Secured Loans - Loanable | Secured Loan Specialists

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Best Loan Rates For November 2024

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Secured Loans Made Easy !

Get expert advice, competitive rates and 5-star service from Loanable

Loans from £10k to £1m

100% LTV products available

Poor credit history considered

No upfront credit checks

Repayment terms from 3 to 30 years

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YOUR DETAILS

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EMPLOYMENT

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Understanding Our Secured Loans

A secured loan is designed to offer you a convenient financial solution, using your property as security. This type of loan can be beneficial whether you’re looking to consolidate your debts, carry out home improvements, or cater to other significant expenses like buying a car or paying for a wedding. It provides a structured approach to managing your financial needs within one single, consistent payment.

Our secured loans are a practical, long-term financial solution, with terms ranging from 3 years to 30 years. At Loanable, we understand that each borrower’s circumstances are unique, so we personalise our loan options to align with your specific requirements.

Our secured loans stand out from traditional financing options due to their adaptability and straightforwardness:

Unified Payments: Managing multiple financial obligations can be stressful and demanding. With Loanable, you can bundle your financial needs into a single loan, ranging from £10,000 to £1 million. This enables a more simplified approach to handling your finances with a single, regular payment.

Flexible Repayment Terms: Our secured loans are crafted to complement your financial situation. With repayment terms from 3 to 30 years, we afford you the flexibility to choose a repayment period that is most suitable for you.

Cover Various Needs: Whether you’re dealing with various debts, planning significant home improvements, or facing other large expenses, our homeowner loans offer a clear path to financial control.

Bad Credit? No Problem: Unlike traditional lenders, we look at your complete financial picture, not just your credit history, when making our lending decisions. This means that even with a poor credit history, you could still be eligible for a Loanable secured loan. for more information, view our secured bad credit loans.

100% LTV Products Available: Need a loan that covers the total value of your property? We’ve got you covered. We offer 100% Loan-to-Value (LTV) products too.

We aim to facilitate your financial journey. With our secured loans, you’re not just funding your needs; you’re also gaining access to a dedicated, experienced advisory team who’ll support you every step of the way. Choose Loanable for a secured loan that’s tailored to your needs.

The Benefits of Choosing Loanable Secured Loans

Our mission is to help you to navigate your financial journey. Our secured loans come with numerous benefits, enabling you to handle your financial obligations confidently, irrespective of your financial circumstances.

Simplified Financial Management: If you’re grappling with various repayments to multiple lenders, our secured loans offer an optimal solution. With a single consistent payment, you can streamline your finances and manage your financial responsibilities more effectively.

Repayment Terms Aligned With Your Needs: We acknowledge that everyone’s financial circumstances are distinctive. With repayment terms spanning from 3 to 30 years, we provide the flexibility to select a term that aligns with your financial state and your repayment capability.

Poor Credit History Taken Into Account: A less-than-perfect credit score shouldn’t discourage you from your financial aspirations. At Loanable, we take into consideration your overall financial situation, not just your credit history, when deciding on lending.

No Preliminary Credit Checks: We comprehend that applying for a loan can be an intimidating process, particularly if you’re worried about the impact on your credit score. That’s why we refrain from conducting preliminary credit checks. Instead, we evaluate your complete financial situation to inform our lending decisions.

Choose Loanable’s secured loans for a more compassionate and understanding approach to lending.

Secured Loan Use Cases

Secured Loan Use Cases

Our secured loans can offer practical solutions in a range of scenarios. Here are several typical circumstances where a secured loan might be the perfect fit:

Unifying Multiple Debts: If you’re handling numerous debts across various lenders, a secured loan can streamline your financial oversight. By bringing together your debts into a single loan, you’re left with only one consistent repayment to manage. For more information, take a look at our debt consolidation loans.

