[et_pb_section fb_built=”1″ module_class=”app-loan-form” _builder_version=”4.16″ _module_preset=”default” background_color=”#75b8ca” use_background_color_gradient=”on” background_color_gradient_direction=”-300deg” background_color_gradient_stops=”#75b8ca 0%|#ffffff 100%” background_color_gradient_start=”#75b8ca” background_color_gradient_end=”#ffffff” custom_padding=”||||false|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” module_class=”cust-width-row cust-row-none” _builder_version=”4.16″ _module_preset=”default” module_alignment=”center” custom_padding=”|10px|0px|10px|false|true” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text module_class=”mob-banner-heading” _builder_version=”4.18.0″ _module_preset=”default” header_font=”Montserrat|600|||||||” header_text_color=”#17174c” header_font_size=”42px” header_line_height=”1.2em” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/08\/summer.8b0ea78d.png” title_text=”summer.8b0ea78d” show_bottom_space=”off” align=”right” disabled_on=”off|on|on” module_class=”banner-mob-img” _builder_version=”4.16″ _module_preset=”default” custom_margin=”||0px||false|false” custom_padding=”||0px||false|false” locked=”off” global_colors_info=”{}”][\/et_pb_image][et_pb_text disabled_on=”off|on|on” module_class=”loans-banner-style” _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat|600|||||||” header_2_text_align=”center” header_2_text_color=”#dd1d42″ header_2_font_size=”22px” text_orientation=”center” global_colors_info=”{}”]<\/p>\n
Let’s get started!<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” text_font_size=”16px” custom_margin=”||30px||false|false” global_colors_info=”{}”]<\/p>\n
Struggling to access finance because of a bad credit score? Worried that a loan is out of reach because you’ve got a low credit score? Get in touch with Believe Loans today and see how our specialist brokers could help you take out a secured loan, whatever your credit score.<\/em><\/strong><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” text_font_size=”20px” locked=”off” global_colors_info=”{}”]<\/p>\n Access to reputable lenders<\/strong><\/p>\n<\/li>\n Complete clarity on the loans<\/strong><\/p>\n<\/li>\n The support of a 2022 Mortgage Strategy Award winning team<\/strong><\/p>\n<\/li>\n A full range of borrowing solutions tailored specifically to your needs<\/strong><\/p>\n<\/li>\n Lowest interest rates available with no upfront fees<\/strong><\/p>\n<\/li>\n<\/ul>\n<\/div>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ disabled_on=”on|off|off” _builder_version=”4.16″ _module_preset=”default” background_image=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/08\/summer.d17b52ee.png” background_size=”custom” custom_css_main_element=”background-size: contain;” global_colors_info=”{}”][et_pb_text disabled_on=”off|off|off” module_class=”loans-banner-style” _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat|600|||||||” header_2_text_align=”center” header_2_text_color=”#dd1d42″ header_2_font_size=”22px” text_orientation=”center” global_colors_info=”{}”]<\/p>\n Let’s get started!<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” module_class=”cust-width-row cust-row-none-show” _builder_version=”4.16″ _module_preset=”default” module_alignment=”center” custom_padding=”|10px||10px|false|true” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_text=”I am a homeowner ” button_alignment=”center” module_class=”homeowner-form-btn” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” button_text_size=”16px” button_text_color=”#FFFFFF” button_bg_color=”#17174c” button_border_color=”#17174c” button_border_radius=”10px” button_font=”Montserrat|600|||||||” button_use_icon=”off” custom_padding=”15px||15px||true|false” custom_css_main_element=”max-width:320px;||width:100%;” global_colors_info=”{}”][\/et_pb_button][et_pb_button button_text=”I am a tenant ” button_alignment=”center” module_class=”tenant-form-btn” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” button_text_size=”16px” button_text_color=”#FFFFFF” button_bg_color=”#17174c” button_border_color=”#17174c” button_border_radius=”10px” button_font=”Montserrat|600|||||||” button_use_icon=”off” custom_padding=”15px||15px||true|false” custom_css_main_element=”max-width:320px;||width:100%;” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#e1f0f4″ custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/03\/work_hard02.png” title_text=”work_hard(02)” align=”right” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” custom_css_main_element=”display:flex;||justify-content:center;||flex-direction:column;” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”38px” header_2_line_height=”1.2em” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text module_class=”a-color” _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” custom_margin=”||30px||false|false” global_colors_info=”{}”]<\/p>\n Lenders are notoriously cautious about who they lend money to. But just because you have a bad credit score doesn’t mean you shouldn’t be able to access finance. So, if you’ve been worrying about how to improve your credit score so you can apply for a secured loan<\/a>, you might be surprised to learn that a bad credit score won’t affect you as much as you think.