Looking for a secured loan? Check your eligibility in 60 seconds, without impacting your credit score
- Borrow £10,000 to £100,000
- We compare 100s of secured loans
- Getting a secured loan quote won’t affect your credit score
We have helped people with rates from 4.3% APRC to 26.6% APRC.
Can I get a secured loan if I have bad credit?
Yes, a secured loan could be an option for you if you’ve got a poor credit history. If you have a bad credit history, you may find that a secured loan may be easier to obtain than other types of borrowing. That’s because the lender has the extra security of the loan being secured against your home. Plus, if you take out a secured loan and make regular repayments, it can help you build your credit score over time.
Use our secured loans calculator to see what your potential monthly payments will be.
Click the button below to see if you’ll be accepted for a secured loan even with a bad credit score before you apply.
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 fee of 10% of the net loan amount, set at a minimum of £995 and capped at a maximum of £3995 is payable upon completion and can be added to your loan.
Is a secured loan the same as a mortgage?
A mortgage is a type of secured loan. They’re only available to homeowners - you can only get a secured loan if you own your own property. If you’re not a homeowner, you may be eligible for a personal loan.
With a secured loan, the value of the loan is secured against your property. This means that you can often borrow a larger sum of money in a secured loan than you can with an unsecured loan, and you can often take longer to pay back the debt. A secured loan can also be known as a second mortgage, second charge or further charge.
How does a secured loan work?
Like all loans, once you have the money, you simply repay in fixed monthly repayments. With a secured loan, your home is used as security against any missed payments. So, if you find you can’t repay the loan, your home could be sold to make up for it. That’s why you should only ever take out a secured loan if you’re confident you’ll be able to pay it back every month. Our secured loan calculator can help you do the sums.
With our secured loans, the amount of money you can borrow varies, as does the term of the loan and the interest rate. These will all depend on your personal circumstances, as well as the amount of equity you currently have in your home. Getting a quote with us can help provide you with this information. Plus, it won’t affect your credit rating.
Will a secured loan damage my credit score?
No. If you make your repayments on time each month, it could actually help to improve your credit history over time.
That’s because borrowing money and paying it back on time reflects well on your credit history.
If you currently have a bad credit score, then this isn’t necessarily a barrier to you receiving secured borrowing, and it could be easier than obtaining other types of finance. You can use our secured loan calculator to find out what your monthly repayments will be and to ensure that you can meet the repayments before you take out a loan. Getting a quote won’t affect your credit rating.
Getting a quote will allow you to assess what your repayments might be on your loan, and this will reveal the affordability of the loan offered to you. Due to the amount borrowed, repayments tend to be over a longer period, which will mean that your monthly repayments might be lower, which can help with affordability. However, it’s important to know that the longer you borrow the money for, the more you’ll pay in interest.
What can a secured loan be used for?
A loan from Ocean can be used for almost any purpose – whether it’s for some home improvements, to buy a new car, to consolidate your debts or to help pay school or university fees for your children.
Why choose Ocean?
We’ve helped hundreds of thousands of people find the right form of secured lending, and we can do the same for you. We have been helping people find the money they need for over two decades and pride ourselves on providing a level of customer service that goes the extra mile.
We look at every application on a case-by-case basis. Even if you have bad credit, we’ll do our best to find you a loan. We don’t offer ‘one size fits all’ products, and we aim to find a perfect fit for you.
When you choose Ocean, there are no up-front fees and you can obtain secured loans online, today. We aim to make the process as simple as possible for you.
In addition, we also believe in giving a bit back, which is why we also support local and international charities with life-changing projects.
With over 20 years' experience, we have already helped over a quarter of a million people find their perfect solution, and we’re confident that we can help you, too.