Home Improvements and Renovations: If you’re planning to revamp your house or undertake a significant renovation project, a secured loan can provide the necessary funding. Perhaps you want to remodel your kitchen, construct an extension, or transform your attic into a home office. By borrowing against the equity in your home, you can unlock the funds needed to bring your vision to life. For more information, see our home improvement loans.

Purchasing a Car or Funding a Wedding: Major life events like buying a new car or organising a wedding can be expensive. A secured loan can offer a practical financial solution, enabling you to cover these costs without straining your monthly budget. By spreading the repayments over a longer term, you can manage these significant expenses more comfortably.

Starting a Business: Embarking on a new business venture often requires significant initial capital. A secured loan can provide the funds needed to get your business off the ground. Whether it’s purchasing equipment, renting office space, or funding the first few months of operation, a secured loan can give you the financial backing needed to turn your business idea into a reality. For more information, view our business loans.

Enhancing Cash Flow: Debts with high-interest rates can significantly reduce your monthly income. By grouping your debts into a secured loan with a competitive interest rate, you may be able to decrease your monthly repayments and liberate more of your earnings.

Credit Score Recovery: Keeping up with multiple repayments can be daunting, and missed payments can adversely impact your credit score. A secured loan can aid in restoring your credit by consolidating numerous debts into a single, manageable repayment.

At Loanable, we’re committed to delivering financial solutions tailored to your unique circumstances and requirements. Trust us to steer you towards a more easily manageable financial future.

Are You Eligible for a Loanable Secured Loan?

We are committed to ensuring our secured loans are within reach. Our primary aim is to assist you in regaining your financial foothold, whatever your circumstances may be.

Here’s a broad overview of our eligibility criteria and stipulations:

Age Requirement: You need to be at least 21 years old to apply for a Loanable secured loan.

Property as Security: A secured loan requires a property as collateral. This could be your residence or another property you own.

Proof of Ability to Repay: While we don’t exclusively base our decisions on your credit history, we do need evidence that you’ll be able to repay the loan. This could come in the form of income details, savings, or a budget plan reflecting your ability to manage the new loan repayment.

Residency: Our secured loans are available to UK residents. In terms of documentation, we usually require:

Proof of identity (e.g., a passport or driving license)
Proof of address (e.g., a utility bill or bank statement)
Proof of income or repayment plan
Details about the property being used as security

We’re proud of our inclusive approach to lending. Don’t let a lack of traditional qualifications or a poor credit history stop you from applying for a secured loan with us. We’ll look at your entire financial situation and work hard to find a solution that suits you. Apply today and let us help you streamline your financial management.

How to Apply for Your Secured Loan

We know that dealing with finances can be daunting, which is why we’ve made our application process as simple and stress-free as possible. Here’s your step-by-step guide to applying for a Loanable secured loan:

Step 1: Fill Out Our Online Form
Begin by completing our easy-to-use online form. We’ll need some basic details about you, the loan amount you’re seeking, and the property you’re using as security.
Step 2: Consultation with Our Advisors
Once we’ve received your online form, one of our friendly and expert advisors will contact you. They’ll discuss your individual needs and financial situation, and will be more than happy to answer any questions you may have. This call enables us to customise the loan to your unique needs.
Step 3: Receive Your Customised Loan Proposal
After the consultation, we’ll put our expertise to work to find the most suitable lender and create a personalised loan proposal that fits your circumstances. We’ll send this proposal to you for your review and approval.
Step 4: Legal and Property Checks
With your approval, we’ll proceed with the necessary legal checks and property valuation. We strive to carry out these checks swiftly to prevent any delays in processing your loan.
Step 5: Loan Disbursement
Once all checks have been successfully completed, the lender will release the funds. The timeframe for this can vary, but we always aim to have the funds available to you as quickly as possible.

Throughout the application process, our team of qualified and experienced advisors is available seven days a week to assist you. Don’t hesitate to reach out to us at any time.

Securing a loan with Loanable is that simple! Begin your application today and take the first step towards achieving your financial goals.

