A secured loan is a loan that is secured against your property. As the lender has security for the loan, it means they may be able to offer loans that would not be available as an unsecured loan; for example larger loans, or loans to people with impaired credit. This also means that you must be the owner, or joint owner of your home to qualify for such a loan. In addition, you must have a mortgage over your property to be eligible.

The various lenders who offer secured loans all have different criteria for their customers. In general you will need to have a regular income of some kind, and be looking to borrow less than the outstanding equity in your property. The maximum that most lenders will lend up to is 75% of your property value less your mortgage balance. Amongst the factors that lenders will look at to determine whether they will lend and the rate you will pay include:
    * your employment status (whether employed, self-employed, retired or claiming benefits)
    * the amount of equity you have available in your property
    * The amount of disposable income you have available each month
    * Your credit history over the past seven years - including whether there are any defaults, CCJ's (county court judgements) or mortgage arrears
Once you speak to an advisor, they should be able to provide a decision in principle based on your personal circumstances within minutes of speaking to you.

This service offers access to hundreds of loans products from different lenders. This service only deals with lenders who are members of FISA (Finance Industry Standards Association); the standards association which implements a code of conduct for the secured loan industry.

No. Many of the lenders who offer secured loans do not offer loans direct to customers, but require the loan to be introduced through a broker. This service works with Creditflex, a reputable broker for secured loans. They use a sourcing system to find the best loan option for your circumstances from their panel of lenders. After filling in your details online, Creditflex will contact you to discuss your options and provide a personalised decision in principle. They will confirm the quote to you in writing so that you can read over it before making your decision. If you require assistance in completing the forms they may be able to arrange an agent who can visit to help you in completing the forms.

Due to the complex nature of the criteria and products types it is necessary to run through a personal consultation with one of the underwriters at Creditflex, so that they can provide you with a decision in principle and an accurate quote.

A decision in principle can be made within minutes, provided all your personal details can be verified.

No. Your personal details are used only for the purpose of finding you a loan.

It can vary from loan to loan, but Creditflex will always keep you informed throughout the process. Under the Consumer Credit Act, which will regulate your secured loan, CreditFlex is required to give you a period of time to consider your loan. This period will begin when they send you an advance copy of your credit agreement. During this time they are not able to contact you, although you are able to contact them. As soon as you decide to proceed with your loan, following the expiry of the consideration period, CreditFlex will send you the credit agreement to sign and when you return your signed credit agreement your loan will be processed. In most cases once your documentation has been received, your loan can be paid out within 14 days.

You should think carefully before taking out any financial commitment to ensure you feel the payments will be affordable to you. Please bear in mind that payments to a secured loan are just as important as the payment you make to your first mortgage lender. This is because the loan is secured on your home and your home could be at risk if repayments are not maintained. If you get into difficulties with any financial commitment then you should always keep the lender informed of your situation as they may be able to help.
For clear, impartial information on the options available to you with regards to your finances, visit the Money made clear website, from the Financial Services Authority.

Yes. You can pay off your loan at any time; however secured loans are not designed for bridging or short time finance. If you wish to get a settlement figure on your loan you would need to write to the lender who would provide a written settlement figure. All secured loans are regulated by the consumer credit act which limits the redemption penalty any lender is allowed to charge to a maximum of two months interest on top of the balance of the loan at the time of redemption.

Not necessarily. The lenders offered through this service offer a diverse range of plans. Finance may be available for people in some of the most difficult circumstances.

This is likely. The additional fees vary depending on circumstances and are set by the broker and the lender. Your advisor will very clearly explain these charges to you before you agree to taking out a loan. Fees will be added to your loan, and included in your monthly repayments. You will not have to pay fees upfront, but because fees are added to the repayable loan amount, you will be paying interest on them.

Our quote system and that of Crediflex will order loans by interest rate (APR). Creditflex has further quality control processes in place to ensure that loans applications are checked by a supervisor prior to being submitted to the lenders.