Comparing secured loans: step by step

Applying for a secured loan

Whether you want to compare secured loans or consolidate your existing debts with a secured loan, the uSwitch loans calculator provides a free comparison of loans to suit your specific requirements.

What you’ll need to have ready

Before you start, decide how much you want to borrow. As long as you’re a homeowner, you can apply for loans of up to £250,000.

You will also need to know:

• the current value of your property
• the amount still outstanding on your mortgage
• your monthly mortgage payment
• the total of other loans secured against your property (if applicable)
• the annual salary of your household
• details of previous credit problems relating to any of the applicants e.g. arrears or County Court Judgments

Step 1: Choose a secured loan from our loans top deals table

To compare secured loans quickly, use our best-buy tables.

Just enter the amount you would like to borrow and the period you want to pay it back over, and we’ll show you a table of our top secured loan deals.

Pick the secured loan that’s right for you and click apply.

We’ll show you a summary of the secured loan you have chosen and ask you for a few details, including your name, address, email and phone number.

You will then get a call from our expert loans brokers to discuss your application and complete the process.

Step 2: Tell us how long you need to repay the loan

The shorter the loan term (the amount of time allocated to repay the loan), the more money you save on interest, but make sure you can afford the monthly repayments.

The maximum secured loan term you can apply for is 25 years.

For loans intended to pay off other debts such as credit cards, remember you won’t have to pay the interest on those debts any more, so this can come off your budget.

If you would like to talk over your options with an expert, call our loans broker on 0800 061 2178.

Step 3: Decide whether you want Payment Protection Insurance (PPI)

Payment Protection Insurance (PPI) covers your loan repayments if you have an accident, become ill or lose your job and can’t pay them off.

Our service allows you to compare loans with and without PPI to help you decide whether you want to pay the extra for it.

PPI isn’t right for everyone and has some drawbacks – for more information on PPI, read our background guide.

Step 4: Tell us whether you’re making a single or joint application

Legally, if you’re married or share a mortgage, you must make a joint application.

Step 5: Tell us some more details about you

Tell us about your property - your home will be used as security against the loan, so be as accurate as possible when providing your mortgage details and property value.

Tell us your annual household salary - include the joint income of the homeowners, but if you’re the only one, we just need your salary. There’s no need to include income from children or lodgers.

Tell us about your credit history - we can still find you a loan if you have credit problems but your choice may be more limited. Loan providers will run a credit check before they accept your application so make sure you tell us if you have a history of adverse credit.  You can check your credit rating online before you apply.

Step 6: Click ‘Continue’ to see a list of secured loans and pick one

Our comparison tool will show you a list of secured loans and works out the monthly repayments for you. This includes the extra cost of PPI, if applicable.

Loans are ordered by cost – so the lowest monthly repayment comes first. You can choose to sort them by other criteria, including APR or total amount repayable.

No loans that match your specific requirements? You can amend your details or start the application process again.

Step 7: Complete your application

Click on ‘Contact me’ to submit your application.

Within 24 hours, you will get a call from our loans broker. They will run through your requirements and help to process your application.

If you don’t hear from our loans broker within 2 days, call freephone 0800 404 7968 or email CustomerServices@uswitch.com.

How long will it take for the lender to confirm that my application has been successful?  

The time it takes to process an application varies depending on the lender. From start to finish, it can take up to 2 months.

What happens afterwards?

Can I speed up the time it takes to process the loan?  

Make sure the details you provide are as accurate as possible. Any discrepancies between the information you give us and the provider’s own checks will delay the process.

Am I allowed to repay the full amount before the end of the loan term?  

Yes, although some lenders will charge you. Read the small print and look out for the terms:

• early repayment penalty
• early redemption fee
• redemption charge
• financial penalty

When you compare loans with uSwitch, you will be able to see which providers charge for early repayment.