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Secured Loan FAQs

At Loanable, we’re all about making your financial journey simple and transparent. So, we’ve gathered your most common questions about our secured loans, providing you with all the answers you need in one place.

What is a Secured Loan?

A secured loan, often referred to as a homeowner loan or 2nd charge mortgage, allows you to borrow large sums of money – typically more than £10,000 – using your home as collateral. Therefore, if you don’t keep up with the regular payments, the lender can take possession of your home and sell it to recoup their losses.

The amount you are eligible to borrow, the duration of the loan, and the interest rate you are offered will depend on your circumstances, as well as the amount of equity you have in your home. Equity is the difference between the value on your home and the amount left to pay on your mortgage if you have one. The interest can be variable or fixed depending on the type of loan you choose.

Difference between Personal and Secured Loans?

Who is a Secured Loan Suitable for?

Typical Eligibility Requirements for a Secured Loan?

Although the main requirement for a secured loan is home ownership, there are other eligibility requirements that secured loan providers may expect you to meet. They will vary between lenders, but will typically include:

A Steady Income
Loan providers will want to know that you can afford the monthly payments and will need to see evidence of a steady income. Some providers will have a minimum salary requirement that must cover your monthly payments and any other outgoings you have. There are some secured loan providers that specialise in lending to the self-employed that can’t show a steady income. You will be required to provide tax returns and bank statements.
A Good Credit Score
Having a good credit score improves your chances of being accepted for a secured loan. Usually, better your credit score, the more you will be eligible to borrow and the better the interest rate you will be offered. However, as previously mentioned, you are not ruled out if you have a bad credit rating, as your home serves as collateral, but you may have to pay higher rates of interest.
Property
With a secured loan, usually the home is used as collateral. If you still have a mortgage on your home, your loan will be known as a second charge mortgage. This means that if you don’t keep up with payments and your home is repossessed, your first mortgage lender has the first priority to take what is outstanding. The second charge lender then has the second chance to claim the debt.
‘Free’ Equity
Secured loan providers will usually require a certain amount of ‘free’ equity in your home. The majority of lenders will have a cap of the total debt secured against your home. Generally speaking, the higher the amount of ‘free’ equity you have in your home, the more you will be able to borrow.
Your Age
There is typically an upper and lower age limit on secured loans. These will vary between lenders with most lenders accepting applicants between 18 and 21 years old, up to between 70 and 85 years old.

What Might you use a Secure Loan for?

What are the Advantages and Disadvantages of a Secured Loan?

Take a look at the advantages and the disadvantages of a secured loan, to help you to make a decision if it is the right loan for you.

Advantages

Ability to Borrow More: With a secured loan you can potentially borrow a lot more money than you can with an unsecured loan. It can be difficult to borrow more than £25,000 with an unsecured loan, but secured loans can be as high as £100,000 or even more. A loan this size can prove very useful if you have a big renovation or home improvement project, education costs, or medical bills, etc.
Lengthier Loan Terms: You tend to be able to get longer loan periods with a secured loan, which can make the monthly payments more affordable than with an unsecured loan.
Good for Those with Poor Credit: As a secured loan uses your home as collateral, it is a lower risk for the lender. This means that it is easier for those with bad credit or no credit history to successfully apply for a secured loan.

Disadvantages

Larger Risk: An unsecured loan comes with significant risk. If you default on your payments, your lender can repossess your home to recover the debt. You may be able the work out an agreement with your lender by getting in touch with them as soon as you realise you’re having difficulty meeting your monthly payments. Furthermore, any defaults will be recorded on your credit report, which can negatively affect your credit score. This may affect your ability to access loan services in the future.
Pay More Interest: You do have the benefit of lower monthly payments for a longer term, but this comes with its own disadvantage. As interest is charged monthly, you are likely to pay more interest overall – i.e. the more months of your loan term, the more interest you will pay.
Early Repayment Fees: If you want to pay the loan off earlier than your agreed loan term to reduce the amount of interest, you may be subject to early repayment fees.
Broker fees may be higher: a mortgage broker may charge a fee for their services, while a secured loan fee can often be higher than this. Typically, an unsecured personal loan comes with no additional fees (other than interest), so remember to take into consideration that there will be a higher fee for a secured loan.