<\/p>\n If you need to borrow a large amount of money and you have a bad credit rating, you could still be eligible to take out a secured loan for bad credit. A secured loan generally provides access to higher sums, subject to the value of the securing collateral (which we\u2019ll touch on later), and you can usually get a lower rate of interest than with unsecured loans.<\/p>\n However, you need to be aware that the lender can repossess and sell your home (or other securing collateral) if you do not keep up the repayments on a secured loan.<\/strong><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#e1f0f4″ custom_padding=”||||true|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”38px” header_2_line_height=”1.2em” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n Bad credit is a term that\u2019s thrown around a lot, but what does it really mean? And how do you get a bad credit rating?<\/p>\n It all starts with your credit history, which is made up of the credit accounts and bank accounts you have opened and their associated balances. Your credit score is calculated based on this information, and it helps lenders determine whether or not you\u2019re likely to repay them in full after borrowing money from them (or any other type of loan).<\/p>\n If you\u2019ve ever missed payments on any of your debts, this can stay on your record for up to seven years (or in some cases more), and your credit score will reflect that negatively, making it more difficult for you to secure new lines of credit. Even if it\u2019s only because of one late payment, it could mean lenders are unwilling to take a chance on lending money to you. On the other hand, if you\u2019ve always paid off your debts in full and on time, then your score will reflect that positively\u2014making it easier for you to get approved for new loans.<\/p>\n At Believe Loans, we understand that circumstances outside of your control can result in a bad credit score, which is why our specialist brokers will work with you to help access finance even if your credit history isn\u2019t as sparkly clean as you might want.<\/strong><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/05\/illustration-03.png” title_text=”illustration-03″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”||||true|false” global_colors_info=”{}”][et_pb_row use_custom_gutter=”on” gutter_width=”2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n While a personal loan<\/a> might seem like a better agreement, a secured loan can have many advantages \u2013 even if you have a good credit score. However, before taking one out, there are many things to consider, as committing to an agreement means that you\u2019ll be responsible for the loan repayments.<\/p>\n Let\u2019s look at the advantages of secured loans for people with bad credit.<\/p>\n As you can offer your house as collateral for a loan, lenders will usually be willing to lend more money.<\/p>\n For example, it\u2019s rare to get an unsecured loan over \u00a310,000, whereas we could broker you a secured loan up to \u00a3500,000.<\/p>\n Even if you’re self-employed with a good credit history, you might still find that lenders are wary of offering you a loan. Secured loans aren\u2019t just bad credit loans, they can be beneficial for self-employed individuals to secure financing when they cannot guarantee a fixed monthly income.<\/p>\n As you use your property (or other valuable items) as collateral, most lenders will let you save money with lower monthly payments. However, the interest rate you receive depends entirely on the type of agreement you secure and your personal circumstances.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row use_custom_gutter=”on” gutter_width=”2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n Of course, there are also some disadvantages of secured loans, and it\u2019s essential to be aware of them before you enter into an agreement.<\/p>\n While other valuables are considered, secured lenders prefer property as it offers the most collateral. However, the big thing to be aware of is that the lender can repossess and sell your home if you do not keep up the repayments on a secured loan. You will be responsible for any costs incurred by the lender if they have to resort to repossession proceedings and then put your property up for sale in order to recoup their losses.<\/p>\n These costs can include advertising fees, estate agency fees, legal fees and surveyors\u2019 fees among others. That is another reason why it\u2019s important to speak to a financial adviser before taking out a secured loan, so they can make sure that it\u2019s the right option for you, as even a few missed payments can result in severe consequences.<\/p>\n While secured loans offer lower interest rates, you\u2019ll usually have a longer term to deal with. For some people, this isn\u2019t a big problem, but considering these loans can sometimes last for 25 years, the interest rate can cost you much more in the long run.<\/p>\n Most lenders that offer secured loans will often add expensive arrangement fees, which they\u2019ll calculate into the APRC. You\u2019ll have to think about that before signing anything, as the added charge can dramatically increase your repayments.