Compare Secured Loans

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  • We've teamed up with the UK's favourite secured loan broker* Fluent Money to help you in your secured loans search
  • Secured loans – also known as homeowner 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

12 products found
    • Paragon Bank PLC logo

      Paragon Bank PLC

      • Initial Rate
        3.60%
      • Total Repayments
        £35,767.20
      • Monthly Repayments
        £298.06
    • West One Secured Loans Limited logo

      West One Secured Loans Limited

      • Initial Rate
        3.99%
      • Total Repayments
        £36,430.80
      • Monthly Repayments
        £303.59
    • Optimum Credit Ltd logo

      Optimum Credit Ltd

      • Initial Rate
        4.00%
      • Total Repayments
        £36,448.80
      • Monthly Repayments
        £303.74
    • Masthaven Bank Ltd logo

      Masthaven Bank Ltd

      • Initial Rate
        4.19%
      • Total Repayments
        £36,774
      • Monthly Repayments
        £306.45
    • Shawbrook Bank Limited logo

      Shawbrook Bank Limited

      • Initial Rate
        4.20%
      • Total Repayments
        £36,792
      • Monthly Repayments
        £306.60
    • United Trust Bank logo

      United Trust Bank

      • Initial Rate
        4.45%
      • Total Repayments
        £37,222.80
      • Monthly Repayments
        £310.19
    • Together logo

      Together

      • Initial Rate
        6.65%
      • Total Repayments
        £41,152.80
      • Monthly Repayments
        £342.94
    • Step One Finance Limited logo

      Step One Finance Limited

      • Initial Rate
        6.90%
      • Total Repayments
        £41,613.60
      • Monthly Repayments
        £346.78
    • Oplo logo

      Oplo

      • Initial Rate
        8.00%
      • Total Repayments
        £43,686
      • Monthly Repayments
        £364.05
    • Norton Home Loans logo

      Norton Home Loans

      • Initial Rate
        8.30%
      • Total Repayments
        £44,258.40
      • Monthly Repayments
        £368.82
    • Central Trust Ltd logo

      Central Trust Ltd

      • Initial Rate
        9.50%
      • Total Repayments
        £46,582.80
      • Monthly Repayments
        £388.19
    • Evolution Money logo

      Evolution Money

      • Initial Rate
        10.20%
      • Total Repayments
        £47,973.60
      • Monthly Repayments
        £399.78

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.

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.

Award-winning comparisons you can trust

It's always nice to know you're on the right track. Over the years, as we have striven to improve the services we provide to our clients and users, we have been pleased to receive recognition for our efforts from both industry and consumer bodies.

Information written by Hannah Harper Last updated on 27 July 2021.

What is a secured loan?

If you are a homeowner 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 they’re ‘secured’ against an asset, usually your home. This means they provide confidence to lenders, but at the same time can be risky for borrowers.

If you 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 to see if there’s a more suitable and less financially risky alternative available before you commit to a secured loan.

» MORE: Is a secured loan the right option for me?

The difference between a secured loan and an unsecured loan

They may sound pretty similar, but there are some important differences between a secured loan and an unsecured loan.

Perhaps the most significant is the higher risk that a secured loan poses to a borrower given the need to put up an asset such as your home as security, compared with an unsecured loan, where no collateral is required. The legal implications of providing such an important asset as security means applying for a secured loan can be more complicated and more expensive too. Of course, you’ll need to own a home in the first place as well, whereas with an unsecured loan, you don’t.

On the other hand, it’s often possible to secure a larger loan with a secured loan, and interest rates tend to be lower than with an unsecured loan, because the lender is taking on less risk and may offer longer repayment periods too. Secured loans may also be easier to obtain than an unsecured loan if you have a less favourable credit rating.