What to Consider Before Applying for a Secured Loan?

As a secured loan puts your home at risk, it should not be taken out without knowing everything you can. Before applying, these are things that you should consider:

Your Financial Status: If you don’t keep up with the monthly payments of a loan, you risk losing your house. Therefore, you should carefully consider what you can afford to pay on a monthly basis, taking into account current and future expenses. If you are not confident that you can make the monthly payments, consider if you can borrow a lower amount or if you even need the loan at all. Speak to one of our secured loan experts who can help you get you to work out what you will be able to afford and the perfect length of the term.
Loan-to-value Ratio: Your lender will take into account the amount of equity you have in your home, which is the difference between the value of your home and the amount you still owe on your mortgage. This lets your lender know how much money they could recover should you not keep up with your monthly payments. Generally speaking, the more equity you have in your home, the more you will be eligible to borrow.
Interest Rates: Secured loans tend to have a fixed interest rate, so it is important to consider any potential raises in interest when determining what you can afford. Furthermore, when you are looking at secured loans, bear in mind that the advertised interest rate may not necessarily be what you will get. Your actual interest rate will depend on the amount you want to borrow, your loan term, the value of your collateral, and your credit score.
The Loan Term: The shorter your loan term the higher your monthly payments will be, but the less interest you will pay over the course of the loan. The longer the loan term the lower your monthly payments, but the more interest you will pay. It is important to weigh up your options with what you can afford, before deciding the length of your loan.

What are the Fees Involved with Secured Loans?

How to Get a Secured Homeowner Loan?

Remember, it’s crucial to ensure that you can meet the repayments of a secured loan, as your property will be at risk if you fail to repay the loan. Always consult with a financial advisor or trusted expert before making a decision.

Your Trust is Our Reward

At Loanable, your trust is paramount to us. We’re proud to be fully authorised and regulated by the Financial Conduct Authority (FCA). This means we adhere to the highest standards of conduct in the financial services industry, putting your interests at the heart of our business.

We’re also humbled and grateful for our clients’ positive feedback, earning us over 150 5-star reviews on Feefo.

Take the first step towards securing your property goals with a company that’s trusted by hundreds of homeowners across the UK. Get in touch with us today to explore your bridging loan options.

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Get in touch

We’ve made sure you have various ways to reach out to us. Whether you have questions, need more information, or are ready to apply for a loan, we’re here to help!

Phone: You can call us directly at 01925 988055.

Our friendly team is available:

Monday-Thursday from 9am-8pm

Friday from 9am-5pm

Saturday from 9am-4pm

Sunday from 10am-5pm

Email: Prefer typing out your queries or concerns? No problem! Reach us at [email protected], and we’ll get back to you as soon as possible.

Physical Address: If you’d rather speak to someone in person, you can visit our office at The Old Rectory, Rectory Lane, Winwick, Warrington, WA2 8LE.

Taking the Leap with Loanable:
Ready to bridge the gap in your finances with a bridging loan from us? Wonderful! Click the “Complete Our Form” button below, and let’s get started. Or if you have more questions, don’t hesitate to reach out to our team. We’re always here to ensure you have all the information you need to make the best decision. Your financial future awaits, let’s explore it together with Loanable!

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About Us.

We’re based in the North West of England with a dedicated, experienced team of advisors helping homeowners, property developers and investors across the United Kingdom. We have access to over 400loans from the nation’s top lenders. We’ll match your individual circumstances to the right advisor who will source the best lender and ensure you get the correct deal.

We’re open 7 days a week Simply complete the form and one of our advisors will make contact and talk you through your options.