Polar Loans

Polar loans specialise in secured and homeowner loans for UK residents.

These loans are available for homeowners only - tenants are not able to apply.

You can borrow anything from £3,000 to £75,000 depending on your circumstances. Repayment terms vary from 5 to 25 years.

Polar loans may charge an additional fee of anywhere up to 10% of the loan amount. This will depend on your credit history and if you can easily prove our income. If you are hoping to borrow a larger sum, this can add up to quite a lot of money so make sure you find out what your fee would be, if any, before you go ahead and take out a loan.

Interest rates are variable but they do offer the ability to fix your rate for the first 5 years. Make sure to check if there are any penalties for pre-paying within this fixed period as many lenders will charge fees for this.

As with all secured and homeowner loans, make sure that you are aware that your home could be at risk if you can't keep up with payments on your loan.

Summary Table

Interest Rate	Typical 10.9% APR Variable
Repayment Terms	5 to 25 years
Loan Amounts	£3,000 to £75,000
Secured?	Yes
Online Account Access	Varies
Early Payment Penalty	Varies

Credit Sources Review

Polar Loans is a broker specialising in secured loans. As such they can often get you a better deal than if you go directly to lenders such as high street banks.

Using a broker such as these can save you time on shopping around for a good deal. Ultimately, though, the offer you get will depend on your credit history. While Polar Loans does offer loans even for those without good credit and with CCJs against them, as with all loans the deal you get and the interest rate you are offered will be better if you have a much better credit history.

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