Central Trust Bad Credit Secured Loans

We've teamed up with award winning broker* Norton Finance to help find the best secured loan for you. Secured loans are only available to homeowners using your property as security.

  • Competitive and fixed interest rates available

  • Borrow between £3,000 and £500,000

  • Repay your loan between 1 and 30 years

  • Compare secured loans from trusted UK providers

getting a quote won't affect your credit score

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Loan amount

20000

Repayment term

10 years

Reason

Home Improvements
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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. Show representative example


Some examples

Here are some example quotes from UK loan providers based on what you've told us. Your Norton Finance advisor will give you tailored recommendations based on your circumstances - complete the enquiry form

    • Central Trust logo

      Central Trust

      • Initial Rate
        10.75%
      • Total Repayments
        £32,724.00
      • Monthly Repayments
        £272.70

    Other Secured Lenders

    • West One logo

      West One

      • Initial Rate
        6.85%
      • Total Repayments
        £27,682.80
      • Monthly Repayments
        £230.69
    • Oplo logo

      Oplo

      • Initial Rate
        7.00%
      • Total Repayments
        £27,861.60
      • Monthly Repayments
        £232.18
    • Norton Home Loans logo

      Norton Home Loans

      • Initial Rate
        8.74%
      • Total Repayments
        £30,060.00
      • Monthly Repayments
        £250.50
    • Spring Finance logo

      Spring Finance

      • Initial Rate
        9.80%
      • Total Repayments
        £31,456.80
      • Monthly Repayments
        £262.14
    • Equifinance logo

      Equifinance

      • Initial Rate
        11.00%
      • Total Repayments
        £33,066.00
      • Monthly Repayments
        £275.55
    • Lesley Stephen & Co logo

      Lesley Stephen & Co

      • Initial Rate
        12.00%
      • Total Repayments
        £34,432.80
      • Monthly Repayments
        £286.94
    • Evolution Money logo

      Evolution Money

      • Initial Rate
        14.52%
      • Total Repayments
        £38,018.40
      • Monthly Repayments
        £316.82

Please note: Loans displayed have a minimum term of 12 months and a maximum term of 300 months. Maximum APRC charged 49.9%. Rates displayed are the lowest available for each lender based on 60% loan-to-value (LTV).

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.

This secured loans comparison and quote service is presented via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.

Norton Finance. Registered at Norton House, Mansfield Road, Rotherham, South Yorkshire, S60 2DR. Registered in England & Wales No 5995692. Authorised and regulated by the Financial Conduct Authority no. 589554.

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Last updated on 06 January 2022.

Bad Credit Secured Loans FAQs

Will I be able to get a secured loan if I have bad credit?

Possibly. There are lenders that will consider borrowers with poor credit records for a secured loan, providing they have property against which to secure the loan. In fact, it may be easier for homeowners with bad credit records to be accepted for a secured loan than an unsecured loan, as providing your property as security reduces the risk involved for the lender.

What risks are involved with taking out a bad credit secured loan?

As with any loan secured against your property, you could stand to lose your home if you find yourself unable to repay the debt owed. In some situations, lenders may be able to force the sale of your home in order to raise the funds needed to clear the debt. This is why it is vital to ensure you can afford to repay your secured loan for its entire term.

Why might I need a bad credit secured loan?

Secured loan providers will often offer borrowers larger amounts of money than unsecured loan providers. Therefore, people often use secured loans to pay for things like extensions or home improvements. They are also used for debt consolidation or for making large purchases. However, interest and charges are payable and this means borrowers should consider whether they really need to take out a secured loan before taking the plunge.

What should I consider before taking out a bad credit secured loan?

  • How much equity you have in your home: In order to be accepted for a bad credit secured loan, you will usually have to have built up a reasonable amount of equity in your home. Equity is the value of your home, minus any mortgage value you still owe on the property. You can usually build up equity by paying off some of your mortgage or if your home’s value increases significantly.

The amount you will be able to secure through a bad credit secured loan is directly linked to the amount of equity you have in your home. Your current mortgage liabilities will also be taken into account by lenders when they are working out how much you can afford to borrow.

  • Making sure you can afford the repayments if interest rates increase: Unless you can opt for a fixed rate secured loan, you may face increases in your monthly repayments if the base rate rises at some point over the term of your deal. Just as you would when taking out a house purchase mortgage, you should stress test the loan to ensure you will be able to cover the repayments even if the interest rate increases.
  • Length of the loan term: Think about how long you will need to repay the loan and ensure that you will be able to take out the bad credit secured loan for the right amount of time to suit your needs.
  • Amount you need to borrow: Only borrow what you really need against what you need it for. Secured loans cost money and the longer you are paying the loan off, the more money you will spend in interest payments.

Should I consider remortgaging instead?

It is worth researching and considering re-mortgaging as a means of accessing a larger amount of money when you are a homeowner. However, if your credit record has deteriorated since you initially took out your mortgage, you may struggle to access a remortgage deal with your current provider, or with a new provider as remortgage applicants have to meet the same criteria as initial mortgage applicants.

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