Looking for a secured loan? Use Ocean’s Smart Search tool to see if you’ll be accepted before you apply.
- Borrow £10,000 to £250,000
- We compare over 100 loans to find you the best deal
- Getting a quote won’t affect your credit rating
See if you'll be accepted without affecting your credit rating
Figures based on 6.5% APRC as a guide. We have arranged loans with rates from 4.7% APRC to 25% APRC which allows us to help people with a range of credit profiles.
Representative Example If you borrow £25,515 over 10 years at an annual interest rate of 6.5% (variable) you would make 120 payments of £329.03 per month. The total amount of credit will be £28,985. The total amount repayable will be £39,483.60 (this includes an average Lender fee of £495 & Broker fee of £2,975). The overall cost for comparison is 9.9% APRC Representative. Subject to status, the actual rate will depend on your circumstances.
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. A secured loan may even be easier to obtain than other types of loan if your credit rating isn’t perfect. That’s because the lender has the extra security of the loan being secured against your home. This means you’ll be seen as less of a risk to lend to.
Keeping up with your repayments could also help you to improve your credit rating over time.
Use our SmartSearch to see if you’ll be accepted before you apply today.
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.
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 12.5% of the net loan amount, capped at £2,975, 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.
How does a secured loan work?
Like all loans, once you have the money, you simply repay your lender 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.
Will a secured loan damage my credit rating?
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.
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 secured loan, and we can do the same for you.
- 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
- Over 20 years' experience
- There are no up-front fees