Secured Loans

What is a secured loan?

Secured loans are as the name suggests, loans that are secured on your property, in much the same way as a mortgage. Secured loans require no upfront survey, legal or other fees. Fees are usually payable but only on completion and can be added to the loan.

Who can apply for a secured loan?

Anybody over the age of 18, resident in the UK and a homeowner.

Why a secured loan and not a re mortgage?

Secured loans can be an alternative to re mortgaging your property. You may be tied in or have a costly redemption penalty but still want to raise money, a secured loan can help.

What can I use a secured loan for?

Loans are available for any legal purpose: debt consolidation, the purchase of a new car, home improvement, holidays, are popular reasons but any purpose is generally OK.

How much can I borrow and over how long?

From £5,000 to £50000 and from 5 years to 25 years depending on your individual circumstances.

I have or have had credit problems including mortgage arrears, CCJs and missed payments?

No problem. We have special plans to cater for your needs. Many of our clients have had problems and may have been turned down for a mortgage but we have still managed to assist them.

What are the Redemption penalties?

The majority of loans are now regulated by the Consumer Credit Act 1974, which means the maximum interest that can be charged on paying back the loan early is just 2 months interest. There are some exemptions to the act, including where the loan is being used for business purposes. In theses cases the loan would be treated as unregulated and different redemption penalties will apply. We will inform you of this at the point of sale.

What interest rate will I have to pay?

As with most financial borrowings, the rate will all depend upon your personal circumstances. Lenders will take into account your age, income, credit history and your ability to repay the loan.

"OUR TYPICAL, VARIABLE RATE FOR SECURED LOANS IS 16.9% APR.
RATES RANGE FROM 9.9% to 29.9% APR.
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 ANY OTHER DEBT SECURED ON IT."