Main Menu Button
Login
Secured Loan · Rates & Costs

The Secured Loan 100.
Rates & Costs

Focus: Fees, interest rates, and the total cost of borrowing.

14+Questions
100%Expert Answers
FCARegulated
How do I know if a secured loan is the right choice for my current needs?
TL;DR Secured loans use property as collateral, offering larger sums or better rates. Learn when a secured loan is the right financial choice for your needs, understanding the risks and benefits.
Read Full Article →
What are the immediate financial benefits of using a secured loan for home renovations?
TL;DR Discover what are the immediate financial benefits of using a secured loan for home renovations in the UK, including lower rates and higher borrowing limits.
Read Full Article →
What is the best type of secured loan for large purchases like a car or holiday?
TL;DR Looking for a secured loan for a car or holiday? Compare second charge mortgages and remortgaging options. Understand the risks and benefits of using your property as collateral.
Read Full Article →
Are there any low-interest secured loans for debt consolidation?
TL;DR Discover if there are any low-interest secured loans for debt consolidation in the UK. Learn about rates, risks, and how to manage your property-backed borrowing.
Read Full Article →
How can I get the best value out of a secured loan for personal projects?
TL;DR Secured loans offer large capital backed by property. Learn how to maximise value for personal projects by carefully evaluating interest rates, terms, and lender fees. Understand the crucial risks involved.
Read Full Article →
How can I protect myself from high fees or predatory lenders when applying for a secured loan?
TL;DR Learn how to safeguard yourself from predatory lending practices and excessive fees when seeking a secured loan in the UK. Understand your rights, compare offers, and check FCA registration.
Read Full Article →
What legal protections do I have as a borrower with a secured loan?
TL;DR Understand your rights when taking out a secured loan in the UK. Learn about the FCA regulations, the Consumer Credit Act, forbearance options, and the repossession process.
Read Full Article →
Can I refinance my secured loan if I can’t keep up with payments?
TL;DR If you are struggling with secured loan payments, refinancing may be an option, but it is complex. We explore solutions like remortgaging, loan consolidation, and negotiating with lenders.
Read Full Article →
What should I do if I fear my secured loan repayments will become unaffordable?
TL;DR Worried your secured loan repayments are getting too high? Learn exactly what steps you should take immediately to prevent financial distress, protect your property, and manage discussions with your lender. Get expert UK guidance now.
Read Full Article →
Is it safe to take out a secured loan during an economic downturn?
TL;DR Taking a secured loan during a downturn requires careful planning. We analyse the risks, benefits, and compliance factors to help you determine if it is safe to proceed.
Read Full Article →
What are the consequences of missing payments on a secured loan?
TL;DR Understand the serious consequences of missing payments on a secured loan, including property repossession, credit score damage, and increased charges. Learn how to manage arrears effectively.
Read Full Article →
Can a secured loan negatively impact my credit score?
TL;DR Secured loans appear on your credit report. While obtaining one doesn't instantly harm your score, failure to make repayments severely impacts your credit rating. Learn how secured loans affect your financial profile.
Read Full Article →
How do secured loans affect my financial security in the long term?
TL;DR Secured loans impact long-term financial security by leveraging assets (like property). Understand the benefits of lower rates vs. the risk of default and potential repossession in the UK.
Read Full Article →
Are secured loans safe to take out during uncertain financial times?
TL;DR Secured loans offer large sums but use assets as collateral, posing risks, especially during instability. We explore if secured loans are safe to take out during uncertain financial times and how to minimise risk.
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