Secured Loan Features

When looking for secured loans, it’s best to know exactly how much you need to pay for the amount you want upfront. That’s why at Personal Loans Now you can use our secured loan calculator to work out everything you’ll need to know before submitting an application. You can borrow up to £100,000 with a secured loan through us, with our credit on-demand system showing you all the lenders available so you can easily compare the best rates available. Free to use, why not try our secured loan calculator today and we can show you what the repayments and interest will be in an instant.

Interest Only Secured Loan Calculator

Simple to use, our secured loan calculator will quickly show you what you need to know when looking for great rate secured loans online. All you have to do is enter the amount you wish to borrow, which can be anywhere between £25,000 and £100,000, and the length of time you want to repay the loan, up to 15 years as a maximum. Once you’ve entered these details, we’ll be able to show you what the potential repayments will be and how much interest you will be expecting to pay for the credit. You can then adjust these details however you want, whether you decide to go for a longer repayment term or higher monthly repayments. Using our interest only secured loan calculator will show you all the charges you’d be expecting to see with this type of borrowing. Find out how much you can borrow today!

How Does the Secured Loan Calculator Work?

If you want the best available rates for a secured loan, using our online secured loan calculator will provide you with the easiest way to see what you need to pay. Once you’ve decided on how much you want to borrow and the length of time to repay, we’ll work out the interest and divide this between the number of months you’ve chosen. Depending on the length of time you want this loan over, the amount of interest charged can be higher than for a short term loan. We calculate interest by APR which although interest may be higher than with a personal loan because you can spread the term over a longer period, your monthly repayments will be smaller. This will mean a secured loan can be easier to manage as the monthly repayments are much cheaper, meaning you can budget easily every month.

Bad Credit Secured Loan Calculator

Even if you have bad credit, you are still free to use our secured loan calculator to see how much you could potentially borrow and repay each month. However, if you do have bad credit, this can heavily affect how much a lender will be able to approve when you do apply. Using our secured loan calculator is a guide, not a guarantee of credit, so please bear this in mind. For example, you may decide you want to apply for credit of £80,000 over 10 years of repayments, with our secured loans calculator showing you exactly how much this will cost. However, when you do click apply now and proceed with an application, you may find because of having bad credit, some lenders will not be able to agree to the terms you’ve requested.

In this instance, you may either be declined, or a lender will be able to offer alternative terms, such as £40,000 over 7 years. This all depends on your credit rating, affordability in general and the lender themselves. You will also need to consider that the rates of interest may be much higher if you have bad credit, for example, a lender may be able to offer you the full amount you want but with a much higher rate of interest. We recommend that you carefully consider your financial position before applying for any form of secured loan and ideally check your credit report before proceeding.

Will the Secured Loan Calculator Tell Me Exactly How Much I Can Borrow?

The best way to use our secured loan calculator is to help guide you when considering taking out a secured loan for a higher amount. It won’t tell you how much we or other lenders can offer to you for a secured loan, instead, it will give you a great idea of how much potentially you can borrow and what the interest and monthly payments will look like. We want to provide you with as much insight as possible when it comes to secured loans so that you can make an informed choice before applying.

What Do I Need to Know Before Applying for Secured Loans?

There are a number of things you will need to consider before clicking the apply now button so that you can be in the best possible position before you apply.

What are the Eligibility Requirements?

To be eligible for a secured loan through Personal Loans Now, you will need to meet the following requirements:

  • Over 18 years of age
  • A current UK resident
  • Have a bank account
  • Receive a regular income

What Details Do I Need to Use the Secured Loan Calculator?

Once you have the loan amount in mind and repayment terms you want, once you click apply now you will need to provide the following details:

  • Your bank account details
  • Your personal details including date of birth and address history
  • Your employment details, or source of income details

If you can meet the above criteria and have your personal details to hand, we can help you proceed with your application. As a direct lender of secured loans, if we can approve your application then we can deposit the funds into your account quickly and securely. If we cannot approve your loan, we will show you our secured loans comparison table of other secured loan lenders who are best placed to help.

Secured Loan Calculator FAQs

Will My Credit Score Be Checked When Using the Secured Loan Calculator

Using our secured loan calculator does not require a search of your credit file, meaning you can calculate what a potential secured loan will look like without impacting your credit score. This is particularly useful if you have a poor credit rating, as there will be no further search when using the secured loan calculator. Please note that a credit search will be required once you begin an application for a secured loan online, so make sure you are happy to proceed with this before clicking apply now and entering your personal details.

Will I Have to Pay More Interest on a Secured Loan if I Have a Poor Credit Score?

This will depend on the lender as you may be seen as a higher risk applicant if your credit rating is poor. Because of the amounts associated with secured loan borrowing being usually over £25,000, lenders will want to be sure that you can afford the repayments for a larger sum of money. If your credit score is poor, usually this can mean the APR may be higher. At Personal Loans Now, we charge a fixed rate of interest at 39.7% Apr representative, however, another lender may only be able to offer you the money you want at a much higher rate of interest. You will be able to see the full amounts of interest a lender will charge before proceeding with an application.

Am I Able to Repay a Secured Loan Early?

Yes, most lenders will be able to agree to an early settlement of a secured loan, but please be aware this may result in additional charges which will be made clear to you before proceeding. As most people tend to use a secured loan to buy a property or a vehicle for example, if you decide to sell the possession then you will normally use that money to pay off the loan. Check the credit agreement for details of early repayment terms so that you are fully aware of any charges that can be applied. If you’re still unsure, then it is always best to contact the lender directly to discuss.

Can I Get a Secured Loan for a Smaller Amount?

A secured loan is most commonly used for loan amounts above £25,000 as due to the higher risk involved, the borrowing would need to be secured against something, such as a vehicle or property. If you’re looking for borrowing under £25,000, you may be more suitable for our unsecured loans, as you can borrow amounts between £2,000 and up to £25,000. Additionally, because they are unsecured, you will not need to use any valuables as collateral against the loan in the event you cannot make repayments.

What Happens If I Cannot Make the Repayments on Secured Loans?

If unfortunately, you cannot maintain the monthly repayments once you have taken out a secured loan, this could put any valuables guaranteed against the loan at risk. If you know that you won’t be able to make a repayment, you will need to contact the lender at the first instance to discuss a suitable repayment plan. This way, you can make arrangements to avoid any collateral being used straight away. If your financial situation is stretched at the time of your secured loans application, you will need to carefully consider whether a secured loan is right for you and maybe consider alternative options so that you can avoid increasing the chances of defaulting on a secured loan.

We said this: Apply now for personal credit and get an instant decision!

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