We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.

How Long Does a Secured Loan Take to Process FAQ

How long Does a Secured Loan Take to Process

Secured Loans > Our Loans > Homeowner Loans > How long does a secured loan take to process

How long does a secured loan take to process?

How long a secured loan takes to process varies from lender to lender.

The process can often take 3 to 6 weeks. It involves several checks – including on the asset that will secure the loan (e.g. a house)

A standard secured loan usually takes several weeks to process.

The lender will require a property valuation from your mortgage provider. They’ll also need proof of income and expenditure, and proof of ID. There is also a 7-day “reflection” period.

  • As an asset acts as security on your loan, applications can take longer than for unsecured loans
  • For a secured homeowner loan, a lender will check who owns the property
  • They’ll also check whether anyone has a legal interest in your property, restrictions on land, and whether the property is freehold or leasehold
  • A lender will need proof of identity, and will need to review your income, and expenditure to ensure the loan is affordable
  • The lender will require a valuation of your property/asset

The lender will need to verify your legal ownership of the property and its market value. They will then draw up the loan with the property acting as security.

Once all paperwork is complete and the loan approved, the lender will then transfer funds to you.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookies | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

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

Award Winning

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

Back to Evolution