Calculate your estimated monthly loan payments
For secured and personal loans
Representative Example: If you borrow £6,200 over 48 months at an annual interest rate of 31.1% (fixed), Representative 31.1% APR, you would pay £213.91 per month. The total amount repayable will be £10,276.68. Rates from 6% to 99.9% APR, which allows us to help customers with a range of credit profiles.
Compare our loans
Secured Loans from £10,000 to £500,000
- Check if you'll be accepted before you apply
- Getting a quote won’t affect your credit score
- We compare 100s of homeowner loans with competitive rates
11.0% APRC Representative (variable)
Personal Loans from £1,000 to £15,000
- Instant online decision
- All credit histories welcome
- No upfront fees
59.9% APR Representative (variable)
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 loan.
Homeowner loans are secured against your property.
What’s the difference between secured and unsecured loans?
Unsecured loans (also known as personal loans) and secured loans are both forms of borrowing that involve paying back a lump sum in monthly instalments, over a set period of time. However, there are differences you should consider:
Secured loans
Tied to an asset: you need to be confident that you can keep up with the repayments, so your home is not put at risk.
Wide-ranging loan amounts: from £10,000 to £500,000 with Ocean.
Lower monthly repayments: you can spread the repayments over a longer period (up to 30 years), potentially with lower interest rates. However, a longer loan term may lead to you paying more interest overall.
Easier to get accepted: lenders may see you as lower risk if you’re using your home as security, so you could get accepted even if you have a low credit score or a thin credit history.
Unsecured loans
No asset needed: if you fall behind with your repayments, your home won’t be at risk, but your credit score will be affected. This could make it more difficult to get finance in the future.
Smaller loan amounts: ranging from £1,000 to £15,000 with Ocean.
Higher monthly repayments: you may end up paying more each month, as there’s usually less time to repay the loan (up to 5 years).
More difficult to get accepted: as there’s no security for the lender, they may place more emphasis on your credit score. So, you could find it trickier to get approved for an unsecured loan if you’ve experienced financial difficulties.
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How could we help you?
Ocean has provided access to loans, credit cards and mortgages to people across the UK since 1991. In this time, we’ve pre-approved more than a million people, offering products and advice to suit their circumstances.
- All credit histories considered
- Check your eligibility without affecting your credit score
- Save time finding the right loan deal
You can learn more about Ocean on our about us page.
Got Questions?
The amount you could borrow with a loan through us will depend on:
- How much you can afford to repay
- 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. This means your home may be at risk if you fall behind with your payments. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Fees may be payable depending on your choice of financial product. The rate you're offered and the fees will depend on your circumstances and will be discussed prior to you proceeding with your loan.
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 require additional processing time, but they are typically funded within 2-3 days from the moment your loan offer is issued by the lender.
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).
A monthly loan payment (often referred to as a “repayment”) is the amount of money you pay each month to repay your loan. This amount is determined by the loan amount, interest rate, and loan term. Your monthly loan payment will remain the same throughout the loan term (although, in some cases, the initial or last payment may be different), unless you choose to make additional payments or pay off the loan early, which may incur an early repayment charge (ERC).
It's important to ensure that your monthly loan payments are affordable over the full term of the loan.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
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