The UK's largest range of secured loans
- Loans from £1,000 to £2,500,000
- See your quote before you apply
- Quote won’t affect your credit score
Important: Paragon Bank is no longer accepting any new applications. This page has been preserved for historical purposes, and you can compare a range of secured loans here.
Paragon Bank has helped more than 1.5 million customers with their finances since it was founded in 1985. As well as offering homeowner loans, it also arranges mortgages, unsecured loans, motor finance and savings accounts. The bank is part of the Paragon Banking Group, which is one of the FTSE 250.
Paragon Bank PLC is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA). It is also authorised under the Financial Services Compensation Scheme (FSCS).
Paragon Bank offers a range of loan products, including car loans, business loans and asset finance, as well as first-charge and second-charge mortgages, also known as secured homeowner loans.
In the same way as your original (first-charge) mortgage, a second-charge mortgage is a type of loan that’s secured against your home. It’s wise to think carefully before taking out a second-charge mortgage, as your property will be at risk if you don’t keep up repayments.
You can use a Paragon Bank secured loan for any legitimate purpose, such as paying for home renovations, buying a car, going on holiday, paying for a wedding, or any other large expense or purchase.
You should only apply for a Paragon Bank homeowner loan if you are certain you can meet the repayment terms. You must also meet the following criteria:
Paragon Bank states that these loans should not be used for business purposes, cosmetic surgery, settlement of outstanding tax, installation of solar panels, financial speculation or funding towards marital settlement.
On customer review platform Trustpilot, Paragon Bank has 2.3 out of 5 stars and a rating of “Average”, based on more than 236 reviews. On similar platform Feefo, Paragon Bank has 4.3 out of 5 stars, based on more than 3,856 reviews (updated 11 February 2021).
Before taking out a homeowner loan, you should consider all of your options carefully. Other ways of borrowing large sums include:
Paragon Bank offers competitive secured loans with flexible loan terms and low rates, and could be a good option for homeowners looking to borrow against the equity they have in their home. However, you’re likely to need good credit history to be eligible, which could rule out some borrowers.
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