A secured loan is one which is borrowed against the protection of a personal or business asset (house, car) which in turn can be redeemed against any failure to meet repayments.
This page is designed to take you through the process involved in applying for a secured loan.
Use the Free Price Compare search tool to compare secured loans. Click on the Free Price Compareloans calculator to enter a loan amount and see repayment costs.
Obviously, as this type of loan is secured against your assets, there are more potential risks so it is vital that you understand the loan criteria and are fully confident in your ability to meet these.
Application procedureBottom of Form
First, consider the period of repayment.
The maximum period of repayment for a secured loan is 25 years. Generally, the longer the repayment period, the greater the interest repayment. It is important to remember that a secured loan is secured against your home: make sure repayment schedules are realistic.
Loans which are intended for debt consolidation will have the benefit of reducing monthly outgoings as you will no longer be making interest payments on these, so factor this into your budgeting.
Second, consider taking out Payment Protection Insurance (PPI)
PPI Insurance will cover repayment costs of your loan should you find yourself unable to cover these for reasons of ill-health or redundancy. It’s not right for everyone and you need to decide, based on your individual circumstances, whether this additional cost might be of benefit to you. Loan repayments calculated on this site do not include PPI. For more information on associated costs and benefits, we advise you undertake further research.
Next, you’ll need to share a few details with us:
your credit history. A less than perfect credit history is not necessarily an obstacle to obtaining a secured loan but it is important to raise any issues as credit checks will be applied. Checking your own credit rating online is fairly straightforward.
your relationship and mortgage status. If married or a joint mortgagee, you will legally need to make a joint application.
a current valuation of your property, your mortgage details and outstanding mortgage amount. Remember, your property will be secured against the value of the loan.
your household salary (adult family members only).
Then, click on the loan comparison tool to see a comparison of secured loans
The comparison tool will highlight secured loans within your requested parameters, ordered from lowest to highest monthly repayments. Using the ‘search by’ button you can choose to view these options ordered by total repayment cost or APR.
And finally, choose and submit your loan application.
Once submitted, you will be contacted by a representative of your chosen lender who will discuss your application.
Answers to commonly-asked questions
The processing of applications varies in duration, from a matter of days to a couple of months, depending on the individual lender’s criteria.
This process can be delayed if any personal or financial information provided by you proves to be less than accurate, so ensure you have carefully fact and date-checked all information before submitting an application.
Early repayment is always an option with any loan taken out but may come with penalty charges. It is important to read the small print relating to this before entering into a loan agreement.