Oplo Secured Loans

Oplo, formerly 1st Stop Home Loans, is a limited company and trading name under the 1st Stop Group. It is registered with the Financial Conduct Authority and offers secured borrowing to people who want to access credit that is secured against their property.

Borrowers usually take out secured loans in order to cover the cost of major purchases or expenses, such as home renovations. Some people also use secured loans as a way of consolidating existing debt. Although this can sometimes help people manage debt, it can also carry risks and can sometimes lead to the debt costing more in the long run, if the debt is extended, increasing the total amount you are required to pay overall.

Secured loan providers will often offer borrowers more money over a longer period of time. Interest rates can also be lower. This is because the debt is secured against a property and, therefore, the level of risk to the lender is reduced.

It can also sometimes be easier for borrowers with poor credit to be accepted for secured loans, than a personal loan, because the lender knows they can force the sale of the property to meet the repayments if the borrower defaults.

As with any secured loan, you stand to lose your property if you cannot keep up with the repayments on your loan. It is, therefore, very important that you consider whether you will be able to meet the repayment responsibilities involved with a secured loan before you take one out. It may be that there are alternatives available to you that involve less risk, such as a personal loan, remortgaging, a credit card with low or no interest on purchases, or even borrowing from friends or family.

No. NerdWallet works with the broker, Fluent, who help borrowers arrange secured loans with any of our featured providers. Secured loans are generally taken out via brokers who can help guide you in the process of taking out a secured loan.

There are a number of eligibility criteria you will need to meet to be offered a secured loan. Primarily, you will need to be a homeowner with an existing mortgage. You will also have credit checks and affordability checks carried out to ensure you are able to meet the repayment responsibilities and minimise the risk of defaulting.

You should contact Oplo directly as soon as possible if you’re experiencing financial difficulties. If you contact them before your repayment is due, you may be able to arrange an alternative repayment schedule that helps you avoid default charges and other potential costs. However, if you do miss a payment, your credit score could be affected and the lender may start official collection procedures, which could lead to you losing your home.