Fast secured loans

A secured loan lets you use the equity in your home to get better rates and loan terms, but how long does it take to be approved?

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

Compare lenders and rates

Table: sorted by overall cost for comparison (representative APRC)
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison
United Trust Bank Ltd 1st Charge BTL Limited
65%
£50,000 to £1,500,000
3 to 30 years
6.6% APRC
United Trust Bank Ltd 1st Charge BTL Limited
70%
£50,000 to £1,000,000
3 to 30 years
6.6% APRC
Pepper Money Prime Rate Secured Loan
60%
£7,500 to £350,000
3 to 30 years
7.4% APRC
United Trust Bank Ltd 1st Charge BTL Standard
75%
£50,000 to £1,000,000
3 to 30 years
7.5% APRC
Pepper Money Prime Rate Secured Loan
65%
£7,500 to £1,000,000
3 to 30 years
7.6% APRC
Pepper Money Prime Rate Secured Loan
60%
£7,500 to £1,000,000
3 to 30 years
7.6% APRC
United Trust Bank Ltd 1st Charge BTL Limited
65%
£50,000 to £1,500,000
3 to 30 years
7.6% APRC
United Trust Bank Ltd 1st Charge BTL Standard
70%
£50,000 to £1,000,000
3 to 30 years
7.6% APRC
Pepper Money Prime Rate Secured Loan
60%
£7,500 to £200,000
3 to 30 years
7.8% APRC
United Trust Bank Ltd 1st Charge BTL Limited
70%
£50,000 to £1,000,000
3 to 30 years
7.8% APRC
Pepper Money Prime Rate Secured Loan
65%
£7,500 to £350,000
3 to 30 years
8% APRC
United Trust Bank Ltd Secured Loan
65%
£10,000 to £500,000
5 to 30 years
8.1% APRC
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Overall representative example
If you borrow £43,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of £505.18 per month and a total amount payable of £96,994.56. This includes the net loan, interest of £49,404.56, a broker fee of £3,995 and a lender fee of £595. The overall cost for comparison is 12.7% APRC variable.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

How fast can I get a secured loan?

The secured loan process is generally slower than it is for an unsecured personal loan, and it often takes anywhere from 3 to 6 weeks to be approved for a secured loan. However, you can still apply for a secured loan within a couple of minutes, and loan approval times vary between different lenders.

This is because you’ll be using your house as security against the loan, which means the lender needs to verify the ownership situation and value the property. These steps are in addition to the normal personal loan application process, during which lenders need to verify your identity and check your credit history and financial situation.

What are the benefits of a secured loan?

Pros

  • Competitive rates. As a secured loan represents less risk than a normal personal loan, you’ll generally be offered a lower interest rate than an unsecured loan.
  • Larger loan amounts. Depending on your credit history and financial situation, you may find it hard to be approved for an unsecured personal loan, especially for loan amounts over £10,000. If you’re looking to borrow a large sum of money, a secured loan may be the most suitable option.
  • Longer loan terms. You can get a loan term of up to 30 years with a secured loan, which can help reduce the size of your loan repayments. Keep in mind that the longer your loan term, the more you’ll pay in interest over the life of the loan.

Cons

  • Higher risk. If you default on the loan, you may lose equity in your house or even lose the house itself. Your credit score would also be damaged.
  • Loan size may be limited. The size of the loan you can get may be limited to the amount of equity you have in your house.

Can I get a fast secured loan with bad credit?

Yes, you’re still eligible for a secured loan if you have bad credit, and you’re much more likely to be approved than you would be with an unsecured loan. When deciding whether to approve a loan application, lenders are mainly concerned with the level of risk associated with the loan. This refers to the likelihood that the applicant can pay off the loan on time.

Someone with bad credit will be considered a higher risk than someone with good credit, as their history suggests they may have struggled with paying off debts in a responsible and timely manner. With a secured loan, the lender can take ownership of the home equity you’ve used as security in the event you fail to repay your loan. As a result, the loan is considered less of a financial risk for the lender, meaning you’re more likely to get approved.

What are the alternatives to secured loans?

If you’re looking to get quicker access to funds, you could consider the following:

  • Unsecured personal loans. If you don’t have any home equity in a property or are looking to borrow a smaller amount, you may want to consider an unsecured personal loan. You can generally be approved for an unsecured loan within a couple of days, though some lenders may even approve your application on the same day.
  • Short term loans.If you need quick access to money, a payday loan can be approved and funded in as little as 15 minutes. However, you’ll be limited in how much you can borrow, and you’ll also be charged a much higher interest rate. Short term loans are the most expensive type of loan and can often lead to financial difficulty.

Bottom line

Secured loans may provide a good option if you’re struggling to get an unsecured loan. However, they come with the added risk of losing the asset you put up as collateral. They offer competitive rates and larger loan amounts as they’re secured against an asset such as a house. However, they may have a lengthy application process due to the additional steps of verifying the asset. Short term and unsecured loans may provide a faster solution to borrowing money, although often accompanied by higher interest rates.

Frequently asked questions

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