Free Secured Loan Quotes

If you are looking to raise money on your home for debt consolidation, home improvements or a deposit for another property for example, taking out a secured loan is an option you should consider.

We have a large panel of lenders that provide secured loans to Employed and Self Employed clients and they accept clients that have had bad credit registered in the past such as missed payments, defaults, county court judgements &/or mortgage arrears.

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Secured Loans For People With Bad Credit

Many of us have occasions during our lifetime when we need some financial support. If you cannot get a high enough balance on your credit card and a personal loan is not an option, then a secured loan may be useful and worth exploring.

Secured loans are effectively a loan secured on your property. A secured loan can be a way of getting a loan that may not otherwise be available to you and, in many circumstances, can be an acceptable way to raise some money for whatever reason. Secured loans are also known as homeowner loans, home loans or second charge mortgages and they allow you to borrow money while using your home as "security" (also known as "collateral"). It is important to note that that this means that the lender has the loan amount secured against your property and not against you personally. In the event of not paying the loan back they can forcibly sell your property to get their loan value back.

If you own an asset, such as a house or car, secured loans are one way that you may be able to borrow money. They are a common option for people who need a large loan (e.g. over £10,000); a loan over a longer term (e.g. over five years), or who are having trouble getting approval for a personal loan. However, secured loans carry the risk of losing your assets, so it is important to know the facts before committing to one.

Secured loans are easier to access than unsecured loans for the obvious reason that the loan is "secure" and the lender has minimal risk. It is often easier to borrow more using a secured loan. Unsecured or personal loans cap at circa £35,000 but unsecured loans can be up to £75,000 depending on your personal circumstances and equity in your property. Secured loans often span a longer period than secured loans, which suits the lender as this helps to offset the set up costs of the secured loan.

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Secured Loan FAQ's

What is a secured loan?
This is a loan which is secured against an asset that you own, like your home for example. With secured loans you can borrow larger sums of money over a longer term when compared to an unsecured loan, as the lender will put a charge on an asset, so in the event that you do not repay the loan the lender could take possession of the asset to get their money back. When taking out a secured loan against your home you should seek advice from a qualified mortgage adviser to ensure you are fully informed of all your options.
Are secured loans a good idea?
This really depends upon your circumstances. Secured loans typically range from £15,000 plus and you can borrow the money over longer terms such as 25 years to keep the monthly payments low, additionally secured loan lenders offer a bit more underwriting flexibility when considering income structures and bad credit profiles, however you should always be aware that the more money you borrow, over a longer term, the more you will pay back in interest in the long run. Additionally with a secured loan if you fail to keep up with the monthly repayments your home could be repossessed. You should seek advice from a mortgage broker to explore both a secured loan and remortgage options.
Can I get a secured loan with bad credit?
There are lenders that will provide secured loans to clients who have bad credit registered, however the lender will want to know a lot of information around the bad credit, such as when was it registered, what type of debt went into arrears (i.e. Loan or credit card), how much was the debt for, have you since managed to satisfy this debt and why did it happen. The older the bad credit the more options you will have, however the more recent the bad credit, the less lenders will be willing to lend and the interest rate charged may therefore be higher. You should speak with a mortgage adviser to give you advice in this area.
Free Secured Loan Quotes

Product Name: Loans

Product Description: Free Secured Loan Quotes

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Gary has been great from the start, very professional and friendly. this was my first commercial finance and he answered all of my questions no matter how small & explained everything very well, for me to understand the whole process. I would definitely recommend TMH & if needed use their services again.