A secured loan can be a good borrowing option because it is based on assets that you have and not on your personal credit history. Bank loans are still quite hard to get for many people, especially if they have had issues with their credit in the past. The lending criteria for high street banks are usually stricter than they are with other lenders and you almost need a perfect credit history to get a bank loan these days.
If you are a homeowner, and your credit rating has suffered recently, secured borrowing may be the best choice for you to obtain the amount of money you need.
If youre looking to obtain credit, our secured financing can be used for a range of purposes;
- Consolidation of existing debts, which could save you money by reducing the amount you are paying
- Turning multiple debt payments with different lenders into one manageable monthly payment
- To carry out home improvements, which is a great way to invest back into your property
- Bigger personal items such as cars can be financed using a secured loan
- Allowing you to take your family on that much needed holiday
Whatever is happening in your life right now, whatever purposes you are looking to borrow for, find out why a secured loan could be the right choice for you.
Weve put together some frequently asked questions, to help you make an informed decision before choosing to take out a secured loan.
What are secured loans?
A secured loan uses collateral, such as your home, as security for the repayments. If repayments are defaulted on, as the borrower, you could lose your home. Therefore you must check if the rates on your secured loan are variable or fixed. If the rates are variable bear in mind that they will change with lender criteria or the economic climate.
Secured loans are also referred to as homeowner loans or second-charge loans, as this type of loan is a second loan against your property, after your mortgage.
How do secured loans differ from unsecured loans?
Secured loans are loans that are backed by an asset. Your property is collateral for the loan. If you fail to maintain your monthly payments, your home may be at risk.
Therefore lenders will often accept an application for a secured loan where they would decline an application for a personal loan. Plus, lenders can be more flexible with secured loans, which can be available to people whether employed, or self-employed
Lenders do report late payments and loan default to the credit bureaux with both secured loans and unsecured loans.
Qualifying for a secured loan?
In order to apply for a secured loan through Evolution Money you must fit our criteria:
- Aged 18-68
- A homeowner occupier
- Live in the UK
- Be able to afford the repayments comfortably from normal income
Applying for a secured loan?
We are dedicated to being open and honest about the procedure for getting a secured loan through us. Therefore we have put together a guide which outlines our loan process to help you understand every aspect.
How much can I borrow?
Secured loans for homeowners through Evolution Money are available for people who are looking to borrow up to £20,000.
How long is the repayment term?
The amount borrowed can be customised to whatever suits you best. Evolution Money offers secured loan repayments up to 180 months (15 years). Which means as the loan can be repaid over a longer period, we could even offer a lower affordable monthly repayment amount.
Is there a higher interest rate with a secured loan?
Secured loan interest rates are usually comparably lower than those of an unsecured loan. This is because secured loans can be taken out over a longer period of time. The amount of borrowing and the term length influences the interest rate.
Are there any fees to pay?
We are committed to telling our customers about our fees. There is a set-up fee (£480 on a £6,000 loan example) and an acceptance fee (£600 on a £6,000 loan example) which are added to the total amount repayable by you over the duration of loan term. We have split up the fee details and specified them in a chart, which you can see here.
Is secured borrowing and secured loans bad for my credit rating?
Choosing a secured loan is a good option for people who have had problems in obtaining other types of loans because their credit score is less than perfect. As the lender is lowering their risk because the property is offered as security a secured loan can be easier to obtain.
In addition, continuing with your ongoing repayments could actually help to improve your credit rating in time.
Can the loan be paid off earlier than agreed?
Yes! Unlike many other secured loans out there, we allow our customers to overpay and make a lump sum payment. This can reduce the amount of interest repaid on the loan, ultimately saving you more money.
Find out moreSecured Loans. A secured loan can be a good borrowing option because it is based on assets that you have and not on your personal credit history.
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