A secured loan is a loan with which your lender will take legal charge over an asset of yours (a property, a car or other high value asset) in order to protect the money that they lend you and act as ‘collateral.’ If you were to default on your loan payments, then this asset could be repossessed by your lender.
Whether for your business or your personal life, a secured loan can sometimes be a great way to get the money you need quickly. They are often added on top of your first charge mortgage and can sometimes be referred to as second charge mortgages or simply ‘secured loans.’
It can be hard to find the best place to find a secured loan in the UK or even small loans instantly, like payday options and that is why TechRound has created this top 10 of the best places to find a secured loan in the United Kingdom. It is a mixture of high-street banks and off the high street online companies that can provide the same if not better services than those classic well-known banks.
Take a look through the list and find the best place for you to find a secured loan.
TechRound’s Top 10 Places To Get A Secured Loan in the UK:
- Proper Finance
- Lending Expert
- Santander
- Norton Finance
- Natwest
- Barclays
- RBS
- Evolution Money
- Willows Finance
- Pepper Money UK
1. Proper Finance
If you need to borrow money with a secured loan for an emergency or personal expense, Proper Finance can offer a number of viable options; comparing more than 50 different lenders in the UK. When you are looking for ways to borrow money, particularly when looking for alternatives to unsecured personal loans in the UK, you want to do it properly and that is what Proper Finance achieves.
Proper Finance is an independent and impartial price comparison website, with access to a range of products including unsecured loans, secured loan options, credit cards, guarantor loans and more.
Whether you need £500 for an emergency expense or you are looking to borrow £50,000, £500,000 or more for home improvements, a wedding and even debt consolidation, Proper Finance always aims to help find the right secured loan product for you, with the best rates and highest approval possible.
As an added bonus Proper Finance do not charge any fees for using their service. Applying will not have any impact to your credit score and depending on the product, you can receive your secured loan within a few hours or few days of applying.
2. Lending Expert
In the competitive industry of online price comparison, Lending Expert has emerged as one of the fastest growing in the last 12 months. Offering a great marketplace to find the best secured loan for you, Lending Expert is another fantastic place to find a secured loan in the UK.
Driven by offering transparent products and a strong digital marketing proposition, the Macclesfield-based company has seen significant growth and is starting to increase its market share against some of the other well-known competitors in the industry.
Lending Expert is unique in the way it is not driven by clear promotions or commercial arrangements, as often seen by other price comparison websites. Looking at a particular product such as a secured loan will give you a full overview of the market, the rates, the amounts and some top tips when you apply.
The website’s content is filled with financial services professionals, some who have more than 20 years of experience working in mortgages and pensions.
3. Santander
Santander is one of the biggest banks in the world and therefore can offer a range of secured loans for you to apply for. Serving more than 133 million people worldwide, Santander is continuously diversifying its portfolio for the benefit of its customers.
For commercial customers, Santander offers a wide variety of unsecured personal loans but it also has many options for larger loans which are secured loans and usually secured on your property.
For business customers, available services are even more diverse with options such as Business Line of Credit, Business Term Loan, Commercial Real Estate Mortgages, Business Equipment Finance, Small Business Administration (SBA) Loan and countless others besides.
Often with introductory interest rates of 0% for a temporary period, Santander is a high street bank you can trust for your secured loan in the UK.
4. Norton Finance
Norton Finance can help find a loan that corresponds to your personal financial situation and your individual needs. And, because Norton Finance compares loans rather than offering one product like a building society or bank, they can scour the full market for exactly that.
The flexibility of the loan products they find will let you borrow from £3,000 to £500,000, over any period between 1 and 30 years; including for their wide variety of secured loan options.
Norton Finance makes an ‘in principle’ decision on your application within 24 hours of receiving it, and can make a direct payment in around 14 days. They even have a secured loan calculator to see how much you may be able to borrow on your secured loan.
With access to around 600 products from their panel of lenders, Norton Finance offers flexibility and a straightforward loan process. There’s plenty of variety around maximum loan amounts and repayment terms, giving you control of your financial future.
5. Natwest
If you are looking to borrow a considerable sum of money, starting from just £10,000 whilst increasing to £200,000 in value or above, plus you ideally need a same day decision with the minimum of stress, then a NatWest Seucred Loan could be the answer to your questions.
Whether you are an existing customer in search of a better deal or looking to find a loan at a different bank to yours, a secured loan from the NatWest bank can push all the right buttons whilst making complete and utter sense.
If you want to buy a new car, pay for a luxury holiday or cruise, consolidate those expensive unsecured debts, or you need an additional borrowing product to increase the price of your property through home improvement, Natwest can help reduce the cost of borrowing with their secured loan packages.
6. Barclays
One of the biggest and most successful lenders in business today, Barclays has a global customer base of more than 48 million. Specialising in a wide variety of commercial and business banking services, Barclays also offers a wide range of secured and unsecured loans.
Committed to competitive borrowing costs, Barclays currently advertises a representative 5.5% APR on personal loans between £7,500 – £15,000. In terms of secured loans, Barclays offers larger secured lending products and often this loan will be secured against your property.
The loans themselves can be used for any purpose, though can often only be secured on a home or business property.
7. Royal Bank of Scotland (RBS)
Established all the way back in 1724, the Royal Bank of Scotland (RBS) is a true powerhouse of the financial sector. As with other high-street banks, there is a drawback with their options for secured loans.
Secured loans are only available where the borrower is able to offer their home (or another property) as collateral.
Personal loan rates are advertised with an average APR of around 3.4%, while loans secured on properties attach extremely variable overall borrowing costs. RBS has also become a firm favourite among borrowers for consolidation loans and home improvement loans.
8. Evolution Money
Evolution Money provides specialised secured loans. Evolution Money are specialists in offering bespoke affordable secured loans to their customers.
Whether the loan is for home improvements or a just a personal loan to help out with your current circumstances, Evolution Money could have the secured loan you are looking for. Our decision to lend isn’t based solely on credit checks, or the amount of equity you have in your home.
Evolution Money takes time to understand your personal circumstances, and discuss your current financial situation to find a personal secured loan for you. They will ask about how you managed your finances in the past, but their policy means that a poor credit history won’t automatically disqualify you.
Evolution Money are an established online secured loan lender, saying yes to over 24,000 people and helping them out with their secured loan needs.
9. Willows Finance
Willows Finance are an experienced packager of specifically secured homeowner loans, working to find a fair and perfectly fitted finance solution for every individual.
If you are a homeowner looking for long term finance up to £2.5m you may be able to use a secured loan with Willows Finance. They provide the information, and the services, to help you get to grips with secured loans and to help you find the loan that fits your circumstances.
Alongside an experienced, friendly service Willows Finance also promises:
- No up front fees
- No call centres
- No stress
- A fast, efficient service from secured loan expert.
Willows Finance arranges secured loans from a panel of lenders. They also offer second charge regulated mortgage contracts for business or personal use.
10. Pepper Money UK
Pepper Money’s policy is that “it’s easy for some lenders to say ‘no.’ To look but not see. To close a door, not open one. At Pepper Money, we think differently. And we’re here to support you completely.”
Pepper Money is an award-winning UK-based specialist lender who takes a human approach to underwriting. Their customers range from; first-time buyers, buy-to-let investors, those looking to remortgage, or those looking to borrow additional funds secured against their existing property.
Pepper Money has a wide range of secured loans available for their customers to apply for. Pepper Money offers competitive fixed, discounted and variable rate homeowner loan products.
They also offer a range of homeowner loans that can be applied for by speaking directly to one of their fully qualified mortgage advisors.
