Easy Loans

Easy Loans currently offer secured home owner loans for UK residents. The company is part of the London Scottish Bank Group.

Applications are open to everyone, even if you have a poor credit history or County Court Judgments (CCJs) against you. Even those that currently have negative equity on their homes may apply.

The amount loaned can range from as little as £3,000 to as much as £1 million. Of course, how much you are able to borrow will depend on a number of factors, such as the value of your property and current loans secured against it, your credit history and your income.

The length of loan can also vary from 2 to 25 years. You will probably decide how long you want to spend paying it off by looking at how much you are borrowing and how much you want to pay back each month. Obviously, the longer you borrow for, the lower the monthly payments will be but the more interest you will pay in the long run. You might also want to consider your age in this decision as if you are looking to retire in the near future, you may not want to still be paying the loan back after.

Make sure to check about any loan fees. Easy Loans may charge a fee of up to 10% of the loan amount. This will depend on your credit history, income and ability to prove that income. Make sure you find out about this before committing to a loan.

Summary Table

Interest Rate	Typical 13.9% APR Variable
Repayment Terms	3 to 25 Years
Loan Amounts	£3,000 to £1 million
Secured?	Yes
Early Payment Penalty	No

Credit Sources Review

Easy Loans does allow applications from everyone, regardless of credit history and your current credit situation. This in itself may make it worth looking into if your credit isn't so great or you have negative equity on your home.

However, be aware that the typical interest rate is a bit higher than some other similar lenders, but it can still be worth comparing quotes.

Also, make sure you know about any fees on the loan before you commit. If you are subjected to the maximum 10% fee this can add up to quite a bit. If you're only borrowing a smallish amount, say £3,000 it will only mean a £300 fee but this can be a large amount for people already struggling to make ends meet. Larger loans may have even larger fees, so like I said, make sure you check what these are when you get a quote so you won't have any surprises further down the line.

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