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Secured Loan · Advanced Hacks

The Secured Loan 100.
Advanced Hacks

Focus: Pro tips for experienced borrowers and complex deals.

14+Questions
100%Expert Answers
FCARegulated
Understanding Who Is Eligible for an Unsecured Loan in the UK
TL;DR Seeking an unsecured loan, such as a personal loan, means borrowing money without needing to offer collateral, like your property or vehicle, as security.…
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Are there ways to get a secured loan with minimal paperwork or hassle?
TL;DR Discover how modern lenders are streamlining the secured loan application process. We explore digital solutions, broker assistance, and criteria needed to get a secured loan with minimal hassle in the UK.
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Understanding: Can I Get a Second Charge Bridging Loan?
TL;DR A second charge bridging loan is a specific type of short-term, secured finance used in the UK property market. It allows you to borrow money against a…
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How Can a Secured Loan Improve My Long-Term Financial Health?
TL;DR Secured loans can consolidate high-interest debt, fund home improvements, and spread repayment costs. Learn how securing a loan against your property can boost your long-term financial stability.
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What are the benefits of using a secured loan to fund a large personal project (like a wedding or car)?
TL;DR Considering a secured loan for a wedding, car, or home project? Learn how secured borrowing offers lower rates, longer terms, and potentially higher borrowing limits. Understand the benefits and crucial risks involved.
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Understanding Secured Loans: Will Taking Out a Secured Loan Help Me Boost My Credit Score Over Time?
TL;DR Secured loans, such as second charge mortgages, can be a highly effective tool for improving your credit score in the UK, provided they are managed…
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What Happens If I Miss a Payment on a Secured Loan?
TL;DR Missing a secured loan payment can lead to fees, credit score damage, and even repossession. Learn what happens and what you should do to protect your home.
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Is It Difficult to Understand the Fine Print of Secured Loan Agreements?
TL;DR Understanding the fine print of a secured loan agreement can be challenging, but it's crucial to protect yourself. This FAQ explains common complexities, including interest calculations, default implications, and the potential risks involved. Lear…
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Can I get a secured loan with bad credit, and how difficult is it?
TL;DR Secured loans with bad credit are harder to get but not impossible. Learn about your options, the difficulties involved, and the potential risks. Find out how lenders assess applications and what you can do to improve your chances of approval. Get…
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Can I Use a Secured Loan to Pay Off High-Interest Debt?
TL;DR Explore if a secured loan can help pay off high-interest debts. Understand benefits, risks, and impact on your property.
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Is a Secured Loan a Good Option for Starting a Small Business?
TL;DR Secured loans can provide significant capital for a UK startup, but they require collateral, usually property. Explore the pros, cons, and risks of using a secured loan for business funding.
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Commercial mortgages for investment property
TL;DR Learn about commercial mortgages for investment property in 2023 and how lenders can assess affordability.
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Loans and Mortgages for Self Employed
TL;DR If you are self employed and struggling to get a loan or mortgage, Promise Money may be able to find you the right lender to help you.
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Types of secured loans
TL;DR Not sure which types of secured loans are best for you? Read this short guide to see how Promise Money can help.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk