Yes, if you are a homeowner and have bad credit some lenders could offer you a secured loan.

To get a secured loan with poor credit you will still need to be credit checked, but if you use a broker they can give you an indication of whether your application will be accepted before you apply.

You may be able to get a secured loan even if you have:

  • Mortgage arrears

  • County Court Judgements (CCJs)

  • Other missed repayments

Getting the right secured loan

You need to find a loan that:

  • Lets you borrow the amount of money you need

  • Gives you enough time to pay back what you owe

  • Will accept your application even if you have bad credit

  • Has the lowest interest rate you can find

To get the best secured loan if you have bad credit, speak with a qualified broker.

Most lenders no longer offer loans directly to borrowers, instead working with brokers.

A good broker will assess your circumstances before you apply, including any credit problems, and help you find a suitable loan that meets your needs.

Before you apply

It is worth checking your credit record is accurate and up to date before you look at bad credit secured loans, even if you know you have had issues in the past.

It is also worth writing a budget, so you know exactly how much you can afford to pay towards any new loan. This can reduce the chances of missing any payments in the future.