Secured Loan Specialists - Borrow £5,000 to £2,500,000

Compare rates for Debt Consolidation or Home Improvements

How do I check if I am approved?

Quick quote process

Click 'Compare Loans' and complete our short application form and we can then search our panel of lenders to offer you a personalised loan quote based upon your circumstances. A secured loan lender may be more likely to approve you a homeowner loan even if you do not have a good credit history.

Typically, our lenders may be able to offer you access to larger loan amounts, at lower rates, than those of unsecured or personal loans. Our lenders can offer loans from £5,000 to £2,500,000. The amount you could be offered will depend on such things as credit history, affordability and equity.

Homeowner loans can be used for many reasons but the most common are for either home improvements or debt consolidation to pay off existing debts.

Compare Loans

Secured Loans with Bad Credit

Could I be approved?

If you have bad credit history you could still be approved a secured or homeowner loan. Often people will assume they have a bad credit history when in reality it isn't as bad as they thought. When looking for a personal, or unsecured, loan it can be difficult to get approved if you have some form of missed payments in the last few years. With a secured loan you may have a better chance.

Types of bad credit issues that we can consider when you apply for a secured loan include late payments, mortgage arreas, debt management plans and County Court Judgements. Even if your credit score is low, or you have no credit history at all, then you could still be approved. With our panel of lenders and brokers that we have access to we will do our best to find a loan that's suitable for your needs.

Secured loan lenders are more likely to accept certain items of bad credit history than an unsecured loan lender would. This is purely down to the security of the loan being secured on your home, much like a mortgage is. Whatever your personal circumstances, click on Compare Loans and we will see what we can do for you.

What can Secured Loans be used for?

Home Improvements

Work on your home can be expensive. A home improvement loan could be used for extensions, repairs or additions like double glazing, new roof or conservatory.

You may be looking to raise funds towards purchasing a second property.

Debt Consolidation

Consolidating your debt can have a number of benefits including that all of your debt is in one place so it is easier to track. A secured loan could potentially offer you a lower interest rate than your existing debt. If you're happy to take a secured loan over a longer term you could reduce your monthly outgoings.

Other Purposes

Secured loans can also be used for many other purposes including to pay for a wedding, medical purposes or paying for a car or van. Depending on the lenders available it may also be possible to use the finance to go towards an existing or new business.

Spending too much money on loans & credit cards?

Many of us have a long list of debt that we pay out on every single month. These could be credit cards where you simply make a minimum payment every month and the balance never seems to go down. You may have store cards that you've had for years that you have treated exactly the same as your credit cards. Unsecured loans may have been taken out over a period of 1 to 10 years so you may have some that have a long time until they are cleared. Some of you may have payday loans that have high interest rates on them.

If you sit down and add up everything you are spending on existing credit you may be surprised how much is being spent from your wages every single month. A possible way of reducing this spend is to consolidate all of them into a secured loan. There are options to take these loans over a longer period than your current debt which could significantly reduce what you pay on a monthly basis. It is, however, important to note you may end up paying more in total in interest.

What is the difference between unsecured loans and a secured loan?

Differences:

Secured loans are often referred to as homeowner loans and the reason behind this is that they are only available for homeowners. The reason they are only available for homeowners is because they are secured on the homeowners property. The best way to think of this is that they are very similar to a mortgage. The reason a mortgage lender offers you a large loan, which is basically what a mortgage is, is because of the security of your home. Ultimately if you do not pay your mortgage then the lender could look to get their money back from the sale of your home. This is always a last resort but gives lenders the confidence to led to customers.

Unsecured loans are not secured on property and, as such, are available to homeowners, tenants and people living at home with their parents. Due to the lack of security of being secured on a home an unsecured loan amount will typically be less than what is available for those that are looking for a secured loan. Secured loans are generally offered at a cheaper rate than those that are unsecured because of the difference of the security of the loan. Secured loans and unsecured loans both have their advantages and disadvantages and although we specialise in secured loans we can look at unsecured options should a secured loan not be available or suitable.

Remortgage or get a secured loan?

The answer to this will most likely come down to cost. Many mortgage lenders, if you decide to change your mortgage, will charge you a fee for leaving early. This is known as an early redemption penalty or charge.

If you needed, as an example, £20,000 for a conservatory on your home then you could potentially look to add this to your mortgage. The mortgage rate is likely to be cheaper than a secured loan but your mortgage lender could charge you thousands of pounds as a penalty. Therefore it may be cheaper, overall, to go with a secured loan at a higher rate than your mortgage rate. One aspect to consider also is the length of the loan vs the length of your mortgage. You may have a mortgage that is for 20+ years - do you want to pay for your conservatory for that long? You may want to just pay the secured loan over 5-10 years to get that payment cleared quicker.

Obviously there is a lot to consider. Complete our quick loan form and we can have this chat with you and see which route might be best for you.

Latest Secured Loan News

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.

Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable.

Fees may be payable depending on your final choice of financial product. This will depend on your circumstances and will be discussed at the earliest opportunity. Loan Machine Ltd is authorised and regulated by the Financial Conduct Authority (FCA) (registration number 729302) and is classed as a credit broker, not a lender. Certain types of finance are not regulated, such as bridging loans. Loan Machine Ltd is a registered company in England & Wales (Company No. 5517368) having its registered office at Englands Lane Business Centre, 47 Englands Lane, Gorleston, Norfolk NR31 6BE.