Secured loans from Equifinance

Equifinance provide secured loans to homeowners in
England & Wales.

A secured loan could be a good option if you need to borrow money and you want more cash or lower payments than a personal loan. For example if you:

- Have other personal loans you need to repay.*

- Find making multiple monthly repayments to store cards tricky to manage.

- Want to reduce your monthly outgoings so you are left with more cash each month.*

- Need to carry out some home improvements or repairs to your home.

How do secured loans differ
from personal loans?

To help you decide if a secured loan is the right option for you remember:

With a secured loan you may be able to borrow more than a personal loan.

- Secured loans can usually be repaid over a longer term so your monthly repayments may be lower than a personal loan and you could reduce your outgoings in the short term.

- Secured loans are only available to homeowners with a mortgage so you cannot apply if you are a tenant. You don't need to be a homeowner to take out a personal loan.

- Secured loans are different to personal loans because your home offers the lender some security.

- Secured loans can be used for consolidation*, so you
can use the money to repay other loans, store and credit cards which might be working out more expensive in the short term.

- A secured loan will usually take longer to arrange than a personal loan because by law the lender must give you time to consider before you sign a loan agreement.

Why is the value of my home important when I apply for a secured loan?

Equifinance assess the value of your home before offering you a secured loan. We work out an amount as a percentage of your home's value less what you owe on your mortgage which is the amount we could lend up to. The maximum that Equifinance lend up to is 75% of the value of your home less your mortgage.

So depending on the value of your home, you could borrow up to £20,000.

What else do Equifinance assess before they agree a secured loan?

What else do Equifinance assess before they agree a secured loan? How much you can afford each month is very important. Equifinance is a responsible lender and before we agree a secured loan we'll consider what income you have coming in and what money you have going out each month so we are sure your loan is affordable.

*Consolidating other loans and debts may increase the amount you pay back overall and extend the repayment periods of your debts. Repaying borrowing over a longer term will increase the interest charges.