Secured Loans

A secured loan is when you borrow from a lender and put up an asset as collateral. This asset is usually a home you own, but it can sometimes take the form of a vehicle, investments or high-value items like jewellery or art. The lender can then take possession of this asset if you fail to make your repayments.

Secured loans from Evolution Money can be as small as £5,000 or go up to £105,000; amounts and limits may vary with other providers. Lenders are more likely to offer larger borrowing amounts for secured loans, as opposed to unsecured ones, because they could be lower risk and they can recover any money that’s not repaid by selling assets.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

You can check your eligibility online in minutes without affecting your credit score.

Check your eligibility online

Secured loans can be used for a range of things, like:

• Carrying out home improvements.
• Consolidating debts into one manageable monthly payment.
• Purchasing personal items such as cars or motorbikes.
• Managing one-off expenses with additional financial flexibility.

Before you apply for a secured loan, you must understand both the possible benefits and disadvantages.

Pros of secured borrowing:

1. You can borrow larger amounts than most unsecured loans.
2. Repayment terms can be longer than on unsecured loans.
3. Making repayments on time could help improve your credit score.
4. You may still be able to get a secured loan, despite your credit rating.

Cons of a secured loan:

1. Borrowing too much could lead to financial struggles.
2. Longer repayment terms.
3. Failure to repay a loan could impact your credit score.
4. Your assets may be repossessed if you do not keep up with repayments.

If you’re looking for a secured loan, Evolution Money could be the right fit.

• Our clear approach has helped thousands of people across the UK with their secured loans.
• We know everyone’s financial situation is unique, and we take the time to understand yours. Rather than focus solely on your credit history, we look at your full story.
• We believe in being transparent, which is why we’re open and honest about fees and charges from the start, so you know what to expect.
• We go above and beyond for our customers, earning us an ‘Exceptional’ rating on Feefo and the Platinum Trusted Service Award.
• We’re committed to responsible secured lending. We’re regulated by the Financial Conduct Authority and a member of the Finance and Leasing Association.

Check your eligibility online.

Secured loans work differently to unsecured loans. A secured loan is secured against an asset you own, which means your provider could be entitled to take possession of that asset if you fail to keep up with repayments. An unsecured loan doesn’t put any of your assets at risk.

Before you submit a secured loan application to us, you should check your eligibility – you can use our online tool with no obligation to proceed beyond that. To be eligible, you must be a homeowner with a mortgage on a property that you can use as collateral.  At Evolution Money, we only offer secured homeowner loans.

That eligibility check is all you need to complete before we’ll get in touch to discuss what we can do for you.

We’re committed to being clear and upfront about everything involved in getting a secured loan through Evolution Money. That’s why we created a clear step-by-step guide to our loan process.

Because a secured loan is tied to your property or other assets, lenders may be more open to higher amounts or longer terms than with unsecured borrowing. So, you might find it easier to access the funds you need through this method. However, you must be able to keep up with repayments, or your home could be at risk.

To qualify for a secured loan with Evolution Money, you need to meet the following criteria:

• Own a property
• Be aged 21-70
• Be a UK resident
• Be able to afford the repayments now and for the term of the loan
• Be able to repay the loan by your 70th birthday

The amount borrowed can be tailored to what is affordable for you and your circumstances. Evolution Money offers secured loan repayment terms ranging from 3 to 20 years. Because the loan can be repaid over a longer period, monthly repayment amounts may be lower, but you may pay more interest overall.

Evolution Money can provide secured loans from £5,000 to £105,000.

Yes, if you make your repayments on time. Making consistent repayments could help improve your credit score, while missed payments could harm it.

In just a few minutes, you’ll know if you could be eligible for a secured loan with Evolution Money. Checking your eligibility won’t affect your credit score, and you’ll get a clear view of your options before speaking with an adviser.

Check your eligibility online