<\/p>\n Sometimes, a lender might offer you a secured loan with a variable interest rate, which means your payments might increase at short notice. If this happens, the overall loan amount you have to pay will be significantly higher.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#e1f0f4″ custom_padding=”||||true|false” global_colors_info=”{}”][et_pb_row use_custom_gutter=”on” gutter_width=”2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n A secured loan is a type of loan with some kind of collateral behind it. This is why the lender is less concerned about whether you have a poor credit rating or even your credit history at all, because they are lending based on the value of your collateral.<\/p>\n Be aware if you default on a secured loan, the lender can repossess and sell the collateral to repay your debt to them.<\/strong><\/p>\n The collateral used to secure this type of loan is usually a property (which is why this kind of loan is often referred to as homeowner loans<\/a>), but it can also be something like a valuable piece of jewellery, a boat, some artwork, cash savings, or an expensive car.<\/p>\n While the lender won\u2019t instantly repossess your home if you miss a payment by a day, if you are ever at risk of falling behind, get in touch with your lender as soon as possible to see how they can help you keep on top of your loan repayments.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n In most cases, a secured loan can be easier to get with a poor credit score because you can offer extra security to lenders. While providers<\/a> will likely deny an unsecured loan if you have a bad credit rating, you could access a higher amount of money and low-interest rates with a secured arrangement. To get the best possible deal, consider using a specialist broker to secure you the best possible loan.<\/p>\n Still, secured loans are not guaranteed, and you may not be able to get a secured loan if:<\/p>\n You’ve been declared bankrupt in the past three years<\/strong><\/p>\n<\/li>\n You want to borrow more than 80% of the value of your collateral<\/strong><\/p>\n<\/li>\n You’re self-employed or have no fixed income source<\/strong><\/p>\n<\/li>\n You’re unemployed<\/strong><\/p>\n<\/li>\n<\/ul>\n At Believe Loans, we help people find the right lender, regardless of their financial situations. Our friendly brokers can work with you to find a solution.<\/strong><\/p>\n There are many different options for secured lending out there so do shop around for the best interest rates, loan terms and lender fees.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”||||true|false” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/08\/family-children.7e68abf6.png” title_text=”family-children.7e68abf6″ align=”center” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_align=”left” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text module_class=”a-color” _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n If you want to take out a secured loan, you\u2019ll typically have a choice between four types, depending on your needs, including:<\/p>\n Homeowner and home equity loans:<\/strong>\u00a0People usually take this type of loan out against their current mortgage to pay for improvements or a deposit for a second property.<\/p>\n First charge mortgages:<\/strong>\u00a0If you currently don\u2019t have a mortgage and use a lender to purchase a property, you\u2019re technically entering into a secured loan agreement because failure to make your mortgage repayments will result in losing the property.<\/p>\n Second charge mortgages:<\/strong>\u00a0While some think second charge mortgages are the same as mortgaging a property, they\u2019re not. You pay for a second charge alongside your pre-existing mortgage.<\/p>\n Debt consolidation loans:\u00a0<\/strong>If you\u2019re struggling to make debt repayments, consolidating existing borrowing into one monthly sum can make it easier to manage your money. However, it\u2019s important to mention that not all consolidation loans are secured.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row use_custom_gutter=”on” gutter_width=”2″ _builder_version=”4.18.0″ _module_preset=”default” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text module_class=”a-color” _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n Before you take out a secured loan, consider getting financial advice and also speaking to someone you trust who\u2019s not a lender to get their opinion on whether you should take out a secured loan.<\/p>\n You may also want to speak with your bank or credit union about how they can help you with your finances and whether they have an affordable repayment plan for loans, as well as any other services they offer.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#e1f0f4″ custom_padding=”||||true|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_align=”left” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n As well as the different types of secured loans are available, there are various repayment terms you could access too. In most cases, your lender will offer terms based on your current credit score, so you might not have an option with your interest rates.