Loans

What is a secured loan?

A Secured Loan is an additional loan secured on a property and is sometimes called a second Mortgage. A Secured Loan gives you the option to borrow £5,000 to £100,000 and allows you to spread your payments over 5-30 years – subject to your ability to repay.

GE Money has teamed up with Loans.co.uk to offer an even wider choice of loans. They will process your application quickly on our behalf and if one of our loans isn’t suitable for your circumstances, they will search their panel of lenders for the best loan for you. This means you have a better chance of getting the money you need.

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Why should I take out a Secured Loan and not Remortgage?

The benefit of a Secured Loan over Remortgaging depends on your personal circumstances. Some of the reasons that people take out a Secured Loan rather than Remortgaging include:

  • Funds are usually available quicker
  • No need for a solicitor in most cases
  • No valuation fees
  • New finances are separate from your existing Mortgage
  • A change in credit status will not affect your existing Mortgage rate
  • You could consolidate your debts into one more manageable repayment*

However, the interest rate of a Secured Loan may be higher than Remortgaging. To talk to us about whether a Secured Loan or Remortgage option is best for you, call us on 0800 528 2838.

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How quickly will I get the money?

Completing the whole secured loan process usually takes between three to four weeks. Processing time can be shorter depending on how quickly we receive the required documentation from you.

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What if I need to borrow more money in the future?

Call 0800 528 3609 (Monday to Friday 8:00am to 9:00pm & Saturday 8:00am to 6:00pm) or click here to apply online and we’ll see if we can help you.

Your enquiry will be handled by Loans.co.uk.

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How can I protect my repayments if I become ill or unemployed?

You have the option of Payment Protection Insurance (PPI), which covers your monthly payments if you’re unable to work due to accident, sickness or unemployment.

Click here for a consumer guide to Payment Protection Insurance (PPI) and to see what conditions apply.

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Cancellations and refunds

All of our optional single premium PPI policies may be cancelled at any time. Refunds are available, subject to claims experience.

For further information please contact our customer service team on 0870 850 0850.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

* Repaying borrowed amount over a longer term could increase the total you repay.

Please read important information