Whether you’re looking to make some home improvements, make a big purchase, or even consolidate your existing debts, Ocean could help you find a cheap loan that’s affordable for you.
You can borrow £100 to £5,000 with a personal loan, or £10,000 to £250,000 with a homeowner loan. We’ll talk about the differences between the two further down the page.
Where to find cheap loans
Your personal circumstances will affect the rate of interest, or APR, you’re offered on a loan. For example, if you have a perfect credit history, you’re more likely to get one of the cheaper loans on the market. If your credit rating isn’t so good, you may still be able to borrow money, but it’ll usually be at a higher interest rate.
People have poor credit histories for lots of different reasons. You could have defaulted on a loan payment in the past, have arrears or CCJs, or you may have no history of managing credit at all. However, this doesn’t necessarily mean you can’t get a good deal on a loan.
We cater for all different types of credit ratings. Even if you’ve been rejected by other lenders, we’ll do our best to find you a good deal on a loan.
What’s a homeowner loan?
Also known as a secured loan, a homeowner loan is secured against your property. This means you’ll only be eligible for one if you own your own home or have a mortgage. A homeowner loan is generally for a larger amount of money compared to other types of loans, and you can usually borrow over a longer period too.
- Borrow £10,000 to £250,000
- Available over 3 to 30 years
- We compare 100s of loans with competitive rates
We arrange secured loans from a panel of lenders. We will receive a commission from the lender upon completion. A fee of 12.5% of the net loan amount, capped at £2975, is payable upon completion. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
What’s a personal loan?
Personal loans are also known as unsecured loans, and aren’t secured against your property, so you don’t need to own your own home to be eligible to apply.
- Borrow £100 to £5,000
- Available over 3 to 36 months
Unsecured loans: 68.7% APR Representative. Ocean, a trading style of Intelligent Lending limited. We are a broker, not a lender. To find you a loan, we work with a preferred lender panel as well as panels operated by other brokers. We will search the lenders in order of who offers the best representative APR, first from our preferred panel and then from the panels of other brokers.
Debt consolidation loans
If your finances are in good shape, a debt consolidation loan could help you make managing your existing debt repayments more simple. You could use the new loan to pay off your existing debts, leaving you with just one, often lower, monthly payment, rather than many smaller ones.
Remember though, this doesn’t mean your loan will be cheaper overall, as you’ll be repaying what you owe for longer, so you may pay more interest in the long run.