Do you own a home and do you want to borrow money? If you type in “homeowner loans” into Google, the high likelihood is that you’ll find plenty of lenders and brokers wanting you to apply through them but each one of them will want you to put up your home as security as a condition for being accepted.
For many people that’s fine but, for others, the risk of losing their home is just not an option they would ever consider. It’s no surprise either – your home is everything you’ve and it’s where you and your family live. LoanTube works with lenders who offer loans for homeowners that don’t require the security of any kind – not your property, not your car, and you don’t need a guarantor either.
In this article, LoanTube explains how online homeowner loans work, how much you can borrow, how long you have to pay your loan back, and what lenders look for in applicants.
Maximise your options: Compare and apply for loans below with LoanTube
Apply Filters
Loan Amount
£4000 -
£20000
Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
Same Day Homeowner Loans UK
- In the way that so much of our lives and our work now is done online over the Internet, most people apply for a homeowner loan online. Applying in this way is far less time-consuming than making an appointment to see your bank manager a week or two in the future and then sitting down with them discussing the finer points of your financial circumstances. Unsecured homeowner loans can be taken out for anywhere from £1000 to £35000 for a period of time as short as 12 months or over a much longer duration of up to 7 years.
What are Homeowner Loans Used For?
Homeowner loans are taken out by borrowers for many different reasons. Some of the most popular reasons are listed below:
- Debt consolidation – paying off more expensive debts (other loans, credit cards, etc.) in full and benefiting from a lower monthly repayment.
- Home improvement – is your kitchen or bathroom looking outdated? Would you like to add a conservatory onto your home so that you have a temporary sanctuary away from your noisy toddlers? Get a reasonable quote from a tradesman and finance the difference between the price and your savings with a homeowner loan.
- New car – who doesn’t rely on a car nowadays to get to work and to ferry the family about? If your current car has seen better days, a homeowner loan could actually be cheaper than the finance deal a car showroom offers you.
Will the Interest Rate Be High?
- The interest rate on unsecured homeowner loans is generally higher than secured homeowner loans. However, usually not by very much (the interest rate you’re offered will depend on your current financial circumstances and the information contained on your credit report).
- Please make absolutely sure that you can make all the repayments on time and in full before you agree to any offer made by a lender. A failure to pay back your loan will mean that it will be very hard to secure finance offers from other companies for up to the next six years.
- With so many companies offering homeowner loans, how can LoanTube help you compare homeowner loans to make sure that you get the most reasonable homeowner loan deal for you?
How LoanTube can Help?
- By working with LoanTube, you can access homeowner loans in the UK – thanks to our ongoing partnerships with some of Britain’s most reputable lenders.
- LoanTube is not a lender – we’re a broker. Think of us like an introducer who knows each lender really well. When we start a new partnership with a lender, they tell us exactly the type of borrower they want to work with. The type of borrower lenders like varies – some want you to earn a certain amount of money, others want you to have a certain amount of money left over once you’ve paid off your monthly bills, and each has a different minimum credit score criteria for borrowers they like to work with.
- LoanTube has spent a great deal of time and money developing what we believe to be the UK’s most sophisticated comparison-and-matching computer system. As soon as you fill out your application form, we take the details you provide, download a copy of your credit report, and then we blend them all together in a specific format for each lender. What happens then is that our computer system takes everything we know about you and then it finds the lenders most likely to say “yes” to your application.
- This is all done in seconds – we know you don’t have the time to wait about for an answer. If we are able to find two or more lenders whose criteria you match, we’ll propose your application simultaneously to all of them. Each lender then sends back their offer and our computer system then sifts through them to select a suitable option for you.
- We then show you the loan that we recommend to you on-screen, displaying all the important information you need, to make the right decision – information about interest rates, monthly repayments, APR, default fees (if applicable), and so on.
- Then, the ball is in your court – you decide whether this a great deal for you. If you decide that you want to work with the lender on the offer they’ve provided, simply read the terms and conditions and, if you’re happy with them, agree to them. Depending on who you bank with, the money may be there within an hour (however, this is not guaranteed).
- You are under no obligation to take out any loan offer we find for you. Our service is completely free at all times. To apply for a homeowner loan where you’re not at risk of losing your home, apply through LoanTube by clicking here.
