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Bad Credit Secured Loans

Your bank may offer 100’s of products and plans.
Promise Money has over 10,000

Why choose us?

Your bank may have 100’s of secured loan plans – we have over 10,000!

Plus, we have…

  • 30 years of experience
  • No upfront fees
  • Friendly and fast advice

Promise Money have secured loan plans available for everyone, including those with credit issues…

Using one of the most comprehensive secured loan panels in the UK, we can search for the best deal for you.


What are secured loans for poor credit?

They are second charges for people who have had credit issues in the past, so borrowers who are not eligible for “prime” products which are aimed at people with better credit histories.

Some of the features of our bad credit home loans include:

  • Borrow up to 75% of your property value with heavy arrears and CCJ’s
  • Even if you have a few months mortgage arrears now we have lenders which will lend up to 100% of the property value
  • Loans are available to clear IVA’s, Debt Management Plans and Bankruptcies
  • You can secure the loan against your home or property you rent out
  • A variety of loans are available up to £150,000
  • We have lenders in England, Scotland and Wales who consider bad credit

    Find a secured loan

    Enter some details and we'll estimate your repayments on our popular loan plans – this will NOT affect your credit rating.

    How much you would like to borrow?

    £

    Type in the box for larger amounts

    For how long?

    yrs

    Use the slider or type into the box

    What best describes your credit rating?

    Perfect: In the last year you have no mortgage arrears, CCJs or defaults. Your credit score is high.

    Your repayments are estimated at

    £249.51 per month


    Secured Loan examples above are based on total borrowing of between 50-75% of the value of your property. Any lender / broker fees can be added to your loan which will increase the repayments and total amount repayable. Discuss this with your Promise adviser.
    REPRESENTATIVE EXAMPLE FOR PERFECT CREDIT HISTORY (with all set up fees added to the loan) – £63,000 over 228 months at an APRC of 4.2% and an annual interest rate of 3.47% (variable) would be £398.62 per month, total charge for credit £24,400.36, total payable £90,885.36. This figure includes a Promise fee of £2,690. Actual repayments depend on your circumstances.

    By submitting any information to us, you are confirming you have read and understood the Data Protection & Privacy Policy.

    2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

    Mortgages and Remortgages

    Representative example

    £80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

    Secured / Second Charge Loans

    Representative example

    £63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

    Unsecured Loans

    Representative example

    £4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


    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.


    If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.

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