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Loans

Find the right loan for you

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.

Find personal loans
from £1,000 to £25,000

  • Instant online decision
  • All credit histories welcome
  • No upfront fees

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Homeowner loans
from £10,000 to £100,000

  • Check if you'll be accepted before you apply
  • Getting a quote won’t affect your credit score
  • We compare 100s of loans with competitive rates

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Debt Consolidation Loans

Apply for a loan that lets you replace all the existing monthly repayments you’re juggling with one easy-to-manage monthly payment.

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Bad Credit Loans

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.

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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.

How to get a loan online

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:

  • Tell us how much you want to borrow and how long you need to pay it back
  • Give us a few personal details like your name, address and employment status
  • We’ll then run an eligibility check (which won’t affect your credit score)
  • We get you a quote from our trusted panel of lenders
  • You’ll find out if it’s a ‘yes’ or ‘no’ there and then.

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Try our loan calculator to see what your payments could be

The amount we show you is just an estimate. To get a personalised quote, we’ll ask for a few more details.

Estimated monthly payments:£0

Based on your loan request, you could be suitable for an

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What is the difference between secured and unsecured loans?

Secured loans

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.

Unsecured loans

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 £25,000 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.

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What is an APR or APRC on a loan?

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 49.9% 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.

How to get a loan with bad credit

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.

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What is a guarantor loan?

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:

  • Use a reputable lender
  • Make your repayments on time and in full. Failure to do so could result in damage to credit score or in the case of a secured loan, you’d be putting your home on the line.

A loan could be the right way to borrow money if you:

  • Want to consolidate multiple debts into one monthly repayment
  • Want to borrow money against the value of your home
  • Need a lump sum for something of high value (i.e. a car, wedding, or extension)
  • Like the stability of one fixed monthly sum.

But of course there are other ways to borrow, and they might be more suitable for your needs if you:

  • Only need to borrow a small amount of money over a short period of time
  • Want to vary your monthly repayments
  • Aren’t sure if your circumstances might change in the near future.

If this sounds more like your current situation, a credit card might be a better fit for your borrowing needs.

Types of Loan