Bad Credit Secured Loans
Borrow with us and you could receive your loan in as little as 3 days.
Borrow up to £250,000
Flexible terms from 3-25 years
We consider all credit histories
Employed, self employed, pension and benefit income
We're a direct lender, so there are no hidden broker fees
Representative Example: A secured loan of £43,000 payable over 9 years on a fixed rate of 10.43% for the first 5 years, followed by a variable rate, currently 12.00%, would require 60 monthly payments of £651.19 followed by 48 monthly payments of £670.67. The total amount repayable would be £71,263.56, this includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 12.9% APRC representative.
How it works
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
In just 3 simple steps you could have the money in your bank account. All you need to do is:
1: Enquire
Complete our quick and easy online enquiry form. Alternatively, you can speak to an advisor instantly by calling us or starting a live chat.
2: Your details
One of our qualified advisors will call you to discuss your enquiry and work out a monthly payment that meets your needs and circumstances.
3: We'll do the rest
We'll help you complete the paperwork and any other supporting documentation required.
What do our customers say?
You can relax knowing you’re working with a highly rated team. But don’t just take our word for it, visit our website and read our reviews – they speak for themselves.
Can you get a secured loan if you have bad credit?
Yes. You could still get a secured loan despite having bad credit, but it is not guaranteed.
Whether you have bad credit or not, all good lenders will consider your personal circumstances and your ability to comfortably afford to repay the loan. This type of loan uses your home (or another property you own) as security. This means that your home or property could be repossessed if you do not repay the loan.
Because you are providing security against the debt, lenders such as ourselves can be more flexible regarding who they lend to. However, this also means there is more risk for you, so even though you may be able to get the loan, it is essential that you make certain you can afford the monthly repayments.
What is bad credit?
‘Bad’, ‘poor’ or ‘adverse credit’ can often be caused by the following:
- Accounts in default
- CCJ’s (county court judgement)
- Debt management plans
- Had IVA (individual voluntary arrangement) which is now cleared
- Cautions or restrictions against their property
- Missed payments (maximum of 2 within 12 months)
Whilst some lenders are unable to help with the above circumstances, Central Trust could.
We consider all credit histories and assess each case on its own individual merit.
Why choose Central Trust?
35 years' experience
We are one of the UK's longest established specialist lenders trading since 1988 giving us over 35 years' experience providing secured loans, homeowner loans and second mortgages.
Simple application process
You can call our team directly on 0800 980 6273 (Mon-Fri:8:00am-7:00pm) or you can enquire online at any time using our quick and easy online form.
All credit considered
We understand that life happens and there's more to your story than your credit score or recent pay slip. So if you have a less than perfect credit score we could still help.
What credit score is needed for a secured loan?
The credit score required to get a secured loan will vary from lender to lender. However, as long as the loan is affordable, you may be able to borrow money despite having a low credit score.
Everyone’s personal circumstances are different, including their credit score. When deciding who we can lend to we will look at your credit score, but we will also look at other things such as how much you can afford to repay each month, how much money you want to borrow and how much equity is in your property.
As long as you can comfortably afford the monthly repayments and there is enough equity in your home, we may still be able to lend you money even though you may have a low credit score. A poor credit score may mean that you have to repay a higher interest rate, however a secured loan may still be a cheaper option than an unsecured loan if you have a bad credit score.
Case studies
Home improvement loan
For an applicant with poor credit history.
Secured loan
For a self-employed client with limited trading history.
Debt consolidation loan
For an applicant with multiple lines of credit.
How could we help?
Although we can help people with good credit, we can also provide secured loans to those with adverse, poor or even bad credit scores.
If you have previously been declined due to your credit profile or you don’t meet one lender’s criteria, it doesn’t mean that every lender will turn you down.
Whilst some lenders may not be able to assist, at Central Trust, we consider all credit histories, including defaults, CCJ’s, missed payments and those on debt management plans.
These are however subject to our criteria and underwriting standards.
We have over 35 years of experience helping customers find the right type of loan for their circumstances.
As a specialist lender, we can help those that have bad credit, previously turned down by high street lenders. Getting a secured loan shouldn’t feel impossible, and we want to help you raise the funds you need, whatever your plans may be.
Ready to enquire?
Talk to our qualified mortgage experts now
We are here to help
- Friendly UK based advisors
- Enquiring won't affect your credit rating
- Fast turnaround times 7-10 days is possible
- No phone menus - immediate contact from our advisors
- We are a direct lender, so we'll work with you from start to finish
Jenny Bush
Head of Direct Sales
20 years at Central Trust
01923 280777
FAQ's
Yes, it is still possible to be turned down for a secured loan. Even though it can help you, providing security against the money you borrow does not guarantee that your loan will be approved.
Using your home as security can help you overcome a poor or even bad credit history, but as a responsible lender we do not want you to lose your home. As a result, we will only ever recommend a loan that suits your requirements, and is comfortably affordable for you each month.
We know that everyone’s personal situation is different, including their credit history. Just because someone has experienced credit issues in the past does not mean that we can’t lend to them now. We will always consider your credit profile when you apply, but we will also look at how much you want to borrow, how much you can afford to repay, and how much equity is in your property.
We cannot guarantee to lend to everyone, but we can guarantee that we will always do our very best to help you!
If you have bad credit, a secured loan could be easier to get than an unsecured loan, because there is less risk for the lender.
Using your home as security could help you borrow money despite having a bad credit profile. It means there is less risk to the lender than an unsecured loan because they could repossess your house if you fail to repay the loan. That’s why it is so important to make sure you work with a reputable lender that will always keep your best interests at heart.
When you apply, we will always discuss your circumstances as well as your borrowing needs, so we can make certain that we only ever recommend a loan that you can comfortably afford to repay.
If you want to find out how much you can borrow today, simply enquire now…
The interest rate you could be charged depends on your personal circumstances, the length of the loan term, the amount you are looking to borrow and your credit history.
The interest rate you could be charged depends on various factors relating to your personal circumstances. These factors can include the length of the loan term, the amount you are looking to borrow and your credit history.
With a bad credit secured loan, interest rates are likely to be higher than someone with good credit. This is because they are considered less of a risk due to their financial history.
However, as a specialist lender we can help people with complex financial circumstances.
At Central Trust, all applications for bad credit secured loans are considered on an individual basis - whatever your credit circumstances, we will do our best to help you get the secured loan you need
All loans have risks if you do not keep up with your repayments. You can be charged extra fees and they can affect your credit history. A secured loan has the additional risk of your home being repossessed, so it is essential to make certain that you can comfortably afford the repayments.