Loans - Frequently Asked Questions
What is a secured loan?
Secured loans, also known as homeowner loans, are loans secured against your property. Secured loans are ideal if you want to borrow a large amount of money and are usually used to consolidate existing credit or to make home improvements.
Secured and because your property is provided as collateral for the loan, loan providers see you as less of a risk. However, your home could be at risk if you are unable to repay the loan.
How do I apply?
Applying for an inspired loan couldn’t be easier. Simply call our friendly team on 01420 448788 or complete our quick online form. Both options mean you’re under no obligation. And don’t forget – if you have any other questions we’re here to help.
What happens after I apply?
As soon as we get your online application we’ll assess your requirements and match them with the best deal from our panel of lenders. You’ll also get a friendly and experienced customer manager to guide you step by step through the process. Applying is free and you’re under no obligation.
Do I qualify for a secured loan?
You need to be a homeowner with an existing mortgage. Your mortgage is the first charge on your property, and a secured loan is a second charge.
What information do I need to supply?
You’ll need to tell us your residential address (es) for the last three years, your date of birth (you must be over 18 years old), your employment details and some financial information. Our friendly team will then guide you through any additional documentation and more detailed enquiries if required.
How much can I borrow?
Secured loans are available from around £5,000 to £500,000 but if you have another amount in mind outside of this, then please still contact us and we will do our best to help you.
How long can I take a secured loan out for?
The term of a Secured loans varies from 3 years to 25 years.
How long does it take to get the money?
It can vary from loan to loan but from the very first contact, we will always keep you informed throughout the process. We pride ourselves on offering the best possible customer service and as a result, believe we can offer one of the quickest completion times within the secured loan industry.
Does it require a credit check?
At Inspired we conduct ‘soft searches’ which do not affect your credit rating in any way.
Can I still apply with a poor credit rating?
At Inspired we have a range of lenders and are able to help people with existing bad credit such as CCJs and arrears.
What can I use my money for?
You can clear your credit cards, store cards and other high interest borrowings, to enjoy one, more affordable, monthly payment. You could use it for home improvements, whether you’re redecorating or adding a conservatory or loft conversion, a new car, a luxury holiday or help with your children’s first home or college fees. It’s up to you.
What will my monthly payments be?
The amount you pay every month will depend on how much you borrow, over what period you intend to repay your loan and your individual circumstances.
What happens if I sell my house before the loan has been repaid?
Like a mortgage, you will be required to pay the remaining amount of your secured loan from the proceeds of the sale.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY