When will I get my secured loan?

It could take anywhere between two and six weeks to get a secured loan. Exactly when you'll get your loan is largely dependant on how long it takes for you to read and sign the paperwork, and get a valuation survey booked in (should one be required).

3 min read
Woman on phone to bank

Understanding secured loans 

Secured loans are tied to an asset, usually your property (e.g. your house, bungalow, flat etc.). They are also known as homeowner loans or second charge mortgages.  

If you were to sell your home, the proceeds would pay off your mortgage first. Then any remaining funds would go towards your secured loan. What’s left over, if there is anything, would go to you. 

If you stop making your loan repayments, your home could be put at risk. So, make sure you can afford the repayments for the full loan term before you go ahead. 

Because the lender has this added layer of security, they may allow you to borrow more money - even if you have a bad credit history.

Plus, you can normally spread the repayments over a longer period and get more competitive interest rates compared to personal loans. Remember though, extending the term can increase the amount you repay in total. 

Bear in mind, the amount you can borrow depends on several factors, including: 

  • the value of your property
  • your equity (how much you own outright)
  • your credit history (which shows your financial background)
  • your affordability

How to prepare for your application 

You can prepare for your secured loan application in several ways. To start with, you can use a loan calculator like ours to help you work out how much you’ll need to pay each month. This is based on how much you want to borrow and for how long. 

Another thing to work out is how much equity you have in your home. Equity is the difference between your current house value and your outstanding mortgage balance. The more you’ve paid off, the higher your equity will be - and the more you may be able to borrow against your home.  

Once you’ve worked this out, take your time to shop around for a loan that suits your circumstances. You could consider using an independent financial adviser, or a loan broker like Ocean. We can search hundreds of loans and we have qualified advisers on hand that can give you advice about which loan to take, based on your individual situation.

Tip: To make sure everything goes smoothly, complete the forms as accurately as possible and return them in a timely manner. 

What can I use the funds for? 

You can use the money from a secured loan for most things (but not gambling or anything illegal). Popular options include debt consolidation and home improvements, or both.  

Secured Loans from £10,000 to £100,000

  • Check if you’re eligible before you apply
  • We compare 100s of secured loans
  • Getting a secured loan quote won’t affect your credit score
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We have found loans with rates from 2.10% to 25.34% APRC, which has allowed us to help customers with a range of credit profiles. 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.