Secured Loans With Bad Credit
Purchasing a secured loan can have a positive effect on your finances. Secured loans are sought out for a wide variety of reasons. If you don't have enough in the rainy day fund, a secured loan can help you get the things in life that you need. At The Money Hub we strive to find the best secured loan quotes for our consumers and we will compare various rates supplied by our large panel of lenders. We have many consumers that contact us requesting an online secured loan calculator however as these do not generally provide an accurate quotation, we do not have a secured loan calculator. You will find at the bottom of our web-page, we have a loan calculator link. However to receive an accurate secured loan quote, then please call one of our experienced loan executives today. If you have received a quote for a secured loan but are unsure if it is suitable for you, then please call us for some help!
What is a Secured Loan?
A secured loan is a form of borrowing. The loan is taken out against an asset. In many cases, this is your property. This is what is termed as collateral. The loan amount is secured against the value of the home. In the event that the secured loan cannot be repaid, the property is used as an asset to pay back the loan. In some instances, a secured loan is referred to as a homeowner loan.
The secured loan amount can be from £1,000 to £500,000. So, if you are experiencing a financial shortfall, this could be a great way to improve your cash flow.
The amount that is borrowed is dependent on personal circumstances. What is more, the loan must be paid back within the agreed term time. A secured loan will incur interest. However, the rates of interest can be lower than those of unsecured loans.
Reasons to take out a secured loan:
- Able to borrow more, up to £500,000.
- Loan terms are 1 year to 25 years.
- Secured loans generally accept more bad credit than an unsecured loan.
Reason to not take out secured loan:
- Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured against your home.
Remember that secured loans are very different to unsecured, in the sense that a charge will be placed over your property and this could result in your home being re-possessed if you are unable to keep up with the monthly repayments. This can be a worrying thought when applying for a secured loan, but to put your mind at rest do not forget to ask the Advisor some of the following questions:
- Would I in the future be able to extend my secured loan?
- Am I able to pay off my secured loan early?
- I need the money relatively soon, how long will the process take roughly?
- Will I incur any fees when my secured loan application is successful?
Frequently Asked Questions
I have some defaults and missed payments on my credit history can I still get a secured loan?
We have a large panel of competitive lenders that can help you regardless of your credit profile. If you have bad credit or a low credit score and are worried it will affect your chances of getting your secured loan approved, we can still help. Our team of loan consultants will help find you the most suitable secured loan.
Can I get a secured loan with bad credit?
Most likely. Many of our lenders do consider poor credit history and maybe be able to provide secured loans for people with bad credit. However this dependent on your personal circumstances.
What would the APRC be for a secured loan for someone with bad credit?
We have a large panel of secured lenders who all offer different rates depending on your personal circumstances. We aim to get you the cheapest secured loan APRC possible, so please give us a call to discuss your application.
What is the maximum age I can be to get a secured loan?
The maximum age for our secured loan lenders is 80 years old at the end of the loan term.
Why do people seek out a secured loan?
People seek out secured loans for a wide variety of reasons. Home improvements, cars or holidays are all reasons why people take out these loans. Others may take out a secured loan so that they can consolidate their existing debts into one monthly repayment. Secured loans can also be taken out so that an individual can start up, or expand, their business.
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How we work
Just some of the UK Lenders we compare
SECURED LOAN REPRESENTATIVE EXAMPLE - Assumed borrowing of £30,000 over 240 months, with a 36 month fixed rate followed by a variable rate plus a brokers fee of £1,495 and a lender fee of £495 would result in a monthly repayment of £256.04, the APRC 8.2% for 36 months then a monthly repayment of £247.45 on variable rate, the total amount payable would be £59,817.24. The actual rate available will depend on your circumstances, please ask for a personalised illustration.
By taking out a secured loan you are borrowing money that is secured against your home. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. Rates as of 16/01/2017.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEYADVICESERVICE.CO.UK.