Secured loans are also referred to as ‘homeowner loans’ or ‘second-charge loans’, as this type of loan is a second loan against your property, after your mortgage.
If you are a homeowner, and your credit rating has suffered recently, secured lending may be the best choice for you to obtain the amount of money you need.
If you’re looking to obtain credit, our secured financing can be used for a range of purposes:
We’ve put together some frequently asked questions, to help you make an informed decision before choosing to take out a secured loan.
Therefore lenders will often accept an application for a secured loan where they would decline an application for a personal loan. Plus, lenders can be more flexible with secured loans, which can be available to people whether employed or self-employed.
Lenders do report late payments and loan default to the credit bureaux with both secured loans and unsecured loans.
In order to apply for a secured loan through Evolution Money you must fit our criteria:
We are dedicated to being open and honest about the procedure for getting a secured loan through us. Therefore we have put together a guide which outlines our loan process to help you understand every aspect.
Secured loans through Evolution Money are available for people who are looking to borrow up to £20,000.
The amount borrowed can be customised to whatever suits you best. Evolution Money offers secured loan repayments up to 180 months (15 years). Which means as the loan can be repaid over a longer period, we could even offer a lower affordable monthly repayment amount.
Secured loan interest rates are usually comparably lower than those of an unsecured loan. This is because secured loans can be taken out over a longer period of time. The amount of borrowing and the term length influences the interest rate.
We are committed to telling our customers about our secured loan fees. There is a set-up fee (£480 on a £6,000 loan example) and an acceptance fee (£600 on a £6,000 secured loan example) which are added to the total amount repayable by you over the duration of the secured loan term. We have split up the fee details and specified them in a chart, which you can see here.
Choosing a secured loan is a good option for people who have had problems in obtaining other types of loans because their credit score is less than perfect. As the lender is lowering their risk because the property is offered as security – a secured loan can be easier to obtain.
In addition, continuing with your ongoing repayments could actually help to improve your credit rating in time.
Yes! We allow our customers to overpay and make a lump sum payment. This can reduce the period of the secured loan amount and interest repaid on the loan, ultimately saving you more money.Apply for a Secured Loan