Main Menu Button
Login
Secured Loan · Strategy & Uses

The Secured Loan 100.
Strategy & Uses

Focus: Smart usage, investment approaches, and case studies.

14+Questions
100%Expert Answers
FCARegulated
Understanding How Does a Secured Loan Help People Consolidate Multiple Debts Into One Manageable Payment?
TL;DR Debt consolidation using a secured loan is a strategy employed by homeowners looking to simplify their finances by combining multiple existing debts (such…
Read Full Article →
Can a Secured Loan Help Me Transform My Financial Situation?
TL;DR Can a secured loan truly transform your financial situation? We explore how these loans work in the UK, analysing the potential benefits, key risks, and compliance considerations.
Read Full Article →
Is Using a Secured Loan for Education or Training a Good Investment? Assessing the UK Finance Option
TL;DR Deciding how to finance career development or further education is a critical financial decision. While traditional student loans or personal savings are…
Read Full Article →
What Life Improvements Can I Expect After Using a Secured Loan to Pay Off Debts?
TL;DR Discover how consolidating high-interest debts with a secured loan can simplify finances, reduce monthly stress, and improve your overall financial well-being in the UK.
Read Full Article →
What Credit Score is Needed for a Secured Loan in the UK?
TL;DR What Credit Score is Needed for a Secured Loan in the UK?
Read Full Article →
What Are the Main Obstacles to Getting Approved for a Secured Loan?
TL;DR Discover the main obstacles to getting approved for a secured loan in the UK. Learn how your credit, property equity, and affordability can impact your application.
Read Full Article →
Are There Any Hidden Fees or Costs Associated with Secured Loans?
TL;DR Worried about hidden fees with a secured loan? Our guide explains the common costs like valuation, legal, and broker fees so you can borrow with confidence.
Read Full Article →
How Can I Avoid Falling into Debt with a Secured Loan?
TL;DR Wondering how to avoid falling into debt with a secured loan? Our guide covers budgeting, understanding terms, and making a clear repayment plan for your peace of mind.
Read Full Article →
What Are the Biggest Pitfalls to Avoid When Taking Out a Secured Loan?
TL;DR Considering a secured loan? Learn the biggest pitfalls to avoid, from hidden fees and long repayment terms to the risk of repossession. Read our expert guide.
Read Full Article →
How do secured loans compare to payday loans in terms of risk?
TL;DR Secured loans and payday loans carry very different risks. We compare them, explaining the collateral risk of secured loans versus the high-interest debt trap of payday loans. Make an informed choice.
Read Full Article →
Can I get a secured loan without risking my property?
TL;DR Secured loans usually require collateral, often property. Explore alternatives to traditional secured loans and understand the risks associated with using assets as security in the UK.
Read Full Article →
Can I lose my home or car if I default on a secured loan?
TL;DR Defaulting on a secured loan means the assets used as security, like your home or car, could be at risk of repossession. Understand the UK legal process and your options.
Read Full Article →
What are the biggest risks of taking out a secured loan, and how can I avoid them?
TL;DR Secured loans use your property as collateral, increasing risk. Learn the biggest risks of taking out a secured loan, including repossession, high interest, and how to protect your finances.
Read Full Article →
Understanding Exactly How Long Does It Take to Get Approved for a Secured Loan
TL;DR Secured loans, which often take the form of second charge mortgages, differ significantly from unsecured borrowing. Because the loan is secured against a…
Read Full Article →

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