Low-cost Loans

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
We have 2 types of loan you can choose from. A personal loan from £1,000 - £15,000 or if you’re a homeowner, a secured loan from £10,000 - £250,000.
Are you a homeowner?
You can also borrow this amount as a secured loan, available over 3 to 25 years. Would you prefer this?

Personal loans: APR Representative (variable) Secured loans: 8.6% APRC Representative. You must be a homeowner to apply.

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?

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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:

  1. Hold off applying until you’ve had time to work on improving your credit score and/or
  2. 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:

Illustrative Rate 3.86%


Based on your loan request, you could be suitable for an

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The amount we show is an estimate based on an Illustrative Rate excluding fees. You can choose to pay the Broker Fee separately or have it added to the total amount of credit, which would increase the amount of interest you pay overall. Arranged rates between 3.86% to 24.84% APRC. Repayment terms between 3 and 25 years.

How to get a low-cost loan with bad credit

First things first, shop around. If you apply with the first offer you lock eyes on you’re probably not going to walk away with the best deal. To make sure you don’t miss anything, remember to use comparison sites and go to lenders directly - because not everyone will be signed up to the former.

While you’re doing your research pay particular attention to whether or not the provider you’re looking at advertises lending to people with a less-than-perfect credit history. If they do, you may be able to bag a more attractive interest rate - although there’s no guarantee.

The second way to secure a low-cost loan with bad credit is by actively making efforts to improve your finances. We listed a handful of ways you can improve your credit score a little earlier, but here are some more:

  • Try not to move address too often - to lenders, it can make you look unreliable,
  • Detach your finances from anyone who also has a bad credit history,
  • Reduce any outstanding debt as much as you can, and
  • Close any credit or store card accounts you haven’t used in a long time.

Can a low-cost loan help me rebuild my credit history?

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. Each payment you make serves as a tick on your credit report and the more ticks you collect the more reliable you look.

Over time, this will show all current and prospective lenders you’re righting your wrongs and that you can be trusted to borrow money and pay it back.

On the flip side though, one missed or late payment can do a lot of damage and make your bad credit history even worse. For that reason, it’s incredibly important you only consider taking out a loan - or any type of credit, for that matter - if you’re absolutely certain you can afford the repayments, both now and in the future.

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I’ve been rejected by other lenders in the past, can I still apply?

Of course. We’re different to a lot of lenders because we go out of our way to find loans for people who don’t have the best credit history, so even if you’ve been rejected for a low-cost loan in the past, you could still be accepted with 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.

Some lenders (including us) offer a soft search facility which lets you see if you’re likely to be accepted before you apply and without hurting your credit score. If you can, it’s always worth making the most of this.

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Common Questions

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 £250,000 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.

Other types of loans we offer