Loan Logics homeowner loans review

What is Loan Logics?

Loan Logics is a lender and broker specialising in secured loans for homeowners. It claims to offer personalised loan underwriting and approval, and won’t use your credit score as part of its process. Loan Logics will also consider borrowers who have less-than-perfect financial history, as well as those who may have struggled to get approved for a loan in the past.

Is Loan Logics safe?

Loan Logics is authorised and regulated by the Financial Conduct Authority (FCA) and registered with the Information Commissioner under the Data Protection Act.

What types of loans does Loan Logics offer?

Loan Logics offers secured homeowner loans for borrowers looking to access the equity they own in their home. It offers secured loans with fixed interest rates, which are available to those with both good and bad credit.

Key features of a Loan Logics homeowner loan at a glance

• Borrow £3,000 to £70,000. You can borrow up to 60% of the value of your property equity with a Loan Logics secured loan.
• Loan terms of 1 to 25 years. You can choose to repay your loan over a period of up to 25 years, with monthly payments. You can also choose to make smaller weekly payments if you’re struggling to meet your monthly obligations, or additional repayments if you want to pay off your loan early.
• Fixed interest rate. Loan Logics claims to offer competitive rates that remain fixed throughout the course of your loan, so your monthly payments remain consistent.
• Good or bad credit accepted. Loan Logics does not use your credit score as part of its approval process, meaning you may be eligible for a loan regardless of your credit history.
• Security. Homeowner loans require you to use the equity you have in your house as security against the loan, which means your home may be at risk if you fail to make your repayments.

What can I use a Loan Logics secured loan for?

You can use a Loan Logics loan for any legitimate reason, such as paying for home improvements, a car, a holiday, medical expenses or a wedding. You will likely be asked what you intend to use the loan for when you apply.

Pros and cons of Loan Logics loans

Am I eligible for a Loan Logics homeowner loan?

You’ll need to be a UK resident and between the ages of 21 and 80 to be eligible for a Loan Logics secured loan. You’ll also need to have equity in your house which can be used as security against the loan.

How can I apply?

You can apply for a Loan Logics secured loan by contacting a member of its team by email, or by phone on 01326 375505. You’ll then need to submit a loan application directly, which will be handled personally by a Loan Logics employee, and not an automated decision-making process.

Our verdict

If you’re looking for a smaller secured loan, Loan Logics claims to offer personalised loans that look at more than just your credit score, which means they may be a good option if you have poor credit history. However, if you’re looking for larger loan amounts, or wanting to borrow more of the equity you have in your home, you may find more competitive secured loans elsewhere.

Frequently asked questions

• How much can I borrow?

  You can borrow up to £70,000 with a Loan Logics secured loan, with a maximum loan-to-value ratio of 60%.

• What if I am a joint homeowner?

  If you’re a joint homeowner, you’re still eligible to apply for a Loan Logics secured loan.

• Can I make overpayments or repay my loan early?

  Yes, you can repay your secured loan early at any time, but may be charged a fee up to a maximum of two months’ interest on the remaining loan balance.

• Can I change my loan payments?

  Yes, you may be able to change the frequency and timing of your monthly loan payments, as well as arrange a payment plan if you’re struggling to make your repayments.