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
If you’re looking to borrow money but worried that your credit rating may get in the way, a secured loan could be your best option. By using your house as collateral against the loan, you’re more likely to be approved, even if you have bad credit.
If you don’t own a home, you may want to consider a bad credit personal loan.
A secured loan lets you use your home as collateral against the cost of the loan. Also known as a “homeowner loan” or “second charge mortgage”, a secured loan will also generally offer a more competitive rate than an unsecured loan.
In the event that you fail to repay your loan, the lender can take ownership of the equity you have in your home.
Yes, you may be able to use another form of collateral with certain secured loans. However, many lenders will only consider customers looking to use the equity in their house as security.
As with any loan, there are a number of eligibility criteria you will need to meet in order to be considered for a loan:
If you don’t qualify for a secured loan or don’t want to use the equity in your house, you still have a couple of other options:
Unsecured loans with bad credit. You may be able to get an unsecured loan with bad credit, but you will likely receive a much higher rate. The maximum amount you can borrow will also be much lower than on a secured loan.
Guarantor loan. By using a friend or family member as a guarantor on your loan, you’ll be able to reduce the risk you represent to the lender, which means you are more likely to be approved for a loan.
Credit builder credit cards. One way to improve your credit score is by using a credit-building credit card. If you can show a credit provider that you can responsibly manage your credit account, you’ll be able to improve your credit and make yourself more likely to be approved for a loan.
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