Looking for a low-cost loan? Find homeowner and personal loans with Ocean.
Low-cost loans with Ocean
If your credit history is less than perfect, you may find it more difficult to get accepted for a loan with a low interest rate. Here at Ocean, we don’t think money mistakes from the past should make borrowing in the future unattainable, which is why we help find loans for people with a range of credit histories.
So, whether you're looking to consolidate your debts, make home improvements, or buy a big-ticket item, we have plenty of low-cost loan options to consider. And getting a quote won't affect your credit score.
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. 11.0% APRC Representative.
Personal loans are unsecured. 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. We receive commission upon completion. A Broker Fee is not payable. 59.9% APR Representative (fixed).
How do I get low-interest rate loans?
Your personal circumstances and the loans market itself are two of the biggest factors affecting the interest rate you're quoted.
The loans market
The Bank of England base rate influences what banks charge. If it goes up, interest rates as a whole can go up. If it goes down, then so might the interest rate you're offered.
Personal circumstances
Usually, the best interest rates are saved for borrowers with the best credit histories, and that’s because they pose less risk to lenders. So, if you want to get a low-interest rate loan, you need to do everything within your power to get your credit score in good shape, and that means:
- Sticking to any existing credit agreements on time and in full
- Getting your credit utilisation ratio down to 25%
- Disputing any errors on your credit report
- Not making lots of applications in a short space of time
- Making sure you’re on the electoral rol
If you want a low-cost loan but your credit history’s not all that great you’ve got two options:
- Hold off applying until you’ve had time to work on improving your credit score and/or
- Do your research and look out for bad credit loans, designed for those with a less-than-perfect credit history. That way you’re more likely to be accepted.
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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?
Yes, it absolutely could - but only if you stick to the terms of the agreement, and that means meeting all your monthly instalments on time and in full. This will show lenders that you are a reliable borrower. On the flip side, missed or late payments could make your bad credit history even worse. For that reason, it’s important you take out a loan or credit only if you’re certain you can afford the repayments, both now and in the future.
Of course. We will search our panel of lenders to find the best loan you're eligible for. So even if you’ve been rejected for a loan in the past, you could still be accepted through us.
However, remember, lots of hard credit searches in a short space of time show on your credit report and impact your score, so if you’ve only recently been rejected, it might be best to hold off making another application for now.
Through us, you can get a quote and see if you’re likely to be accepted before you apply - without affecting your credit score.
With a homeowner loan, you can borrow much more and over a longer period than with a personal loan. To give you an idea, here at Ocean, you can borrow between £10,000 and £500,000 over 3 to 30 years with a homeowner loan, and between £1,000 and £15,000 over 1 to 5 years with a personal loan.
Another big difference is you must own your home to even be considered for a homeowner loan, and that’s because the loan’s secured against it as collateral. This is why homeowner loans are also known as secured loans.
You can use a loan for just about any lawful purpose. Some common uses include consolidating debts or financing holidays, home improvements, weddings or a new vehicle. Remember to borrow and spend responsibly.
Because we’re trusted, competitive and we don’t discredit people because of their past. With us, you can expect:
- A quick ‘yes’ or ‘no’ without impacting your credit score
- Access to 100s of loans from our panel of lenders to find the best rate you're eligible for
- No upfront fees
- Loans big or small to suit your circumstances
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.