
Types of loans
Secured loans, sometimes called homeowner or guaranteed loans, secure the amount you want to borrow against an asset, like your home. If you've got a bad credit score, you might want to use this type to borrow a larger sum of money.
Securing the money you're borrowing against your home reduces the risk to the lender, so you're more likely to be accepted. If you're a homeowner, Monevo may show you secured loan options available through a secured loans broker.
But if you fail to keep up with the repayments, the lender could seize your property.
Loans for bad credit are available if you've got a low credit score. A bad credit rating usually means you'll have a limited choice and higher interest rates.
Just know that you may be extending the terms of the debt and increasing the total amount you repay.
Home improvement loans are useful if you want to make changes to your home. You can pay for any work that's done upfront and pay back the money over a set time period.
Wedding loans can be used to pay off the full or remaining balance of your dream wedding if you need some extra help.
A holiday loan is a personal loan you can take out if you can't afford to pay for a holiday upfront.
A guarantor loan is an unsecured loan where a second person, usually a family member, agrees to cover your debts if you can't. They can help if you've struggled to borrow money before. For a full breakdown of how it works, read our guarantor loans explained guide.
Understanding credit reports and credit checks
These reports are produced by credit agencies like Experian and Equifax. They get your credit information from a range of sources, including lenders.
When you apply for credit like a credit card, mortgage, or finance, lenders will check your report. They'll use it to decide whether or not to lend to you.
Different credit agencies use different marking systems, but your score will usually be marked from 0 to 1000. The higher the number, the better the score. Lenders then use your score, along with your report, to work out whether or not you’re a good investment to lend to.
Worried your score isn’t as good as it could be? We’ve got some helpful tips that could improve your credit score.
Hard vs soft credit checks
Soft credit checks are designed so businesses can look at your report to get an idea of what offers you may be eligible for. They don’t mark your credit report and won’t affect your credit score.
Comparing loans with us and our loans partner, Monevo, rather than applying straight to the lender means you can check what offers may be available to you. Monevo will only ever run soft credit checks on your credit report. Once you’ve chosen and applied for an offer, the lender will run a hard credit check.
The lender may check your report from more than one major credit agency. Hard credit checks are tied to your credit application and can affect your credit score.
Failing a credit application after a hard credit check can damage your credit score. Lenders can see this and think you're having financial difficulties, which can lower your chances of being approved. So it's always worth comparing loans before applying.
Need more help?
Will comparing loans affect my credit score?
Will I be accepted for a loan?
Different types of loans and lenders will look for different things when they're approving your application, which makes it all the more important to compare.
How do I pay back a loan?
Can I make changes to my loan?
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Get into financial difficulty
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Have a change in personal circumstances
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Need to update your contact details, address, name, or employment status
Can I pay off my loan early?
Always check what the early repayment fees are before you agree to anything, as you could be better off letting the repayments run their course.
What if I’m unable to pay off my loan?
Expert guides

Secured vs unsecured loans
What's the difference between a secured and an unsecured loans? Let's take a look.

Here's how you can improve your credit score
Lenders will look at your credit score if you want to take out a loan. Here's how you can improve yours.

Guarantor Loans explained
What is a guarantor loan and is it right for you? Our guide explains everything you need to know.

Bridging loans explained
Bridging loans are short-term loans to bridge the gap between selling your old house and buying a new one.

Wedding loans explained
Need a boost to pay for your big day? Here's what you need to know.

Holiday loans explained
We talk through the pros and cons of holiday loans, and what you should consider before applying.