Loan calculator

The amount you could borrow with a loan through us will depend on:

1. How much you can afford to repay
2. The type of loan you choose (secured or unsecured)

Homeowner loan

With an Ocean Homeowner Loan, you could borrow between £10,000 and £500,000 over 3 to 30 years. Homeowner loans are secured against your property, which is why they are also known as secured loans.

Use our borrowing capability calculator to see how much you could borrow against the equity in your home.

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 £4,495. Loans are subject to status, and the rate you are offered may change based on your individual circumstances.

Personal loan

Personal loans are not secured against any assets, which is why the loan amounts tend to be lower. Through Ocean, you could borrow between £1,000 and £15,000, over 1 to 5 years (depending on your eligibility).

Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan.

The interest rate you are offered will vary depending on your credit history. If you’ve struggled managing money recently, you’re more likely to be charged a higher interest rate, because the risk to the lender is greater.

Also, bear in mind that while spreading the cost over a longer period can make your monthly payments more manageable, you'll end up paying more interest in total.

We always endeavour to find the best loan you’re eligible for from our panel of trusted lenders, regardless of whether your credit score is good or bad.

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.

Each lender uses their own criteria, but generally, the APR you are offered is influenced by a range of factors, including your individual circumstances and credit history. If you’ve got a good track record of managing your money well, lenders may see you as a low-risk borrower. As a result, you’re more likely to be approved for a loan with a competitive APR. 

A secured loan is a loan that is secured against an asset, such as your home. This means that if you are unable to repay the loan, the lender could repossess your home as collateral. A personal loan, on the other hand, is unsecured, meaning it is not backed by any collateral. The terms and interest rates of a secured loan may be more favorable than those of a personal loan.

The length of time you should borrow for depends on several factors, including:

• the size and total cost of the loan
• the monthly repayment amount
• your income and expenses
• your personal and financial circumstances

You may be able to borrow more over a longer period with a secured loan than you would with a personal loan. Borrowing over a longer period can reduce the size of monthly repayments, but it can also mean paying more interest in total.

The time it takes to get a personal or secured loan can vary depending on the lender and the type of loan you are applying for. Some loans will be available on the day you apply, whereas others will take longer. You can check your eligibility and get a quote in minutes before applying. Secured loans typically require additional processing time of around three to four weeks.

Loans can be used for a wide range of purposes, including home improvements, debt consolidation, car purchases, and other large expenses. It's important to consider the purpose of the loan carefully, as well as your overall financial situation and the repayment terms before applying.

Yes, it is possible to apply for a joint loan with another person, such as a spouse or family member. Joint loans can be a useful option if you want to increase your chances of being approved for a loan.

However, it's important to keep in mind that both parties will be responsible for repaying the loan and both will be subject to any negative effects of adverse credit on the account (e.g., late or missed payments).