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Use the below comparison table as a guide only for differences between the two loan types

Why choose a secured loan over an unsecured loan?

Home > How to > Why choose a secured loan over an unsecured loan?

Deciding which type of loan is the best depends entirely on your own circumstances as neither of these loan options is the best choice every time.

Secured loans are usually secured against a property; these loans are more attractive to those who are finding it difficult to borrow the amount they need through an unsecured loan. Secured loans could be a more viable option for those who have poor credit, need more money or who want to borrow over a longer period of time. Unsecured loans are becoming harder to get, and are only really suitable to those with good credit ratings to ensure a lower interest rate.

Use the below comparison table as a guide only for differences between the two loan types:

Secured Loan Unsecured Loan
Can I get a get a loan with a poor credit history? Yes Yes
Can I borrow a large amount (i.e. £15,000)? Yes Yes
Can I make payments over a longer period of time (i.e. 10 yrs)? Yes No
Can I get a loan without owning an asset? No Yes
Is the loan cheaper than using payday loans and store cards? Yes Yes
Do you offer the lowest interest rate? * Yes No
If I can’t repay my loan is my home at risk? Yes No

If you are not a homeowner then a secured loan through Evolution Money would not be an available option for you. In which case, if you desire a loan then you will need to have a good credit rating to ensure that you are offered a favourable interest rate with an unsecured loan lender.

If a secured loan sounds like an option for you or to find out more about getting a secured loan through Evolution Money. If you would like to see how affordable a secured loan is why not try our handy loan calculator?

* Interest rates are usually determined by the loan amount, loan term and ability to repay. Unsecured loans typically carry a higher interest rates than secured loans as the lender will be wary that the loan being lent is not secured against any assets should you default on the loan.

Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

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Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice
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Thank you for taking the time to fill in our online enquiry form. Unfortunately in this instance we won't be able to help as being a homeowner is one of our primary requirements.

Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you with the products and services you have requested.
B) If you take out a loan with us and become our customer, it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan application. If you don't take out a loan with us, we will delete your enquiry details unless regulations say we must keep them for longer.

This won't change any marketing preferences you've already chosen.

How we control and process your data:

Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for debt collection purposes.

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If you're happy to be contacted about these, please click the boxes to tell us how you want us to get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

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Your choices do not affect your enquiry/loan application in any way.

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Please read the full details of our Fair Processing Notice including Credit Reference Agency Information Notice (CRAIN) Click here to see a copy of the CRAIN.

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Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

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Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

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