Compare Secured Loans
- We've teamed up with the UK's favourite secured loan broker* Fluent Money to help you in your secured loans search
- Homeowner secured loans usually have to be applied for through a broker using your property as security
- Use the calculator below and get a free no obligation quote that won’t affect your credit rating
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it. Click here for a representative example
-
![Paragon Bank PLC logo]()
Paragon Bank PLC
-
Initial Rate
3.60%
-
Total Repayments
£35,767.20
-
Monthly Repayments
£298.06
-
Initial Rate
-
![West One Secured Loans Limited logo]()
West One Secured Loans Limited
-
Initial Rate
3.99%
-
Total Repayments
£36,430.80
-
Monthly Repayments
£303.59
-
Initial Rate
-
![Optimum Credit Ltd logo]()
Optimum Credit Ltd
-
Initial Rate
4.00%
-
Total Repayments
£36,448.80
-
Monthly Repayments
£303.74
-
Initial Rate
-
![Masthaven Bank Ltd logo]()
Masthaven Bank Ltd
-
Initial Rate
4.19%
-
Total Repayments
£36,774
-
Monthly Repayments
£306.45
-
Initial Rate
-
![Shawbrook Bank Limited logo]()
Shawbrook Bank Limited
-
Initial Rate
4.20%
-
Total Repayments
£36,792
-
Monthly Repayments
£306.60
-
Initial Rate
-
![United Trust Bank logo]()
United Trust Bank
-
Initial Rate
4.45%
-
Total Repayments
£37,222.80
-
Monthly Repayments
£310.19
-
Initial Rate
-
![Together logo]()
Together
-
Initial Rate
6.65%
-
Total Repayments
£41,152.80
-
Monthly Repayments
£342.94
-
Initial Rate
-
![Step One Finance Limited logo]()
Step One Finance Limited
-
Initial Rate
6.90%
-
Total Repayments
£41,613.60
-
Monthly Repayments
£346.78
-
Initial Rate
-
![Oplo logo]()
Oplo
-
Initial Rate
8.00%
-
Total Repayments
£43,686
-
Monthly Repayments
£364.05
-
Initial Rate
-
![Norton Home Loans logo]()
Norton Home Loans
-
Initial Rate
8.30%
-
Total Repayments
£44,258.40
-
Monthly Repayments
£368.82
-
Initial Rate
-
![Central Trust Ltd logo]()
Central Trust Ltd
-
Initial Rate
8.50%
-
Total Repayments
£44,635.20
-
Monthly Repayments
£371.96
-
Initial Rate
-
![Evolution Money logo]()
Evolution Money
-
Initial Rate
10.20%
-
Total Repayments
£47,973.60
-
Monthly Repayments
£399.78
-
Initial Rate
Please note: Loans displayed have a minimum term of 12 months and a maximum term of 360 months. Maximum APRC charged 49.9%.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
| Based on borrowing £18,000 over 120 months. Interest Rate: 6.5% fixed for 60 months with instalments of £227.38. Followed by 60 months at the lenders standard variable rate of 4.95% with instalments of £221.71 | Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee and Lender fee |
| Fees Broker fee (£1,530); Lender fee (£495) | Overall cost of comparison 9.1% APRC |
Our comparison service features a selection of providers from whom we receive commission. This table is ordered by initial rate. *Fluent Money completes more secured loans than any other broker.
How to choose a secured loan
If you have a less-than perfect credit rating and need access to a larger sum of money, you may be able to get a secured loan. Secured loans are also known as homeowner loans and are secured against the equity of your home. This means they provide confidence to lenders, but at the same time can be risky for borrowers.
If you decide to take out a secured loan and fail to keep up with repayments, the lender has the right to force the sale of your property in order to cover the repayment of your debt. This could mean losing your home, so it’s always advisable to consider all loan options; ensuring there is not a more suitable and less financially risky alternative available to you before committing to a secured loan.
If you think a secured loan is right for you, consider the pros and cons of this type of borrowing before committing:
Secured loans – advantages and disadvantages
| Secured loans advantages | Secured loans disadvantages |
|---|---|
|
|
Choosing between secured loan providers
If you decide that a secured loan is the right option for you, you will need to begin comparing secured loan providers. Many will require borrowers to work through a broker to source and obtain a secured loan. Therefore, you may not be able to apply for a secured loan directly with a lender, although a good broker should provide all the information you need to help you make your decision.
Although you can base your decision as to which secured loan provider to go with on how much they lend and how long they give you to pay it back, the actual amount you are offered will depend on your financial situation.
What to consider when comparing secured loan providers
- The cost of the loan: Take a look at the annual percentage rates (APRs) that lenders advertise, as these are among the best ways to gauge the cost of a loan, including interest and other fees and charges.
- The loan term: Each lender will offer different maximum and minimum loan terms, so it’s important to choose a timescale that works for you. Remember, the loan term you are offered will be affected by factors like your financial situation and your credit rating.
- The loan amount: The amount the lender will offer is obviously of vital importance when deciding between secured loan providers.
- Lending criteria: Working with a broker can help you gain a better understanding of whether you will be eligible for a secured loan before applying. Some lenders will have stricter requirements than others. It’s important to avoid applying for a loan and being rejected, as this can have a negative impact on your credit rating.
Choosing a secured loan FAQs
What are the alternatives to a secured loan?
There are a number of alternatives to secured loans that could be less risky and/or cheaper. Remortgaging, for example, can provide homeowners with extra cash at manageable interest rates, although you could end up paying more over the lifetime of the loan. You also need to have the available equity in your property to be considered.
An unsecured personal loan may also be an alternative, but you need a good credit score.
What happens if I miss secured loan repayments?
In a worst-case scenario, missing repayments on your secured loan could lead to the repossession of your home. However, it is possible to speak to your lender if you feel that you might not be able to make repayments, as some will be willing to re-negotiate your situation and give you another chance when it comes to paying what you owe.
If you're worried you might not be able to make an upcoming payment, it's advisable to talk to your lender sooner rather than later to see if an arrangement can be made.
Will a secured loan help my credit score?
It is possible that taking out a secured loan and sticking to repayments could help your credit score, but this isn’t necessarily a good reason for taking out secured loan in the first place. Remember, missing payments on a secured loan could lead to loss of your home.
How do I work out how much a secured loan will cost in real terms?
While the APR is often very prominent, it's not the only figure worth considering. The monthly repayments and the "Total Amount Payable" are probably better indicators. The Total Amount Payable includes charges and fees for the entire loan term and offers a clear representation of how much any loan will cost you.
What can I use a secured loan for?
A homeowner loan can be used for almost any purpose, but it is worth considering other options to avoid taking out a secured loan unless you really have no other choice. Secured loans are often used to cover large expenditures such as home improvements, debt consolidation or to pay for a wedding or school fees, for example.
Featured articles
Featured brands
Important information
NerdWallet UK website is a free service with no charge to the user, for more details on how our site works click here.
Registered Office: Floor 3 Haldin House, Old Bank of England Court, Queen Street, Norwich, Norfolk NR2 4SX Registered in England & Wales No 05409985 and also in accordance with the Data Protection Act (1988) Registration Number: Z955517X
NerdWallet Ltd is authorised and regulated by the Financial Conduct Authority, FRN 771521. In respect of consumer credit, NerdWallet Ltd acts as a credit broker - not a lender.