Secured Loans

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 arranged borrowing with rates from 2.3% to 25.34% APRC which has allowed us to help customers with a range of credit profiles.

Getting a quote won't affect your credit score
  1. Tell us how much you want to borrow and for how long
  2. Complete our simple application form
  3. We'll search 100s of loans from our panel of lenders to find the best loan you're eligible for
  1. Tell us how much you want to borrow and for how long
  2. Complete our simple application form
  3. We'll search 100s of loans from our panel of lenders to find the best loan you're eligible for

A secured loan is money you borrow that's secured against your property. As it's only available to people who own their home, it's often referred to as a homeowner loan.

Even if you have less-than-perfect credit, secured loans are still an option because lenders are reassured by the added security of your home against the amount you've borrowed. For this reason you might even potentially be able to borrow more than you could with a personal (or 'unsecured') loan. At Ocean Finance, we want to explore your secured lending options with you to help you find the funding you need.

What can I use a secured loan for?

As your home is being used as security, it’s possible for you to borrow up to £100,000 from us, depending on your circumstances. Since you can borrow so much, this type of borrowing is ideal for some large-scale projects. Typical uses include:

  • Home improvements, such as replacing the roof or fully renovating the property
  • Home extensions, like building a conservatory or converting the loft space into an attic
  • Debt consolidation. It could make sense to move all of your debts into one monthly payment, rather than trying to cover credit card bills and other debts individually*

*Remember, even if your monthly payments are lower you could end up paying more in interest over the length of your loan. If you don’t stick to the repayments, your home could be at risk.

Are secured loans safe?

As a borrower, you’ll find that there is some risk involved with opting for a secured loan. That’s because you’re using your property as part of the loan process and this means your home could be at risk of repossession if you don’t keep up the repayments.

While repossession is a last resort, it’s important to keep this in mind when applying for your loan. The amount of risk involved generally depends on how much equity you have. Equity is the amount that’s left when you take away what’s left to be paid off your mortgage from the value of your home.

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Are you still wondering if this type of loan’s right for you? As well as being suited to you if you’re taking out secured loans for poor credit scores in order to improve your rating, there are other ways to check this is right for you. Here’s a look at how you can decide if you want to take one out.


If you’re a homeowner currently paying off a mortgage, a secured loan could be a great option. This loan is designed for people who own their property, and there are lots of opportunities available depending on how much of your home you own.

For example, generally you’ll find that you’re in a good position to take out this type of loan if you own around 40% of your home outright. This is because you’ll get the best kind of deals with this amount of equity in your home.

Click the button below to see if you’ll be accepted for a secured loan even with a bad credit score before you apply:

Want to borrow more?

If you want to borrow a larger amount of money, you’ll find that this is a great way to gain access to the finances you need. Maybe you’re rethinking how you manage your money and want to consolidate large amounts of debt or perhaps you’re planning that extension on the house. Once you know how much you have in mind, it’s worth looking into the loan amount you’ll need.

Need more time?

If you want a loan that gives you the opportunity to spread the cost over a longer period of time, secured loans could be for you. Not only could you enjoy lower monthly payments, you can stretch out paying it off.

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

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

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Who are they not for?

By definition, you can only take this loan out if you’re a homeowner. If you don’t own a property, you won’t be able to take a secured loan out as this type of borrowing depends entirely on your home being used as security.

As well as having to be a homeowner, it’s important to make sure your home isn’t in negative equity. This is when your property is worth less than the mortgage that you’re paying on it and usually happens if property prices fall, so it’s worth keeping track of the price of your home.

Do you need a large amount of money for repairs or renovating your property? Maybe you’ve been refused a personal loan because of your poor credit rating, but still want to borrow so you can consolidate your debts?

If either of these scenarios sound familiar, a secured loan could be right for you. This is because you’re more likely to be accepted, even if you have a less-than-perfect credit history. If you use this loan wisely and make the repayments on time each month, you could find that you’re able to use it to build your credit score and use it to improve your credit history.

Even if you have good credit and just want to borrow a higher amount, you’ll find that you’re more likely to be able to do this with secured lending. This higher amount is because your home is being used as insurance, so lenders feel more relaxed lending you more money.

To work out if you’d like to take one of these out, check your credit score to see if that’s the reason you’re not being accepted for other loans. Here’s a look at how to get your current rating:

How to check credit scores

There are several reasons why you might have poor credit. These include things like missing repayments on previous loans; being declared bankrupt; and applying for different types of credit in a short space of time.

