Secured Loan Types
Below you will find information about the various types of secured loans we can approve and finance you for.
Bad Credit Loans
Each time you miss a payment or fail to make a payment on time, the information is recorded on your credit file and this will make it extremely difficult to find a suitable lender any time you need to borrow a significant amount of money in the future. With this in mind, if you have ever failed to make regular repayments in the past, on a mortgage, credit card or some other debt such as a phone contract, then most lenders will consider you to be a “bad credit” risk and your chances of being approved for an unsecured borrowing product will be seriously minimized.
Of course, if you have only missed on or two payments here and there, perhaps through no genuine fault of your own, then you may still be able to find a suitable loan product, although the rate of interest and the amount you are offered by a particular lender could still be affected. As a leading loan specialist, Secured Loans UK take a highly personalized approach to lending and we always strive to provide competitive borrowing products for all of our potential customers, even in situations where they find that other lenders are simply unwilling or unable to help.
Bad Credit Loans for UK Homeowners
At Secured Loans UK, we believe that everyone should deserve a second chance and, even if you are affected by having a bad credit score, you are still eligible to apply for one of our competitive secured homeowner loans and your chances of being approved are still quite high, provided you have sufficient equity available in the property you are offering as security. As long as you are UK resident, aged 18 years or over and you have a mortgage or you own your own home outright, our online loan experts should easily be able to assist by finding the best possible deal based on the amount you would like to borrow and your ability to repay.
What Can My Bad Credit Loan Be Used For?
Once approved, you can use a secured bad credit loan for any legal reason you see fit. Whether you are looking to cover the cost of home improvements, consolidate your existing debts or pay for the holiday of a lifetime or even a wedding, a bad credit loan from £20,000 to £200k can be used for whatever you have in mind. If you have an adverse credit rating and you would like to find out more about the borrowing options available then you can speak to one of our FCA regulated advisors who will be glad to discuss your needs.
Debt Consolidation Loans
If you have a large number of debts with a variety of lenders and you want to simplify your finances whilst reducing the cost of borrowing then a competitive debt consolidation loan could solve all of your problems at once. The cost of repaying credit cards debts, unsecured personal loans and unauthorised overdrafts fees can easily add up and spiral out of control, even if you are careful with your spending and budget accordingly. If you are familiar with this situation and you would like to regain control of your finances, a secured homeowner loan from a provider can easily help you do all of this and more.
How can a debt consolidation loan help?
When you take out a debt consolidation loan secured against your property, you can use the funds to pay off all of your existing debts in one go, which means you will no longer be in debt with any of the companies that you currently owe money to. Instead, of having to pay off multiple lenders each month, you simply need to make one new monthly repayment to a single lender until the overall amount is eventually settled. You can also spread out the cost of borrowing over as many months or years as you need and because the loan is a secured product, the overall amount of interest will also be much more manageable.
What about bad credit?
If your credit history is worse for wear, some lenders may turn down your application for a debt consolidation loan as you may be perceived as an unjustifiable risk. Any missed or late payments on your credit file will obviously trigger alarm bells when a lender is performing a check as part of the application process and this could mean that you struggle to get the finance that you desperately need in order to clear up all of your existing debts and start afresh with more income at your disposal and a convenient reduction in terms of your existing financial obligations.
However, the team at UK Secured Loans are no strangers when it comes to sourcing competitive loan products for those with bad credit histories and we can help you to secure the funds you need regardless of whether or not you have struggled with your finances in the past. As long as you are able to offer the required level of security in the form of the amount of equity you have in your home then we can easily help you to acquire the funding you need in order to pay off all of your existing debts whilst enabling you to move forwards in life.
Home Improvement Loans
If you are looking to increase the value of your most treasured financial asset whilst transforming your property into the home of your dreams then why not cover the costs with an affordable borrowing product from Secured Loans UK?
With a secured homeowner loan, available from £20,000 to £200,000 and repayable over 5 to 25 years, you could finance any number of valuable home improvements ranging from basic refurbishment and renovation work such as a replacement roof or flooring, through to an impressively imaginative cellar or loft conversion, or a state-of-the-art modern fitted kitchen or bathroom.
You could even use the funds to build an extension or add a naturally lit, luxurious conservatory space that will increase the available living area in your home whilst easily accommodating and conveniently catering for the needs of a growing family.
Home Improvement as an Investment for the Future
With the UK property market experiencing something of a standstill right now and the cost of moving constantly increasing, most homeowners are deciding to keep their cards to their chests whilst hanging on for current conditions to improve before choosing to sell and relocate. By taking out a home improvement loan, you can add significant worth to your home in the meantime, so that when the market does pick up again, you will be in a much stronger position to demand a substantially better asking price.
Some of the most popular options available to those looking to increase the value of their home include replacement windows with double-glazing, central heating upgrades with newly-fitted energy-efficient radiators and boiler systems, contemporary bathroom and kitchen improvements and new conservatories. Of course, once you have been approved for a secured home improvement loan, you can also take steps to improve the outside of your property. A new patio or decking area with a barbecue facility can add tremendous appeal to your garden whilst serving as a highly functional space where you can entertain visitors on those long summer evenings. You could even add a new driveway or crazy paving whilst covering the cost of additional landscaping work.
As long as you are a UK resident, aged 18 or over and you have sufficient equity in your home and the ability to make the repayments on time, a home improvement loan from Secured Loans UK could easily transform your home into the place that you’ve always dreamed of owning.
A homeowner loan is an affordable borrowing product that is secured against an applicant’s property. Often referred to as secured loans, this special type of finance is only suitable for people with mortgages or for those who own their home outright. If you have ever applied for an unsecured personal loan in the past and found that your application was turned down then a secured homeowner loan might be the only available option.