<\/p>\n However, do ask about the repayment terms before you sign on the dotted line, as some lenders might be willing to offer you a more favourable agreement.<\/p>\n Three typical agreement terms for secured loans include:<\/p>\n Fixed for term<\/strong> – Fixed terms are popular because they\u2019re guaranteed stability with their repayments. With this type of loan, you pay a set amount each month instead of dealing with the uncertainty of changing interest rates.<\/p>\n Short-term fixed loan<\/strong> – Short-term fixed loans offer some stability because you pay a fixed rate for up to five years. However, after that term finishes, you\u2019ll immediately move on to the lender\u2019s variable interest rate, which could mean you pay more.<\/p>\n Variable rate <\/strong>– Variable rates are subject to The Bank Of England\u2019s interest rates, so you\u2019ll never know what you can expect to pay through the entire term of your loan. In some cases, this kind of agreement can be beneficial (if the interest rates decrease); however, many people avoid them because the interest rates can increase quickly.<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/05\/illustration-03.png” title_text=”illustration-03″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”||||true|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/05\/illustration-03.png” title_text=”illustration-03″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_align=”left” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n An unsecured loan does not require any form of collateral to access it. Unsecured loans are typically given out by lenders based on their analysis of your credit rating, financial security and other personal circumstances.<\/p>\n A loan provider offering an unsecured loan<\/a> will usually ask to see your payslip or bank statement, undertake a credit check to see that you have a very good credit score and reliable, constant employment, and whether you have any other debts outstanding before offering it.<\/p>\n Typically, you can only access smaller sums of money with an unsecured loan, they also tend to have higher interest rates, and quicker repayment terms. The overall cost of an unsecured loan is therefore generally greater than that of a secured loan because the lender is taking more of a gamble on your ability to repay them.<\/p>\n In short, lenders are notoriously picky when offering an unsecured loan, so you might not be able to get one if your credit score doesn\u2019t match the provider\u2019s criteria. Lenders typically only lend unsecured loans to borrowers with excellent credit histories.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#e1f0f4″ custom_padding=”||||true|false” locked=”off” global_colors_info=”{}”][et_pb_row use_custom_gutter=”on” gutter_width=”2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_align=”left” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n If you\u2019re unsure whether a secured loan is right for you but need to secure financing, some other options are available. However, you need to weigh up whether the following solutions will be more beneficial in the long term, as all lending situations can have some negative impacts.<\/p>\n A guarantor loan<\/a> gives you more flexibility with the terms because you have someone acting as a backup should you default on repayments. It\u2019s similar to how many young people rent properties, but some avoid these loans because it can cause issues with family and friends.<\/p>\n If you fail to make repayments, your guarantor will become legally responsible, so if you decide to go this route, you should find a family member who will support you.<\/p>\n While credit cards have a bad reputation, using them responsibly can prove to be a lucrative solution for people. If you have a decent credit file, you can source a zero-percent credit card, allowing you to buy something and pay it off in instalments.<\/p>\n However, if you don\u2019t make the payments on time, you could be dealing with high-interest rates and have to pay more.<\/p>\n Peer-to-peer lending platforms are fast becoming one of the best ways to secure a loan. They work differently from banks, as individuals worldwide can choose a peer lending platform to invest their money.<\/p>\n It\u2019s an alternative to putting your cash into a bank account, and platforms such as Zopa allocate that money to loan applicants. These platforms usually offer lower interest amounts, but they can be daunting for people without much financial knowledge.<\/p>\n British Credit Unions cater to a specific group of people, such as NHS workers or public servants. They offer loans and credit with more favourable rates and are similar to peer-to-peer lenders.<\/p>\n However, you\u2019re not guaranteed a loan; it ultimately depends on your job, financial situation and whether there\u2019s a credit union that caters to you.