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- Loan amount: £{howMuchWouldYouLikeToBorrow}
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Credit cards, loans and other credit commitments could be consolidated into one affordable monthly repayment, potentially saving you £100's every month.
- Lower monthly payments
- Consolidate credit cards and loans
- Average reduction in outgoings of over £600 per month for customers taking a debt consolidation loan in the last 12 months
Frequently Asked Questions
A Secured Loan is a type of borrowing where you use an asset, such as your home or car, as collateral to secure the loan. This reduces the risk for lenders, which often means you can access larger amounts of money at a lower interest rate compared to unsecured Loans.
When you take out a Secured Loan, you pledge an asset as security for the loan. If you're unable to repay the loan, the lender has the right to take possession of the asset to recover the outstanding debt. However, as long as you keep up with your repayments, you'll continue to own your asset.
The key difference is collateral. A Secured Loan requires you to put up an asset, like your home, to secure the loan, while an Unsecured Loan doesn’t. As a result, Unsecured Loans tend to have higher interest rates and are available for smaller amounts compared to Secured Loans.
Eligibility for a Secured Loan typically depends on a few key factors:
- The Asset – You’ll need to have an asset, such as a property or vehicle, that you can use as collateral to secure the loan. The value of the asset will influence how much you can borrow.
- Your Financial Situation – Lenders will assess your ability to repay the loan, including your income, existing debts, and monthly expenses. They want to ensure you can afford the repayments.
- Your Credit History – While a Secured Loan is more flexible for those with less-than-perfect credit, lenders may still look at your credit score to determine the interest rate and loan terms.
- Age and Residency – You typically need to be over 21 and a resident in the country where you’re applying for the loan.
Each lender has their own criteria, so it’s always a good idea to check with them directly to understand the specific requirements.
Yes! One of the advantages of Secured Loans is that they offer more flexibility for borrowers with less-than-perfect credit. Since the loan is backed by collateral, lenders may be more willing to approve your application, even if your credit score isn’t ideal.
The amount you can borrow depends on the value of the asset you're using as collateral, your financial situation, and the lender’s criteria. Secured Loans typically range from £10,000 to £500,000, but in some cases, borrowing up to £1 million is possible with select lenders. It's always best to check with your lender for specific limits and options available to you.
Secured Loans typically have flexible repayment terms, ranging from 1 year to 30 years, depending on the lender and the amount you're borrowing. A longer term can mean smaller monthly payments, but you may end up paying more in interest over time.
Yes, there can be fees associated with Secured Loans. These might include arrangement fees, valuation fees, or early repayment charges. It’s important to check the loan agreement carefully and ask the lender about any fees upfront, so there are no surprises later.
Yes, you can usually pay off a Secured Loan early, but some lenders may charge an early repayment fee. This is to cover the costs the lender might lose due to you repaying the loan before the agreed term. Be sure to check if any fees apply before making early payments.
A Secured Loan can affect your ability to remortgage or sell your home because the loan is tied to the property. If you want to sell, you’ll need to pay off the loan in full before transferring ownership. Similarly, if you want to remortgage, the Secured Loan may need to be cleared or included in the new mortgage arrangement.
