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Secured loans – For a secured future

Secured loans are long-term financial solutions with a big loan amount limit but at a lower rate, as the borrowing is secured by collateral. The loans are liberal on purpose as you can use them for any purpose. For example, fulfil personal purposes or invest in your business. The funds are available on basic conditions that are convenient to qualify. ExtramileFinance is an expert in long-term lending solutions and provides services without any compromise. No upfront fee, no hidden charges, only fair procedure and timely fund disbursement.

Features – That improve your experience

The secured loans in the UK are quite rich in features as the loans are destined to offer complete satisfaction to the borrowers. Moreover, to make the loans versatile, the additional traits accompany every loan deal for every customer.

  • ok icon white195% online procedure – Financial and personal details are obtained online, and also the verification occurs virtually. Only to scrutinise the collateral value we make a visit.
  • ok icon white1Designed for bad credit situation - The loans have the security of collateral the borrowers with poor credit rating can obtain funds through secured loans for bad credit on instant decision.
  • ok icon white1Customisation as the vital feature – The loans are offered according to the individual circumstances of the people, which naturally gives ease to the loan bearer on repayments.
how to apply for secured loans

Advantages & Disadvantages – A rational approach

A coin has two sides, and secured loans have some advantages and some disadvantages. We prefer to offer a rational insight into our loan product to help our customers make a correct decision.

Advantages Disadvantages

Immediate approval decision – As direct lending is all about online procedures, things happen faster. You get approval more quickly, apply and get the result in 10 minutes.

Risk on your asset – As secured loans have collateral, your asset is at risk. In case you fail to make repayments, the lender has the right to take its possession.

Lower rate of interest – The loan amount is big, but as the tenure is long, the interest rate is always lower, and repayments are affordable.

Long-term obligation – Secured loans stay on your financial records for a very long time and affect financial decisions.

Versatile purposes – Whether you need funds through secured homeowner loans or heavy machine loans, secured loans serve every purpose.  

Big deposit - Secured funding cannot take place without a deposit. A certain percentage is necessary. Collateral and Deposit both may cause a burden.

What credit score is needed for a secured loan?

Technically speaking, you need a good credit score for any loan; however, many people have financial issues. As a result of multiple obligations, many people experience a drop in credit score. But nowadays, you can borrow despite a poor credit score, but the condition is a strong repaying capacity.

For example, imagine you need to take secured business loans but have a poor credit situation, even though you can borrow. Then, either you should wait and pay obligation on time and improve your credit score or work thoroughly on repaying capacity. Actually, the latter is again about the improvement of credit score status.

How secured loans are different from unsecured loans?

Of course, both are completely different as both secured and unsecured loans serve dissimilar purposes. The conditions for both the loans are completely different, and the rest you can understand with the comparison here.

Secured loans Unsecured loans

Secured loans are long-term of up to 30 to 35 years and have a big borrowing limit. The maximum can reach up to several Lakhs of Pounds. 

Unsecured loans have a smaller amount limit of up to a few thousands of pounds and have a shorter tenure of a maximum of 3 to 5 years.

Secured loans need collateral as the necessary condition because the borrower borrows a big amount and the lender needs security.

Any asset does not secure unsecured ones, and only current repaying capacity and financial behaviour decide the fund management.

Secured loans demand employment stability of at least 2 years. It means the person should be in the same job for the last 2 years minimum.  

These are short-term loans. A minimum of 6 months of employment stability is necessary as the amount is small.

Secured funds cannot be borrowed frequently due to higher loan amount and longer obligation duration.

Unsecured borrowing is smaller and can be obtained frequently. Moreover, if you do not have any other obligation, you can borrow even faster.

Are secured loans easier to get?

Yes, secured loans are easier to get if you fulfil certain terms and conditions that are necessary to follow. We, the lenders, cannot break the rules because they are made for your good and to ensure transparency from our side.

Eligibility - What to consider before applying?

The eligibility criterion for secured loans online is not complicated, and within a few minutes, you can qualify to process further. Like any other loan, the eligibility criterion here is simple and understandable.

Procedure – Predictable and Simple

Yes, it takes only a few minutes even if you apply for a loan with bad credit. There is no discrimination of procedure on a credit score basis, fair chance to apply and borrow on a strong repaying capacity. The process to apply is as simple as a cakewalk. It is important to mention here that these loans have a higher approval rate.


QAre secured loans a good idea?

Of course, secured loans are a good idea because they are obtained for a high amount. However, practically it is not possible to arrange so many funds. For example – it is normally not easy to have a huge amount in your hand to buy a house. Nevertheless, secured loans are worthy, and thus it is a good idea to consider them.

QCan I pay off a secured loan early?

Yes, you can pay off a secured loan early and that too without any prepayment penalty. Some lenders take charge of it, but at ExtramileFinance, we do not charge anything if you want to pay off the loan early. However, it is a rule that in the case of long-term secure loans, prepayment is allowed only after the first year of borrowing funds.

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