Looking for a low-cost loan? We can help you find the best deal on a homeowner or personal loan. Get a quote now.
- Homeowner and personal loans
- Loans for almost any purpose
- No upfront fees
Personal loans: APR Representative (variable) Secured loans: 9.1% APRC Representative. You must be a homeowner to apply.
Coronavirus (COVID-19) update
Due to the recent coronavirus (COVID-19) outbreak, some lenders have temporarily paused offering loans through Ocean Finance to the market. We’ll be able to match you to loans still available, but there may be fewer options than normal.
Low-cost loans with Ocean
When you’ve got a bad credit history lenders often hit you with higher interest rates, and the higher the interest rate the higher the cost of the loan. Here at Ocean though, we don’t think money mistakes from the past should make borrowing in the future unattainable, which is why we specialise in offering low-cost loans to people with poor credit.
So, whether you’re looking to finance an extension, consolidate some debts or buy a big-ticket item, we’ve got plenty of low-cost loan options to sort you out. Ready to see what’s available?
Personal loans: 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.
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. A broker fee of 12% of the net loan amount capped at a maximum of £3,995 is payable upon completion and can be added to your loan.
How do I get low-interest rate loans?
Generally speaking, there are two things that affect the interest rate you’re given; the loans market and your personal circumstances.
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 roll
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 only apply with a lender who specialises in lending to people with poor credit. That way you’re more likely to a) be accepted, and b) get a competitive offer.
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
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Representative Example: If you borrow £20,000 over 10 years, initially on a fixed rate for 5 years at 5.35% and for the remaining 5 years on the lender's standard variable rate of 6.15%, you would make 60 monthly payments of £247.79 and 60 monthly payments of £252.62. The total amount of credit is £22,995; the total repayable would be £30,119.60 (this includes a Lender fee of £595, a Broker fee of £2,400 and a Lender exit fee of £95). The overall cost for comparison is 9.1% APRC representative. This means 51% or more of customers receive this rate or better.
Arranged rates between 2.10% to 25.34% APRC. Repayment terms between 3 and 25 years.
Representative Example: If you borrow £1,500 over 18 months at an annual interest rate of 41.0% (fixed), Representative 49.7% APR (variable), you would pay £112.97 per month. The total amount repayable will be £2,033.46. We have arranged loans with rates from 2.8% to 99.9% APR which has allowed us to help customers with a range of credit profiles.
Representative Example: If you borrow £3,500 over 36 months at an annual interest rate of 37.7% (fixed), Representative 44.9% APR (variable), you would pay £163.65 per month. The total amount repayable will be £5,891.40. We have arranged loans with rates from 2.8% to 99.9% APR which has allowed us to help customers with a range of credit profiles.
Representative Example: If you borrow £5,000 over 36 months at an annual interest rate of 34.1% (fixed), Representative 39.9% APR (variable), you would pay £223.50 per month. The total amount repayable will be £8,046.00. We have arranged loans with rates from 2.8% to 99.9% APR which has allowed us to help customers with a range of credit profiles.
What’s the difference between a homeowner loan and a personal loan?
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 £100,000 over 3 to 25 years with a homeowner loan, and between £1,000 and £15,000 over 12 months to five years with a personal loan.
Another big difference is you must own your property to even be considered for a homeowner loan, and that’s because the loan’s secured against it as collateral.
What can I use a loan for?
As long as you stick within the law, of course, you can use a loan for whatever you want. Some common uses include consolidating debts or financing holidays, home improvements, university fees, weddings or a new vehicle.
Why use Ocean Finance?
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,
- Lots of deals from 100s of reputable lenders,
- No up-front fees, and
- Loans big or small to suit your circumstances.