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Secured Loans In Northern Ireland – Complete Analysis

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By
Scott
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Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

Learn more about Scott
&
Janine
Janine Marsh Profile Picture

Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Jan 18th, 2024
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Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable

Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable

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Secured Loan Northern Ireland

Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable

Secured loans in Northern Ireland can be a bit tricky. You may be wondering how they work, the benefits, or even the risks.

You’re not alone. Every month, our website is visited by over 6,900 people who are seeking advice on secured loans.

In this easy guide, we’ll look at:

  • What a secured loan is.
  • The real cost of a bad secured loan.
  • The difference between an unsecured loan and a secured loan.
  • How a secured loan works.
  • If you can get a secured loan in Northern Ireland.

We understand that you might have worries about secured loans — you might be in debt or concerned about what could happen. We’re here to give you clear, simple information.

Let’s learn more about secured loans in Northern Ireland.

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Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable

Can you get a secured loan in Northern Ireland?

Secured loans are widely available in Northern Ireland (NI). You may be able to get a secured loan from local banks and local loan providers, or get these personal loans from providers that also lend to people across the rest of the UK. 

To be approved for a secured loan in Northern Ireland, you must pass an affordability test set by the lender and have your credit history assessed. 

Secured loans Northern Ireland – example only!

The big high-street banks in Northern Ireland are offering secured loans at the time of writing. And you can get secured loans in Northern Ireland from a range of online providers. 

One example of a credit broker (not a direct lender) offering these loans to locals is Choice Personal Loans. They may not be the best lender to choose and are mentioned as an example only. You could take out as much as £50,000 with a secured loan through this brokerage. 

Change the amount you are looking to borrow to see what offer you could get

£

Lender

APRC

Monthly payment

Total amount repayable

United Trust Bank Ltd

6.34%

£219.34

£26,320.83

Pepper Money

6.86%

£220.24

£26,429.17

Together

7.99%

£222.20

£26,664.58

Selina

8.45%

£223.00

£26,760.42

Equifinance

9.95%

£225.61

£27,072.92

Evolution

10.2%

£226.04

£27,125.00

Spring

10.5%

£226.56

£27,187.50

Loan Logics

11.2%

£227.78

£27,333.33

What credit score is needed for a secured loan in NI?

To get a secured loan in Northern Ireland there is no benchmark that your credit score must meet or surpass. Every lender is allowed to complete its own affordability checks and credit score assessment. It is an accumulation of information that decides the outcome of the application. 

Of course, the lower your credit score the better your chance of getting approved – and the more likely you are of securing a lower interest rate. 

The pros and cons of secured loans in Northern Ireland

Any type of credit comes with benefits and drawbacks. There are two predominant benefits of using a secured loan, which may or may not be relevant or come to fruition. They are:

  1. Secured loans may enable the borrower to borrow more money
  2. Secured loans may provide competitive interest rates

The drawbacks of a secured loan in Northern Ireland, or anywhere else in the UK, are that they create a risk to your asset, and there may be additional fees to pay. You could have to pay a fee to have your property revalued, and you might have to pay closing costs. 

Secured loans for all purposes

  • Stuck paying high interest on credit card debts & loans?
  • Looking to fund a home improvement project?
  • Dreaming of finally taking the once-in-a-lifetime trip?

Polly

“This was by far possibly one of the nicest experiences I’ve had getting a secured loan.”

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Where is the best place to get a secured loan?

Secured loans in Northern Ireland are often advertised at local banks and financial institutions. People living in Northern Ireland can also use online loan providers that are operating across the whole of the UK. The best secured loans in Northern Ireland have interest rates below 10%, and they can be as low as 2-3% in some cases. 

To get the best loans you should complete extensive and meticulous research, or you may want to engage a broker or financial advisor for tailored support. These services come at a cost. Otherwise, you could use secured loan comparison websites specifically for those based in Northern Ireland. They do exist! 

One example is CompareNI.com. 

How do I get a secured loan?

To get a secured loan in Northern Ireland, you will first need to meet the eligibility criteria of the lender. This usually means having a certain level of income, owning the asset required as collateral and being of a certain age and a UK tax resident. 

The company will assess how much of your monthly income is required to make the loan repayments and any other debt payments you have ongoing, such as a mortgage. If too great a percentage of your income is needed to repay all debts, the loan will be deemed unaffordable and you will be rejected. There is no fixed percentage your debts must be under as each lender can apply its own assessment. 

Are secured loans easier to get?

Secured loans are thought to be easier to get approval for than unsecured loans due to the asset used as collateral. However, anyone applying for a secured loan in Northern Ireland will still need to pass an affordability test. 

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The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Financial Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.