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Secured Loan · Speed & Process

The Secured Loan 100.
Speed & Process

Focus: Timelines, applications, and the legal process.

14+Questions
100%Expert Answers
FCARegulated
What happens to my secured loan if my collateral decreases in value?
TL;DR If your secured loan collateral (like property) drops in value, your LTV increases, potentially triggering loan review, margin calls, or increased interest. Understand the risks.
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What are the warning signs that a secured loan may not be the right option for me?
TL;DR Worried about taking out a secured loan? Learn the crucial warning signs, including unsustainable repayment terms, poor credit history, and asset risk. Ensure a secured loan is right for you.
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How do I avoid scams or unethical lenders when applying for secured loans?
TL;DR Learn how to protect yourself from secured loan scams and unethical lenders. We provide essential UK regulatory checks, red flags to watch for, and steps to verify legitimacy.
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How can I ensure I don’t borrow more than I can afford with a secured loan?
TL;DR Secured loans require careful planning. Learn practical steps, including budgeting and professional advice, to ensure you don't borrow more than you can realistically afford in the UK.
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How can I get out of a secured loan if I can no longer afford the payments?
TL;DR If you are struggling with secured loan payments, immediate action is crucial. Learn about your options, including talking to your lender, remortgaging, or seeking debt advice in the UK.
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What happens to a secured loan in case of bankruptcy?
TL;DR Understanding how bankruptcy affects secured loans in the UK is vital. Learn about the role of the security (like your home), the powers of the Trustee, and the risks involved.
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What should I do if I regret taking out a secured loan?
TL;DR Regret taking out a secured loan? Learn your options, including the 14-day cooling-off period, early repayment, and contacting your lender. Understand the risks and financial implications.
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Invoice Factoring
TL;DR Invoice factoring is a form of financing where a company sells its outstanding invoices to a third-party company
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Applying for a loan
TL;DR There are several factors to consider when you apply for a loan. This guide will take you through the steps of applying for a loan.
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Can my assets be seized immediately if I default on a secured loan?
TL;DR If you default on a secured loan, lenders cannot seize assets immediately. Learn the crucial steps, legal processes, and timelines involved before any repossession takes place in the UK.
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Navigating the UK Secured Loan Market: How Can I Get a Secured Loan That Fits My Specific Needs?
TL;DR Navigating the secured loan market requires careful consideration of your financial position, the assets you can use as security, and your specific…
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How Can a Secured Loan Help Me Achieve Financial Freedom?
TL;DR Secured loans leverage your property equity to fund major goals like debt consolidation or investment. Learn how this financial tool could help you achieve financial freedom, while understanding the essential risks involved.
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Does life improve after paying off debt?
TL;DR Discover how paying high-interest debts with a secured loan can simplify finances and improve your overall financial well-being.
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Exploring how can a secured loan support my goal of becoming a homeowner faster?
TL;DR A secured loan is financial borrowing backed by an asset, typically property, reducing the lender’s risk and often allowing for quicker access to larger…
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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