Free Comparison of 950+ Guaranteed Low Rate Secured Loans!

Adam Brand Adam Brand | Operations Director

Financing for just about any need is possible thanks to dozens of lenders in the UK offering secured loans. We can help you arrange such a loan to cover everything from home improvements to purchasing a new car to taking the family on a much-needed holiday. What's more, low-cost loans can be obtained fast.

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What is a secured loan? It is a loan backed up by some sort of personal, tangible property a lender can possess and sell in the event of default. Most are backed up with a home, allowing for loan amounts as high as £125,000 or more. Obtaining such a loan depends on the consumer's credit history and ability to repay.

How Much You Can Borrow

Secured loans taken against a home are based on equity. The equity in your home is the difference between how much you owe and how much the property is worth on the retail market. For example, if you owed £100,000 on a property that is worth £50,000 at retail, your home's equity is £50,000. A lender offering a loan would not exceed that equity.

Having said that, some consumers may not be eligible to get loans equal to the value of their equity. Credit history and ability to repay are also factors. After conducting a credit search and affordability assessment, a lender may determine that they are only willing to loan £40,000.

If you are concerned about your own credit history, consider the following things that will be looked at in relation to your ability to repay:

  • current outstanding credit
  • missed payments
  • past defaults
  • county court judgements (CCJs).

One or two blemishes on your credit history may not prevent you from obtaining secured credit, but these can reduce the amount you can borrow while also increasing the interest rate you pay. Just be aware of these things when you apply for a loan.

Compare Lenders

Just as you compare car insurance companies, you should also compare lenders offering secured loans. Only by comparing can you know for certain you are getting the best deal on the money you are borrowing. And trust us when we say that the differences between lenders can be significant. We can help you compare loans here on the Secured Loan Experts site with our whole of market comparison tables.

You should be comparing the following:

  • Loan Amounts – Lenders all have different minimum and maximum amounts that they are willing to lend in secured transactions. Comparing these amounts is the first step in shortening your list of lenders. Those unwilling to lend as much as you need are automatically off the list.
  • Loan Terms – Loan terms refer to the amount of time you have to repay the loan. For example, a lender may have a minimum term of five years and a maximum term of 25 years. The term you choose will affect both your monthly payment and your interest rate.
  • Representative APR – The APR on any loan is the 'annual percentage rate'; it is the amount of interest you pay annually on the outstanding balance of your loan. Higher rates obviously cost more money in the long run.
  • LTV Ratio – The loan-to-value (LTV) ratio tells you how much money you can borrow against the value of your home. An LTV of 60% will allow you to borrow up to £60,000 on a £100,000 home.
  • Fees and Costs – Every secured loan comes with fees and costs attached. For example, you may face an origination fee for establishing your loan and a fee for early repayment. All of these additional fees determine the overall cost of borrowing. Make sure you know and understand them.

Alternatively call our friendly team of secured loan experts who will provide their professional advice for free. Our team have the technology at their fingertips to scan the whole of the market to find the best deals and compare them side by side to ensure you get to choose from the most suitable deals that meet your requirements at the lowest cost. Our team have relationships with most lenders and will prepare and submit your application to the chosen lender so it will be seen in the most favourable light. Our experts will also advise you of all costs involved in getting the loan so there’s no hidden surprises further down the process.

Secured loans are a very good option for borrowing large amounts of money over long periods. Secured Loan Expert are here to help you make wise decisions so that you might secure the best loan for your needs. With our help, you can get fast, low-cost secured loans for any purpose.

Instantly compare 950+ of the UK's best secured loans

Rates from as low as 3.75%