How much money can I borrow?
Most homeowner loans are available from £20,000 to £200,000, although the actual amount will vary based on the individual lender you choose to borrow from. When you apply for a secured loan, the amount of money you can borrow will be directly affected by the level of equity you are able to offer. This is the amount of money left over once the outstanding mortgage amount owed on your property is deducted from its open market value. Of course, your personal circumstances and borrowing history will influence the amount you can borrow whilst also affecting the rate of interest you will be charged.
What advantages can a Homeowner Loan offer?
There are many good reasons to choose homeowner loans over other types of borrowing products and here are some of the more common advantages.
You can borrow more money
When you apply for a secured homeowner loan through Secured Loans UK, the borrowing limits are typically set between £20k to £200k. If you are looking to consolidate a large number of debts or pay for extensive home improvement works such as a new kitchen and bathroom, a loft conversion or an extension, an unsecured loan may prove to be inadequate. A secured homeowner loan will enable you to easily cover the cost of improving your property whilst leaving you with additional funds for other things in life.
You can borrow for longer
If you are borrowing a significant sum of money and you need extra time to pay it back then a homeowner loan will provide all the flexibility you need. It is not uncommon for borrowers to choose repayment terms stretching from 10 to 25 years in some cases, although you will obviously have to pay more interest as the duration of the product lifetime is increased.
The rate of approval is much higher
If your credit history is less than perfect or you are self-employed and have found it difficult to get a loan in the past then you will be glad to know that secured borrowing products such as a homeowner loans have a much higher approval rate. As the loan itself is secured against your home, the lender is much more likely to say yes to your application. However, it is important to realize that your property could be repossessed and sold by the lender should you find it difficult to make the repayments on time for a number of consecutive months.
Secured Business Loans
If you own a small business and you require swift access to a secured borrowing product then the experienced financing specialists at Secured Loans UK are here to help. In addition to our intelligently streamlined and highly affordable secured loans for residential borrowers, we have responded to demand with a flexible range of products and services for UK business customers, including secured self-employed loans and bridging finance.
Whether you work alone as a self-employed tradesman and you need to invest in some additional equipment, or you run a small to medium sized enterprise (SME) with a number of employees and you are looking to solve an urgent cash-flow problem, a secured business loan could solve all of your problems and our competitive borrowing rates are amongst the lowest on the market.
What is a secured business loan?
Secured business loans are typically high-value borrowing products, usually within the region of £25,000 to £750,000 and above, that are typically repaid in a 2 to 10 year period. In order to access the funds, the business owner applying for finance needs to provide security, which is normally given in the form of an owned or mortgaged property. This could be a factory unit, a borrower’s home, a warehouse or even a plot of industrial development land. In short, as long as the lender knows that they will have no trouble selling an asset to retrieve their funds in the case of a borrower defaulting, you can use almost any type of real estate imaginable as collateral.
As well as land and commercial property, some lenders will even allow the borrower to secure a loan against other assets such as fittings and fixtures, company vehicles and industrial machinery. The funds themselves can be used for all manner of reasons.
With a secured business loan you could:
- Pay an unexpected tax bill
- Solve cash flow issues
- Invest in new machinery or equipment
- Buy a new premises
- Expand your vehicle fleet
- Finance an effective marketing campaign
- Commercial Bridging Loans
As well as offering long-term secured business loans, we are also able to provide intelligent bridging finance options. Using any residential, mixed-use or commercial property that you can offer as security, Secured Loans UK can provide fast and affordable solutions which can be approved and released in under a week. With borrowing rates starting at just 0.46% per month, and the ability to roll-up any fees and interest charges until the end of the loan term, our highly affordable commercial bridging products provide exceptional value for money and unrivalled flexibility. For more information, simply get in touch with one of our qualified experts.
With over four and a half million UK residents currently registered as self-employed, it may come as something of a surprise that a large percentage of lenders consider those who are running their own businesses to be a genuine risk when applying for a loan. At Secured Loans UK, we pride ourselves on providing an intelligent lending service that is focused on catering for the needs of all UK homeowners and mortgage holders who require competitive finance, regardless of whether they are sole traders, self-employed or in regular employment.
Self-employment has numerous advantages on offer for the budding entrepreneur seeking to strike out on their own and make their own way in the world. When you work for yourself, you can choose your own hours whilst maintaining complete control over every aspect of the day to day running of your business. However, there is an unfortunate downside to being self-employed, particularly if you are looking to borrow a significant amount of money from a lender. This is because most lending facilities are inclined to view sole traders and self-employed workers as having an unreliable income, even if their business is an obvious success.
Apply for a Self-employed Loan with Secured Loans UK
Provided you are a UK homeowner and who has been self-employed for at least one full year and you are able to show us at least 6 months worth of bank statements, the team at Secured Loans UK should have no difficulty in finding you a suitable borrowing product with a competitive rate of interest. Our secured homeowner loans for the self-employed are available from £20,000 to £200,000 and above, and once you have secured your loan, you can use the funds for any reason you see fit. Whether you are looking for a financial boost that can be used to expand your business, perhaps to fund the purchase of new equipment such as a company van, or you are looking to borrow in order to finance home improvements or consolidate your debts, our competitive loans for UK business owners are highly flexible and can be secured against any residential property with sufficient equity to cover the repayments.
If you would like to find out more about the options available for self-employed borrowers, then you can always talk to one of our professional loan experts who will be glad to discuss your individual borrowing requirements on a one-to-one basis. You can also use our secured loan calculator page in order to get a rough idea of the overall costs of borrowing before you decide to apply.