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 9.8% 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. Any quote is inclusive of the Broker Fee and all associated costs which is calculated as 12% of the net loan amount, capped at a maximum of £3,995. Loans are subject to status, and the rate you are offered may change based on your individual circumstances.
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.
Illustrative Rate 3.86%
£0Based on your loan request, you could be suitable for an
Apply todayRepresentative Example: If you borrow £21,700 over 10 years, initially on a fixed rate for 5 years at 4.94% and for the remaining 5 years on the Lender's standard variable rate of 5.74%, you would make 60 monthly payments of £263.41 and 60 monthly payments of £268.56. The total amount of credit is £24,899 (this includes a Lender Fee of £595 and a Broker Fee of £2,604). The total repayable would be £32,013.20 (this includes a Lender Exit Fee of £95). The overall cost for comparison is 8.6% APRC representative. This means 51% or more of customers receive this rate or better.
The amount we show is an estimate based on an Illustrative Rate excluding fees. You can choose to pay the Broker Fee separately or have it added to the total amount of credit, which would increase the amount of interest you pay overall. Arranged rates between 3.86% to 24.84% 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 £250,000 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 (annual percentage rate) represents the total cost of borrowing to the customer over a year. It’s shown as a percentage and includes all interest and charges, for ease of comparison.
APRC (annual percentage rate of charge) represents the total cost of a secured loan or mortgage to the customer, shown as an annual percentage of the total loan amount. It includes all interest rates and charges applied over the full loan term, making it useful for comparison.
The rate you’re offered will vary depending on a few factors, including:
Typically, the better your credit history is, the more likely you’ll be offered a lower APR or APRC.
Here at Ocean, our representative APR is 39.9% for unsecured loans and 8.6% APRC for secured loans. This means 51% or more of customers receive this rate or better.
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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Take a look at genuine reviews from our happy customers who we’ve helped get accepted for an Ocean credit card, loan or mortgage.
Loan to value (LTV) is the percentage of what you owe on your mortgage (and any secured loans) in relation to the current value of your property.
(Total Borrowing Against Property ÷ Current Property Value) x 100 = % LTV
Total Borrowing Against Property = £150,000
Current Property Value = £200,000
£150,000 ÷ £200,000 = 0.75
0.75 x 100 = 75% LTV
Lenders use LTV (among other things) to assess eligibility, rates and lending limits when reviewing mortgage and secured loan applications. Each lender sets their own limits — some of the lenders we work with offer products up to 100% LTV. Lower LTVs tend to attract the best lending options for borrowers.
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.
