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A secured loan is the perfect way to get the money that you need

What are secured loans usually used for?

Secured Loans > Our Loans > Homeowner Loans > What are secured loans usually used for?

A secured loan may be an option to get the money that you need even if you have had problems obtaining other types of loans.

You may need funds for a car, or a wedding and a secured loan can unlock the equity in your home to get you the funds that you need at an affordable rate.

What are the advantages of a Secured Loan?

A secured loan can be used for almost any purpose, be it a car, home improvement or a holiday. All you need to do is show that you have the equity in your property to act as security and can afford the loan repayments. Even if you have negative equity issues you may be considered, as long as you have the means to make the repayments.

Your repayment term is likely to be considerably longer than with an unsecured loan, allowing you to spread the cost of paying back the money over a more manageable period for you. However, you may pay more back over the longer term.

What Do You Need a Loan For?

Secured lending can provide you with the money you need to do almost anything you want. Maybe you need a home improvement loan or want to fund your honeymoon? This type of loan could be the answer. A secured loan may be especially valuable if you need more funds than a personal or other type of loan can provide.

There are many reasons why people opt for a secured loan — not least to consolidate debts and potentially reduce their monthly repayments. You can also use the money to fund your children’s’ journey through university, a much-needed gap year or to pay for a well-earned break for you and your family.

Evolution Money does not base its decision solely on credit checks, as it is interested in you now and not in your past, but as a responsible lender it will still want to ensure that you can make your repayments and are not taking any unnecessary risks. So, we will undertake an affordability check.

Secured loans are available from £5,000 to £50,000 through Evolution Money in order to fund once-in-a-lifetime trips, major home extensions or improvements. Unlocking the equity in your home can mean that your dreams are within reach, even if your credit history is not as positive as you would like it to be.

Using your home as security can be a very effective way of getting the money that you need, but you must ensure that you can make the repayments, both now and in the future. Failing to do this can put you at risk of losing your home.

You can help us help you by ensuring that all of the information that you provide is completely accurate in order to make sure that you are offered a loan that you really can afford to repay.

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.
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