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Secured Loans FAQ

Do Secured Loans Affect My Credit Rating?

Secured Loans > Our Loans > Homeowner Loans > Secured Loan FAQ > Do secured loans affect my credit rating?

Do secured loans affect my credit rating?

Secured loans can have both a positive and negative impact on a credit rating – like all loans. If you already have a poor credit rating, a secured bad credit loan could be the most suitable option for large amounts.

Like an unsecured personal loan, a secured loan will be reported to the credit reference agencies by your lender.

As long as you meet your repayments on time and in full, as agreed, your rating could improve.

  • Your credit rating may improve if, as with all loans, your make your repayments on time and in full
  • With a secured loan, as long as you meet your repayments, you’ll keep your asset which acts as security on the loan
  • Secured loans are often used for large-scale amounts
  • An asset for secured lending could be any item of sufficient value, such as property, a car, jewellery, artwork or business stock

Due to there being less risk involved for the lender, interest rates may be lower on secured loans than unsecured loans.

This could make repayments more affordable. Therefore, you could potentially improve your credit rating over time.

Defaulting on your loan payments will impact your credit score. You may also be charged late payment fees and, potentially, could lose the asset.

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

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

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FLA logoWe are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.

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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 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.


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

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