You could receive your loan in as little as 3 days!
Representative Example: A secured loan of £31,000 payable over 7 years on a fixed rate of 9.83% for the first 5 years, followed by a variable rate, currently 9.69%, would require 60 monthly payments of £553.17 followed by 24 monthly payments of £552.39. The total amount repayable would be £46,447.56. This includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 13.1% APRC representative.
Whether you can borrow with a poor credit score depends on your circumstances and whether you can comfortably afford the repayments. As a specialist lender, we look at your credit score and credit history, but we also look closely at the circumstances behind a poor score. We’ll also consider how much you want to borrow and how much equity you have in your property.
A secured loan uses your home (or another property you own) as security, which means we can be more flexible about who we lend to. But it also means more risk for you, so it’s essential to be sure you can afford the monthly repayments. Our team can help you work this out during an initial screening call.
Our secured loan products are available as either a first or second charge mortgage, subject to eligibility and our lending criteria. Selected plans also have restricted loan sizes, which may affect the amount you’re able to borrow.
‘Poor’, ‘bad’, or ‘adverse' credit can often be caused by the following:
Whilst some lenders are unable to help with the above circumstances, Central Trust could offer loans for poor credit. We consider all credit histories and assess each case on its own individual merit.
The credit score you need for a secured loan varies from lender to lender, and a poor score doesn’t automatically rule you out.
Everyone’s circumstances are different. When we assess an application, we look at your credit score, but also at how much you can comfortably afford to repay each month, how much you want to borrow, and how much equity you have in your property.
For selected plans, we don’t consider your credit score as part of our eligibility assessment.
A poor credit score may mean a higher interest rate, so it’s worth comparing your options carefully. Enquire now to discuss your credit score with one of our advisors.
Different lenders have different criteria, so being declined by one doesn’t mean you’ll be declined by all. At Central Trust, we look at the full picture, including the circumstances behind your credit history, rather than your score alone. We have real people looking at every case.
We can consider applications from people with:
We’ve been a specialist lender for over 35 years, and we want to help you raise the funds you need, whatever your plans. All applications are subject to our criteria and underwriting standards. Worried your credit score is holding you back from taking out a loan? Enquire now to discuss your options with a member of our team.
You could access funds within days by calling our team directly or enquiring online.
We are one of the UK's longest established specialist lenders, so you can relax knowing you're dealing with an experienced team.
We are committed to responsible lending, clear communications and good customer outcomes throughout the borrowing journey.
Your Loan,
Tailored for You.
Consolidating debt? Paying for a large expense like home improvement or a wedding? We have you covered.
Unlike many other lenders, there is no strict automation to our lending decisions. Your application is assessed by our team, not by a computer.
Stephen Stone
2 years ago
Incredible company. Empathetic and supportive staff that know how to offer customers a package that suits them. I was fed up with automated systems from the standard banks. This company talk to you and help you find something to suit your circumstances. I cant thank them enough for how they helped me
Greg Erasmus
3 years ago
When I contacted Central Trust I had a very strict deadline to make a payment. Jenny was extremely helpful and informative and got the process started straight away. The whole way through I was kept informed at every stage of my application and any hiccups was swiftly dealt with. I can't thank Jenny, Tara and Stephanie enough for their help and professional service. Highly recommend.
Edward Mawby
3 years ago
I originally left a review that said I was not satisfied with the service provided, however after being in touch with Tara I felt she tried her best to get the answer we wanted. Unfortunately it didn't work out, but she left us feeling optimistic that we can go back in a couple of months time to try again. Thank you for doing your best to help!
Anglela Ferrante
3 years ago
What an absolute delight of a company. Following setback created by the mini budget, I was left in a predicament, central trust came to the rescue and provided an excellent swiftly process. I would highly recommend using them. I dealt with Jenny who couldn’t of been more proactive and helpful.
Gwenda Squire
6 years ago
Really friendly, professional service. Completed within a matter of days. Would highly recommend
David Cutler
6 years ago
Mostly good, gave me the wrong return address for a form that needed a signature witness which meant the form was lost and I had to go through the hassle of finding a witness again. Asked me to send a settlement figure which they had already received from me and had acknowledged receipt. But on the whole much more efficient, faster and more communicative than the bank who I applied to borrow the money from.