» MORE: Unsecured loans versus secured loans

Pros and cons of a secured loan

If you think a secured loan could be right for you, consider the pros and cons of this type of borrowing before you dive in:

Pros Cons
  • Often available to those with poor credit ratings
  • Can give you access to large sums upwards of £30,000
  • You usually have longer to repay the loan
  • Interest rates may be lower than for unsecured loans
  • You can’t get one unless you are a homeowner
  • You risk losing your home if you default on payments
  • Mainly only obtainable through a broker
  • Can be a large, long-term financial commitment

How to choose a secured loan

If you decide a secured loan is the right option for you, you’ll need to begin comparing providers. Many will require borrowers to work through a broker to arrange a secured loan, so you may not be able to apply for one directly with a lender – although a good broker should provide all the information you need to help you make your decision.

While you could choose a secured loan provider based on how much they’ll lend and how long they’ll give you to pay it back, the actual amount you’re offered will depend on your financial situation.

How can a secured loan calculator help?

A secured loan calculator, like the one at the top of this page, can help you figure out how much your secured loan monthly repayments could be over a specific time. It can offer you a quick, ballpark figure that can be useful when comparing different loan deals from different providers.

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 will help you 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 understand whether you will be eligible for a secured loan before applying. Some lenders will have stricter or differing 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.

» MORE: Tips for successfully applying for a loan

What are the alternatives to a secured loan?

There are a number of alternatives to secured loans that could be less risky, cheaper, or both depending upon your situation:

  • Remortgaging: If you require some more cash for home improvements, for example, and you have enough equity in your property you may be able to borrow extra from your current mortgage lender. Alternatively, you may be able to remortgage onto a cheaper deal that frees up an amount of income each month.
  • Borrowing from family or friends: Although it’s not always easy to ask, family or friends might be happy to lend you what you need.
  • Overdrafts or credit cards: Your bank may be able to extend your overdraft to meet your needs, providing you with a much less risky borrowing option. The same can be said for credit cards, especially if you can find one with an interest-free initial period. These types of credit though are not suited to large, longer term debt.
  • Unsecured loans: An unsecured loan might be more difficult to get, for larger, longer term borrowing, but it’s worth considering all types of loan depending on your needs. You’ll need a good credit score for an unsecured loan.

Secured Loans FAQs

What can I use a secured loan for?

A secured loan can be used for almost any purpose, but they are often used to cover large expenditures such as home improvements or to pay for a wedding or school fees, for example. Secured loans may also be taken out for debt consolidation.

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 to keep in mind. The monthly repayments and the "total amount payable" are probably better indicators. Before you proceed with an application for a secured loan, the broker or provider must provide you with a full breakdown and total cost of the loan.

Can I pay off a secured loan early?

It is often possible to pay off a secured loan early, but be aware that an early repayment charge might need to be paid to do so. Before signing up, always take the time to check the terms of your loan arrangement to see whether paying off what you owe early is an option, and how much any charge will be.

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 may be willing to renegotiate 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.

» MORE: What happens if I can’t make my loan repayment?

Will a secured loan help my credit score?

It is possible that taking out a secured loan, or any form of borrowing, and sticking to repayments could help your credit score, but this isn’t a good reason for taking out a secured loan in the first place. Remember, missing payments on a secured loan could lead to your home being repossessed.

» MORE: Ways to improve your credit score

What documents do I need to apply for a secured loan?

When applying for a secured loan, you’ll need to be able to prove your identity and your address to get started. Typical documents that lenders will ask for could include your passport, birth certificate or driving licence, and possibly a utility bill, sent to you at your home address. Once your chosen lender has established who you are, they’ll carry out more extensive research into your financial history and situation, to check if you’ll be able to make repayments on any money you borrow. Applications for secured loans are as extensive as applying for a mortgage so make sure you are prepared.

» MORE: Can I get a loan without having a credit check?

About the author:

Hannah has been writing about money since 2013. Formerly a copywriter for Virgin Money, covering credit cards, mortgages, pensions, and more, she now writes on personal finance for NerdWallet UK. Read more

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