How Long Does a Secured Loan Take to Process


A secured loan is a loan that is secured against one of your assets, in most cases your home.

Secure loans have lower interest rates compared to unsecured loans since the lender requires an asset as security in case you fail to repay the loan.

Secured loans are mostly used to borrow huge loads of money, usually more than £20,000, even though one can borrow from as low as £3,000. After applying for a secured loan, you may wonder how long will it take for the loan to be processed.

The time taken varies from lender to lender, but it also depends on how well you complete the required forms and on if there will arise any potential problems.

Since a secured loan is mostly attached to a property, the additional paperwork required will slightly slow down the application process.

The whole application process of a secured loan will start by completing the application forms, valuation of your assets is made, confirmation of the value of your property, signing of contracts and finally disbursement of the money into your account.

After receiving a secured loan application form, a lender will base his decision on two areas only, your property and you. If he can approve the value of your income and wealth, then you will be given a loan at a very nice rate.

After completing the loan application form, you will be given a quotation, which will be subjected to validation and confirmation. You can get a free quote from, a new UK broker service that’s been hitting the headlines recently for their unique ability to provide loan quotes from “the cheapest lender likely to say yes to you”.

If you’re satisfied with the provided quotes, your credit report will be evaluated, and you will need to provide proof of income and confirm that your assets will cover the loan.

Loan lenders will give you 16 days to consider your loan beginning from the day you receive a copy of your credit agreement to go through. During these 16 days, your lender will not contact you, meaning you won’t get harassed into making decisions.

However, you can get clarifications from them about anything concerning the loan. Halfway through your 16 days, you will get a credit agreement form to sign, and after the 16 days are over, you will need to make a decision.

Once your lender has all the required information and is satisfied, they will call you directly and ask you some general security questions. These questions are meant to safeguard you, the borrower, against fraud and blackmail.

Assuming the call is successful, your lender will then hand over the fully completed case to the credit committee where the case is signed off by different directors.

Generally, the entire loan application process from the consideration period to receiving the funds can take anywhere from three to six weeks depending on your lender.

Before disbursing any loan amounts to you, your lender will contact you to authenticate all the details and make plans on how you will receive the money.

Most lenders prefer paying the funds by direct transfer into your bank account although some won’t mind paying you via cheque if you request it.

Most lenders prioritise processing secured loans in preference to unsecured loans. The acceptable amount is heavily dependent on an individual and the value of his assets, to ensure whatever you’re applying for matches what you earn and own.


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