Whether you have a great credit score, are credit-challenged, or need to borrow a large amount of money, Loan Corp is here to help. With our secured loans, everyone fills out the same application form. It’s one straightforward process for everyone!
Overview
What is a Secured Loan?
Secured loans are a method of borrowing a large amount of money for the long term. They are also an alternative for those who cannot secure a personal loan.
Also known as homeowner loans, secured loans involve putting an asset, most commonly a property, as collateral. If you are unable to make the loan repayments, the loan provider is then allowed to sell your asset to make up for your missed payments.
Other examples of assets you can use as collateral include cars, vehicles, financial assets or valuables.
How Does A Secured Loan Work?
The application process for a secured loan is fairly straightforward. You can simply apply online via our portal and provide all the documents we need for a secured loan application.
A secured loan lender will check your credit score. However, if you have a poor credit score, you don’t need to feel disheartened. As secured loan lending involves you providing an asset as collateral, there is a greater chance you will get your secured loan application approved, even with a bad credit score.
Other criteria secured loan lenders will look for include:
- The value of the asset you are using as collateral
- If you have a regular source of business/employment income
- Your ability to afford monthly repayments
Once your secured loan application is approved, the full loan amount will be transferred to you.
You must keep up with your monthly repayments over the specified fixed term. These expectations will be indicated in your loan agreement.
If you fail to make any repayments, the lender can repossess your asset and sell it to recuperate any money they are owed. This is why it is important you understand the risks associated with secured loan lending before you apply, as you may lose your car or home depending on the asset you choose as collateral.
Get started onlineOverview
Why Choose A Secured Loan
Secured loans are ideal for those who have been rejected for a personal loan. They are considered lower risk to lenders than unsecured (personal) loans and can be an easier way to access the funds you need.
With a secured loan lending, you can take out larger sums of money, over £100,000. Repayments can also be spread across a longer period, making them more affordable. They are among the best options for those with lower credit scores.
We offer secured loans tailored to your exact circumstances with rapid approvals using our slick API technology. Our friendly brokers will find you the right secured loan and secured loan lender for your needs.
If you are unsure what the best finance option is for you, whether you want to remortgage or get a secured loan, Loan Corp will help you compare secured loans and find the best products for your circumstances.
How personal loans work
We Provide a Range of Secured Personal Loans
We make getting secured loans super easy and take the stress out of filling out tedious application forms. Loan Corp can help you submit and approve your secured loan application in just 24 hours. Applying for a loan has never been easier!
Using our team of over 400 expert secured loan brokers in the UK; we can get you a secured personal loan for any amount you need.
Whether you are looking to renovate your home or consolidate other outstanding debt, you can get a secured loan for the amount you need quickly.
You can start your application for a secured loan below.
You can borrow from as little as £50,000
Available from mainstream lenders to private investments
Short to long repayment terms available
Within 10 minutes we will call you to discuss your loan
Submit your information on our website
We aim to find you the best finance we can at the best rates possible
Get your secured loan deal
Our Secured Loan Guarantee
We offer a range of secured personal loans and other financial services, including bridging loans and business loans for commercial customers. Whether you require a new composite door on finance or a full home renovation project, secured loans can free up cash in your home.
We want to make finance super easy and hassle-free for all our customers. Our customer portals make applying for a secured loan easier than ever. Apply online and have your secured loan approved in a matter of hours.
Our Guide
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Read PostSecured Loan FAQs
If you are unable to make your secured loan repayments, the lender is legally obliged to force you to sell the property you secured the loan against.
Alternatively, you can sell your asset and use some of the money you gain to pay off your outstanding debt. If you are struggling to afford your loan repayments, you can contact Citizens Advice for help.
If you can make your loan repayments on time, a secured loan can help boost your credit score.
However, if you have struggled to make debt repayments in the past, you must be cautious about taking out a secured loan, as any missed payments could result in you losing your home.
Yes. Your home can be used as collateral for a secured loan. This is the most common asset to secure your loan against and is often referred to as a homeowner loan. Securing a loan against your property is a useful way to access a large sum of money. However, it does put you at risk of property repossession should you fail to repay the loan, so it is crucial you understand the risks before accepting a secured loan.