan which will in due becomes a secured loan which is been own to the creditor who provides the loan.