To find out more about what can affect your credit rating, the Money Advice Service offers a comprehensive list.

Even if you’ve not been able to take out an unsecured loan because of your current rating and you’re now weighing up your options, it’s worth checking how healthy your score’s looking now ahead of any alternative borrowing.

You can do this by choosing one of the three UK credit reference agencies. These are:

Each of these will be able to provide your credit score for free, although there’s a charge after 30 days if you decide to use Equifax.

There isn’t one single credit score for you, though. Credit reference agencies have different ways of scoring you, so the numbers you see will be slightly different depending on the agency you go with.

Secured loans: The advantages

If you’re weighing up the pros and cons of secured loans, you’ll find that there are plenty of reasons to go ahead.

Firstly, being able to borrow more than with other types of lending – up to £100,000 – means you can make the money you’re borrowing go further. For example, you could start rolling up your sleeves and get those costly home improvement projects done and dusted at last.

We’ve already touched on being accepted for a secured loan even if you have poor credit, but it’s worth repeating – the extra security means you’re more likely to get a ‘yes’ even if you have a poor credit history. This can be a major plus for those who are hoping to use the money to get their finances back on track.

Also, you can spread the repayments over longer periods. Although this means more interest paid, it also means that you can pay smaller amounts off the loan each month.

Secured loans: The disadvantages

One of the biggest disadvantages is the level of risk involved. If you miss payments, your home could be at risk. While repossession is a last resort, it’s still a possibility, so it’s important to think carefully about whether it’s worth the risk.

Also, if you’re spreading out the repayments over a long period, for example 10 years, you could end up paying lots of interest. This is where your credit score could have an impact, as if you have a poor history with debts, you’ll be given a higher APR. So, although you’re more likely to be accepted for this type of loan even with poor credit, you could have higher amounts to pay off monthly due to interest rates.

It’s important to think about whether it makes sense to secure a previously unsecured loan. If you’re struggling to pay off your current loans and credit cards, it could be better to work out an arrangement with your lenders instead of taking out a secured loan.

Secured loans work like other types of loans in that you borrow money from a lender and pay the money back in monthly instalments. This is paid back over an agreed period of time.

The difference is that secured lending means your loan is secured against the equity you have in your property. So, if you can’t pay the money back, your home could be sold to cover the debt. If you’re confident you’ll be able to make the repayments, this could be the loan for you.

How do I get this type of loan?

While you can borrow anything from £10,000 to £100,000 over a period of 3 to 25 years, as a loan and mortgage broker, we want to find you the best loan possible. That’s why we carefully assess how much you can borrow, how long you borrow it for, and the interest rate you’re offered against the amount of the equity you have in your home. We do all of this so that you can pay your loan off in manageable monthly payments.

All of this means that the amount of money you can borrow varies, as does the terms of the loan and the interest rate. Getting a quote with us can help you find out how much you could borrow – and getting this estimate won’t affect your credit rating, either.

To help you find out how much you could get and how much your repayments will be, check below.

The application process

You can check your eligibility in just 60 seconds. We search hundreds of deals across our trusted panel of lenders to find you a loan that you’re likely to be accepted for and you’ll receive a decision in an instant.

The application process itself involves several steps. These are:

Getting a quote

After we check your eligibility, we’ll find you a quote for a homeowner loan. All you need to do is simply click to continue and we’ll take it from there.

A financial fact-find

Our friendly advisors will call you and talk you through all the information we’ll need.

After the phone call

We’ll send you a pack of information about your homeowner loan. This should be signed and sent back.

ID checks

We’ll run an electronic ID check, as well as asking to see originals of documents such as your passport or driving licence. This is just to make sure you’re the person who’s taking out the loan.

Legal processes

As this is a charge being registered against your house, we set in motion the legal steps that are needed.

There are plenty of lenders out there that offer easy access to secured loans online. While lots of these will give you an instant decision, there are a lot of loan providers out there that charge hidden fees that add to your debt. We’ll be open and upfront about any fees from the get go – so you’ll always know what to expect.

When you choose Ocean Finance, you’re getting a high-quality service from a team of experts. For over two decades, we’ve been helping hundreds of thousands of people choose the secured lending that suits their individual needs, and we can do the same for you.

We’ll never add hidden fees, we look every application on a case-by-case basis, and only ever use our panel of trusted UK lenders when processing your application. Even if you’ve been declared bankrupt or defaulted on repayments in the past, we’ll help to work out the right amount for your needs.

To find out more about the service we offer from people just like you, check out our reviews here.