Find a Secured Loan

As with most loans, you’ll have to pay your secured loan back in monthly installments. You will also pay interest on your loan. Depending on the loan you have, this can be a fixed rate of interest, or it could be variable. The interest will be calculated by the amount you have left to pay. We’d recommend setting up a direct debit or standing order to pay the monthly loan repayments, particularly as your home is used to secure the loan.

A secured loan is also known as a second charge against your home, or a second charge mortgage. This means you need to be a homeowner with an existing mortgage to take out a secured loan. This is because your house will be used as security for your lender.

At Fluent Money, we’re committed to helping you lend money responsibly. We will work to try and find the best solution for you. With a secured loan, because you’ll be using your house as security, lenders are more open to lending to those with poor credit ratings. Once you have the loan, regular repayments will help boost your future credit score too. If you have a lower credit score, it might be that your interest rates are higher than someone with a higher credit score.

A secured loan is one option to help consolidate your debt, as you will often be paying less interest on one large loan compared to lots of small ones (or lots of credit cards). But it’s important to understand the risks too. By consolidating unsecured debts you may be extending their term, and increasing the overall amount you will repay. If you want to use a secured loan to consolidate your debts, it’s worth speaking to an adviser at Fluent Money, as you need to make sure the loan you take out is one you will be able to afford to pay back. If you can’t keep up with repayments, you might end up losing your home.

At Fluent Money, we have a huge range of flexible options to suit your needs. We can offer secured loans from 3 – 30 years. If you want to find out more, get in touch today.

A secured loan is one that is secured against something you own – usually property, or another financial asset such as a car. The idea here is that the borrower has an incentive to pay back the loan on time. This provides the lender with security, and interest rates can be lower.

An unsecured loan, on the other hand, is not secured against anything. Interest rates can be higher because there is less security for the lender compared to a secured loan.

If you’re not sure which one is right for you, that’s what we’re here for!

APR stands for Annual Percentage Rate. This is the total cost that will be charged by the lender on a loan over a year. This APR is the rate of interest charged on your loan, plus any other additional charges. The APR of a loan must be disclosed by the lender before the loan is taken out, so you know exactly how much you will be paying back. The higher the APR, the more you’ll have to pay back.

For example, let’s say you take out a loan of £4,000 for a year and the APR is 10%. If you repaid the loan back within one year the total amount you would need to pay back would be £4,400, with the APR included. If you pay in equal monthly instalments for all 12 months, you’ll pay around £367 per month.

A credit score is a number that tracks how you spend money to show lenders if you’re a risk to lend to. It’s a measurement that looks at your past repayment history and any money you already owe.

There are a few simple steps you can take to improve your credit score easily, such as registering to be on the electoral register, avoiding taking cash out from a credit card, and cancelling any credit cards you don’t use.

Yes, a secured loan (or second charge) needs to be repaid in full when remortgaging. This means that the customer will either need to pay it off with their own funds or borrow more money (on top of what they need to repay the current lender) to cover the second charge.