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secured loans for bad credit

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Secured Loans

  • £5,000 - £250,000+
  • Choice: 600+ plans
  • 95+% LTV available
  • Bad Credit OK
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Bad Credit Secured Loans

You are not alone in having a credit problem. There are millions of UK residents who have varying degrees of bad credit (from simple missed payments through to CCJs and bankruptcy).

Unsecured loans are available if you have bad credit, but being able to offer an asset as security means a secured loan may get you a better rate and/or allow you to borrow more.

Use our free enquiry service to discover your secured loan options.

Bad Credit? Secured Loan?

  • Offer your house as security to lenders
  • Security means lower risk to lenders
  • More likely you will get bad credit loan than using a personal loan
  • Larger loans also available

How to get a Secured Loan with Bad Credit

We have the widest choice of lenders offering secured loans. Our panel of around 15 lenders means we have the best choice of loan products many of which will suit people with credit problems.

But we really must emphasise that a secured loan is a significant commitment compared to a personal loan. You should think twice before using a secured loan if you have credit problems. Consider the purpose of the loan and whether it means you are taking on more debt or using it to reduce the cost of existing debt (i.e. debt consolidation). Is your financial situation (including your income) stable or is there any risk. Remember that your home could be repossessed by a lender if you miss payments.

If you want to proceed and get secured loan quotes then simply complete our short enquiry form, and our partner will tell you what deals are available.

How likely is it I can get a Secured Loan?

Any lender is going to want to know that if they lend money to you it will get repaid on time and in full. So, as part of the application process they will:

  • look at your credit file to see your credit behaviour and judge how creditworthy you currently are
  • ask for income and expenditure information to ensure you could afford the loan repayments
  • get a valuation of your property and compare that to your mortgage balance outstanding to calculate the free equity (which is really what the loan will be secured against).

If after considering all this, that you are likely to be a good prospect then they will make you a loan offer. The terms of the offer will include the maximum they will lend and also the %APR they will charge, Hopefully you will get offers from multiple lenders so you can choose between them.

What will a Bad Credit loan cost?

The interest rate you are offered will depend on a number of factors:

  • Your credit rating
  • The size of the loan compared to the amount of free equity in your property
  • The length of time you want the loan for

When you receive your loan offers you can judge which lender to go with. You could also look at the cost compared to a bad credit personal loan. Perhaps you can get a competitive deal without having to provide your home as security.

The only way to find out what the loan will cost you is to make an enquiry.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. 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

Secured Loans

Rates from 3.83% APR*

* Actual rate will depend on personal circumstances and credit assessments. To find out what rate you can get apply below. The current Representative APRC is 9.1%, including lender and broker fees.

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When it comes to getting you your homeowner loan our online service is second to none. In fact Solution-Loans.co.uk has scored 4.6 out of 5 based on 67 ratings & 11 user reviews for its secured loans service.

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