Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Secured Loan

What is a Secured Loan?

Secured Loan refers to a loan or other credit facility where a lender is promised Collateral that can be sold to recuperate money due if the borrower fails to make payments. In the case of secured loans the security will be the borrower’s property, regardless of whether it is mortgaged or owned outright.

Secured home-owner loans are available in varying amounts and for many different purposes. The amount available typically ranges from £3,000 to £50,000 although some lenders will consider lending up to £100,000. The amount borrowed is repaid monthly over a term agreed at the outset, which will usually range between three and 25 years. You may be charged an Early Repayment Penalty if you repay your loan earlier than agreed, and you should check each lender’s individual policy with regards to this.

Other forms of secured credit facility may include but are not limited to finance agreements, such as car lease finance. In all cases, including home mortgages and car lease purchase agreements, the credit agreement passes or retains ownership of the asset (be it a house, car or other) to the lender. Ownership passes back to the borrower when the loan is repaid, or in the case of car finance via lease purchase, when a final balloon payment is made. Otherwise the car is returned to the lender at the end of the lease purchase term.

Lenders charge interest on the amount you borrow, which is referred to as the Annual Percentage Rate (APR).

Generally, secured loans are much easier to obtain than unsecured loans. This is because the lender has the added benefit of having security, which provides protection in the event of a customer`s inability to repay. This also means that persons who are self-employed, have recently changed jobs or who have adverse credit are more likely to be able to take out a loan. They are also useful for larger amounts or where the applicant requires a longer repayment period.

Q: What if I don’t keep up with repayments?

A: The security held against the loan can be sold to help recuperate any losses for the lender.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.