Stuart Donald
6 years ago
Professional and pressure free from start to finish.
Tracy Mawson
6 years ago
Fantastic service from start to finish very efficient.
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
In just 3 simple steps you could have the money in your bank account. All you need to do is:
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Complete our quick and easy online enquiry form. Alternatively, you can speak to an advisor instantly by calling us or starting a live chat.
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One of our qualified advisors will call you to discuss your enquiry and work out a monthly payment that meets your needs and circumstances.
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We'll help you complete the paperwork and any other supporting documentation required. Everything can be completed electronically, or on paper if you prefer.
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Call an advisor free on:
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Secured loans may be an option for people with lower credit scores who are looking to borrow money. Because the loan is secured against an asset, such as your home, some lenders may be willing to consider applicants with a poor credit history who may not qualify for certain unsecured loans.
If you have bad credit, you may be offered a higher interest rate, although this will depend on your individual circumstances and the lender’s assessment of your application. If you have existing credit problems, it’s important to consider carefully whether taking on additional borrowing is affordable and appropriate for your circumstances.
Always make sure you can afford the monthly repayments before taking out a secured loan. Missing or making late payments could negatively affect your credit history and, because the loan is secured against your property, could ultimately put your home at risk. Setting up a Direct Debit can help you make your repayments on time, but it’s still important to budget carefully and make sure you can afford the payments throughout the loan term.
A secured loan uses your home as security against the amount of money you borrow (known as providing ‘collateral’).
Using a property as security usually lets you borrow money at a lower interest rate, and to borrow larger amounts of money. Your property must have enough equity to cover the value of your loan – it is important to remember that the property may be at risk if you do not keep up with any repayments secured against it.
Using your property as security may also help you get a loan, even if you don’t have a great credit rating. If you would like to check your credit rating, you can carry out a free, online credit check here.
The benefits of using your home as security against a loan include:
Even though using a property as security will often help you get a lower interest rate, it’s important to remember that the exact interest rate of your loan will depend on your personal circumstances.
If you are sure you can afford the repayments, a secured loan can help overcome a poor or bad credit history, and may allow you to get lower interest rate than an unsecured loan and potentially save money. But borrowing against your home can be risky. If you struggle to meet the repayments, you will be risking the property. But repossessing a property is often the very last resort for a lender, and they will always try and help reach an agreement with you before things get that far.
While homeowner loans can provide the funds you need, offers depend on various factors, and every lender has its own criteria for assessing affordability and how much you can borrow.
As part of your application, lenders will carry out an affordability check to assess your ability to repay the loan. This typically involves providing evidence of your income and expenses, including both essential and non-essential outgoings. You may also be asked about future plans, since changes in circumstances can affect your finances and ability to keep up repayments.
At Central Trust, you can borrow up to £250,000, with repayment terms from 3 to 30 years. To get started, simply fill out the application form, or call the number at the top of this page to speak to a qualified mortgage advisor.
You can’t take out a secured loan without owning a property. If you rent your home you would need to look at applying for an unsecured loan that doesn’t require an asset to secure the money to.
Typically, a secured loan is used by homeowners who want to borrow a larger sum of money. This is because the money you borrow is secured to your property, unlike an unsecured loan.
Before taking out a secured loan, it’s important to understand the risks involved. As with other types of borrowing, failing to make your repayments on time could result in additional charges and may negatively affect your credit history.
However, because a secured loan is secured against your property, there is an additional risk to consider. If you’re unable to repay the loan, your property could ultimately be repossessed.
It’s therefore important to consider whether you can afford the repayments before taking out a secured loan. If you’re unsure, you should consider the potential costs and risks carefully and explore the options available to you.
No. A secured loan is not a mortgage. It's a separate loan taken out in addition to your existing mortgage, secured against the same property. Your mortgage always takes priority: if your home were repossessed, the mortgage lender is repaid first, then the secured loan lender, with any remaining funds returned to you.
