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Applying for a secured loan: what you need to know

How to apply for a Secured Loan

Secured Loans > Our Loans > Secured Loans > How to apply for a Secured Loan

At Evolution Money, we provide secured loans for homeowners, ranging from £5,000 to £50,000. Our loans can be used for a wide range of purposes, from carrying out home improvements and investing in your property to helping you purchase your dream car. 

So, before you decide and prioritise what you’d benefit from spending your loan amount on, take a look at our step-by-step guide on how to apply for a secured loan.

First, Check out your Credit Score

Before applying for a secured or homeowner loan, it may be worth checking out your current credit score and ensuring your credit history and details are accurate. In the UK, there are three main Credit Reference Agencies (Experian, Equifax, TransUnion) who each hold your credit report. It’s important to note that your credit score and information may vary between them.  They all have an obligation to provide you with a copy of your credit report for free, and it’s possible to access it both online and request a written copy. 

If you’re planning on applying for a secured loan, then it is important to check out your credit score and report. Any mistakes could impact your chances of successfully receiving a loan or your preferred amount of money and lending terms.

However, at Evolution Money, we look at more than just your credit score when considering your loan application and may still be able to offer you a secured loan even with a bad credit score or poor credit history.

Calculate the amount of ‘free equity’ available on your property

When applying for a secured loan, some lenders may need to consider the amount equity you have available on your property. As you intend to apply for a secured loan, that means that the loan amount will be borrowed against your home and the property will be used as collateral. How much equity you have in your home can be calculated by subtracting the amount you owe on your mortgage and any other loans secured against it, from the current value of your home.

However, at Evolution Money, we don’t base our decision to lend solely on equity. Instead, we assess our customers application based on their individual circumstances to help find the right secured loan to meet their needs.

Discover which Secured Loan is right for you

In order to get the best deal on a secured loan, you should take a look at a range of lenders and the borrowing options they offer. 

At Evolution Money, we allow our customers to borrow up to £50,000 for a wide range of purposes, including home improvement, debt consolidation or covering the cost of your wedding. We also offer competitive rates of interest and flexible lending terms so that you’re able to repay your loan amount through manageable monthly repayments. 

Check you meet the required criteria

Each secured loan lender will have its requirements before accepting a loan application. 

At Evolution Money, we ask that all of our customers own their own home, live in the UK, are aged  18 years or over and are currently employed. We may also be able to offer a secured homeowner loan to our self-employed applicants if they’ve been in business for over 12 months. 

We carry out an independent affordability check before accepting any application to ensure you’re able to afford the monthly repayments on your secured loan comfortably. This will involve a detailed income and expenditure assessment that our qualified Underwriters will work through with you.

Use our simple income and expenditure form to give you a clear idea of your financial situation before applying for a secured loan.

Consider how much money you’d like to borrow

Failure to keep up with your repayments on a secured loan could result in the repossession of your property. It is therefore vital that you only borrow what you will be able to pay back over the agreed timeframe realistically.

Apply for a secured loan online

At Evolution Money, we consider each secured loan application on a case-by-case basis. So even if you have a bad credit score or have been refused a loan in the past, you still may be able to borrow money with us.

If you have any questions regarding any part of the secured loan application process, feel free to give one of our qualified Underwriters a call on 0161 814 9158.

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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