Need a loan? Find personal and homeowner loans with Ocean Finance. We can find some of the best loans in the UK that can be used for almost any purpose and we may be able to help if you’ve got bad credit.
Apply for a loan that lets you replace all the existing monthly repayments you’re juggling with one easy-to-manage monthly payment.
Don’t let having a less-than-ideal credit score get you down. With our help, you can still find a loan that fits with your personal situation.
Unsecured loans: Intelligent Lending Ltd is a credit broker working with a panel of lenders to find you a loan. The APR you are offered will depend on your individual circumstances. Rates between 2.8% APR and 99.9% APR. Repayment terms between 12 months and 5 years.
Homeowner loans:
Homeowner loans are secured against your property. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. A broker fee of 12% of the net loan amount capped at a maximum of £3,995 is payable upon completion and can be added to your loan.
Let’s strip it right back to basics - a loan is a lump sum of money you borrow from a lender. You decide how much you need and along with your personal circumstances, that’ll dictate which type of loan you apply for.
Once you’ve set the loan amount, you agree with your lender how much you’re going to pay back each month, including interest, and over what period of time.
The process of getting a loan online will vary slightly from lender to lender, but with us it’s super straightforward and looks like this:
The amount we show you is just an estimate. To get a personalised quote, we’ll ask for a few more details.
Based on your loan request, you could be suitable for an
Apply todayRepresentative Example: If you borrow £20,000 over 10 years, initially on a fixed rate for 5 years at 5.35% and for the remaining 5 years on the lender's standard variable rate of 6.15%, you would make 60 monthly payments of £247.79 and 60 monthly payments of £252.62. The total amount of credit is £22,995; the total repayable would be £30,119.60 (this includes a Lender fee of £595, a Broker fee of £2,400 and a Lender exit fee of £95). The overall cost for comparison is 9.1% APRC representative. This means 51% or more of customers receive this rate or better.
Arranged rates between 2.10% to 25.34% APRC. Repayment terms between 3 and 25 years.
A secured loan, sometimes called a homeowner loan, is just that. It’s a loan that’s ‘secured’ against your property, and for that reason is only available to people who own their home.
With a secured loan you can borrow between £10,000 and £100,000 for a duration of up to 25 years.
As well as the larger sums you can borrow with a secured loan, another benefit is you’re more likely to be accepted with a patchy credit record. This is because lenders know they can fall back on the equity in your home if you fail to make repayments, and this gives them added security.
An unsecured loan, on the other hand, isn’t tied to anything but you, and that’s why it’s commonly known as a personal loan.
With an unsecured loan, you could borrow from £1,000 to £15,000 for up to five years.
The sums on offer might be lower but so is the risk as your home isn’t on the line. However, because there’s less at stake for you, lenders will run more stringent credit checks before handing out any money, and so securing a personal loan could be trickier (although certainly not impossible) if your credit score isn’t as peachy as you’d like.
APR stands for annual percentage rate (for unsecured loans and credit cards) and APRC stands for annual percentage rate of charge (for secured homeowner loans and mortgages). The APR or APRC (dependent on the type of loan entered into) is the annual rate or annualised rate charged for borrowing money. It varies from lender-to-lender but here at Ocean, for example, our representative APR is 49.7% for unsecured and 9.1% APRC for secured.
The interest rate charged on a loan is often determined by a person’s credit history. So, while having a less than perfect credit record might not prevent you getting a loan full stop, it could mean you’re charged a higher interest rate in order for a lender to take a chance on you.
Find the right lender. Some lenders specialise in finding loans for people with poor credit. Why? Because we don’t think someone’s past mistakes should determine their future.
That said, there are no guarantees, largely because it depends on the severity of those past mistakes. If you didn’t pay your phone bill once last year it’s much less likely to hinder your loan application than someone who got a County Court Judgement (CCJ) last month, for example.
Remember, if you’re applying for a loan with poor credit you’re likely to be charged a higher interest rate than someone with a pristine record.
With a guarantor loan, you’re bringing a third party into your loan agreement - someone who says they will pay your loan if you fail to.
Because the lender has the safety net of the guarantor, this type of loan can be useful for anyone with a history of poor money management which has stopped them accessing credit.
Your guarantor can be anyone with a good credit history who’s willing to help but not someone who’s financially linked to you (typically a spouse). Most lenders will require them to be a homeowner, but not all.
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Loan to value ratio (LTV) is only relevant to secured homeowner loans. It’s essentially the size of loan a lender is willing to offer you in relation to the equity you have in the property you’re securing it against.
To give you an example, if your home is worth £200,000 and your mortgage value is £100,000 that leaves you with £100,000 equity in your home. If you then wanted to borrow £50,000 your LTV would be 50%.
Yes, loans are as safe as any other form of borrowing so long as you:
A loan could be the right way to borrow money if you:
But of course there are other ways to borrow, and they might be more suitable for your needs if you:
If this sounds more like your current situation, a credit card might be a better fit for your borrowing needs.