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”||||true|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/05\/illustration-03.png” title_text=”illustration-03″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_align=”left” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||||false|false” locked=”off” global_colors_info=”{}”]<\/p>\n Secured loans can cost different amounts from different lenders even when you\u2019re applying for the same sum with the same credit history and securing collateral. Lots of different companies offer secured loans which means that comparing loans with bad credit can be difficult, but there are some ways you can make it easier.<\/p>\n To find the best secured loan for you, first, look at the loan amount you can get, and the interest rates, monthly repayments, and lender fees offered by the lenders. You might find that your valuable asset isn\u2019t as valuable as you think it is, or that you want to borrow larger sums of money than they are willing to offer you.<\/p>\n You should also compare the length of time before payments are due in full on the different secured loans, as well as any prepayment penalties applicable (fees charged if you pay back the money owed earlier).<\/p>\n Finally, look at whether or not each lender has a grace period before making payments due on your account because you might be surprised to learn that some will want their monthly repayments to start almost immediately. This will help you figure out what type of secured loan is best for your financial situation.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”||||true|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.18.0″ _module_preset=”default” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” custom_css_main_element=”display:flex;||justify-content:center;||flex-direction:column;” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”Montserrat||||||||” header_2_text_align=”left” header_2_text_color=”#17174c” header_2_font_size=”42px” header_2_line_height=”1.2em” custom_margin=”||||false|false” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font=”Montserrat||||||||” text_text_color=”#17174c” header_3_font=”|600|||||||” header_3_text_color=”#17174c” header_3_line_height=”1.2em” header_4_font=”|600|||||||” header_4_text_color=”#17174c” header_4_line_height=”1.2em” custom_margin=”||30px||false|false” global_colors_info=”{}”]<\/p>\n Bad credit doesn\u2019t necessarily mean you can\u2019t secure a loan, but you might find it challenging if you go it alone. At Believe Loans, we work with people from all backgrounds to help them find the right borrowing solutions for their needs. As one of the UK\u2019s leading credit brokers, we have relationships with the biggest lenders in the UK, and regardless of your situation \u2013 we\u2019re confident we can help.<\/p>\n Our specialist brokers have been helping people with bad credit get a secured loan for years, and we offer access to some of the best rates on the market as well as being a trusted business as shown by our 5 star rating<\/a> on Trustpilot.<\/p>\n Whether you\u2019re already comparing loans for bad credit or have just started to research secured loans, get in touch with our friendly team who will be able to help guide you through the process.<\/p>\n We consider applicants from all credit profiles and tailor each rate specifically for you, which can start from as little as under 4%.<\/p>\n Our hassle-free four-step online process<\/strong> can give you a good idea of what secured loan we can offer you, and you could be on your way to securing between \u00a310,000 to \u00a3500,000 <\/strong>within just ten days.<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/04\/illustration-01.png” title_text=”illustration-01″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.believemoney.com\/wp-content\/uploads\/2022\/08\/MSA-2022-Winner.png” title_text=”MSA-2022-Winner” align=”center” _builder_version=”4.16″ _module_preset=”default” max_width=”700px” custom_margin=”|auto|50px|auto|false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n\n
Are you a homeowner or a tenant?<\/h2>\n
Can I get a secured loan with bad credit?<\/h2>\n
What is bad credit?<\/h3>\n
Deciding whether a bad credit secured loan is right for you<\/h2>\n
The pros<\/h2>\n
You might be able to secure a bigger loan<\/strong><\/h3>\n
Self-employed people might struggle to get other loans<\/strong><\/h3>\n
Lower interest rates<\/strong><\/h3>\n
The considerations<\/h2>\n
These loans are taken out against your house<\/strong><\/h3>\n
Longer payment term<\/strong><\/h3>\n
Annual percentage rate of charge<\/strong><\/h3>\n
Variable interest<\/strong><\/h3>\n
What is a secured loan?<\/strong><\/h2>\n
A secured loan could be the answer for poor credit history<\/strong><\/h2>\n
\n
Different types of secured loans<\/h2>\n
Secured loan agreement terms<\/strong><\/h3>\n
What’s the difference between a secured loan and an unsecured loan?<\/strong><\/h2>\n
Are there alternatives to secured loans for bad credit?<\/strong><\/h2>\n
Guarantor loan<\/strong><\/h3>\n
Zero interest credit cards<\/strong><\/h3>\n
Peer-to-peer platforms<\/strong><\/h3>\n
Credit unions<\/strong><\/h3>\n
How much do secured loans for bad credit cost?<\/strong><\/h2>\n
Believe Money could help you get a secured loan with bad credit<\/strong><\/h3>\n