Most secured loans are available with either a fixed or variable interest rate. Which option is right for you depends on your attitude to risk and what level of flexibility you want.
A fixed interest rate means your monthly repayments will remain the same for the whole loan term, and what you owe won’t change. This protects you against rising interest rates and makes budgeting your outgoings easier.
A variable interest rate, however, can go up or down in response to things like the Bank of England base rate. This means your monthly repayments can change anytime, making it harder to budget, but you could benefit if interest rates fall.