Looking for secured loans?

Aro is a credit broker, not a lender. This means that when you check your loan, credit card or car finance options through us, we use smart decisioning to quickly check your details against our lenders’ eligibility criteria and find you suitable borrowing options.

No, our smart search won’t impact your credit score. At Aro, we only use a soft credit check to match you with accurate borrowing options. This means that when you look for a loan, credit card or car finance through us, the search on your credit file won’t be visible to anyone but you.

If you do choose to proceed with a lender, the lender may run a hard credit check to make their final decision.

Yes, it is possible to get a homeowner loan with bad credit. This is because lenders secure the loan will against your home, adding an extra layer of security for the lender.

With a homeowner loan, you can borrow from £10,000 to £500,000+ and spread the cost over 1 to 30 years.

Bad credit homeowner loan considerations

That said, you should think carefully before securing finance against your home. If you are unable to repay your loan, as a last resort your lender could repossess your property to recover their funds. To be eligible for a homeowner loan, you’ll need to be a homeowner with equity in your home.

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.

Second-charge mortgages 14.26% APRC Representative (variable). Representative example (if you choose to add fees to the loan): assumed borrowing of £25,000 over 7 years, plus a broker fee of £2,850 and lender fee of £367.50 would result in monthly repayments of £509.96, the borrowing rate is 12.78%, the APRC is 14.26% (variable), total charge for credit would be £14,619.14 and the total amount payable would be £42,836.64. Aro is a credit broker and not a lender. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

If you would like to learn about what gives you a bad credit score, check out our blogs, guides and FAQs.

Applicants can complete the secured loan process fairly quickly if you can provide all the information efficiently and accurately.

After you’ve made your secured loan application, you’ll normally receive a quotation that requires both validation and confirmation by your lender. If you decide to take the next step, then your lender will assess your credit report.

If the loan you want is secured against your property, then the lender will want to know its value. In essence, they need reassurance that the amount of equity (another word for ‘worth’ or ‘value’) you have in your home covers the amount of the loan.

With the secured loan process, you may also need to supply banking details and other financial information. This process varies from lender to lender but can take several weeks. You can always ask for an estimated time at the point you decide to proceed.