Paragon Personal Finance Secured Loans

Paragon Bank Ltd is a FTSE 250 bank that offers lending and savings products largely through brokers and other intermediaries. Paragon Bank has been in operation since 1985.

Paragon Bank offers buy-to-let mortgages, residential mortgages and second charge mortgages to borrowers in the UK through its broker partners.

For our secured loan comparison table, we work in partnership with Fluent, which is a popular broker of secured loan products. We refer users to Fluent, who can help borrowers seek out and apply for the right type of loan. Some other lenders choose to work directly with borrowers.

Paragon Bank only works with brokers who are registered with the Financial Conduct Authority (FCA). They also need to have FCA permission for the following:

The amount Paragon Bank would offer to lend you through a second charge mortgage would depend on your credit score, as well as the value of your home, the value of the equity you have in your home, your employment status and other financial criteria. Before taking out a secured loan, it’s also advisable to consider whether such a long-term financial commitment is the best option for you. If you fail to keep up with repayments or fall into financial difficulty, you could lose your home.

Secured loan providers will often offer larger sums of money over longer loan terms. This means you can borrow more and repay it over a longer period of time. Interest rates are also often lower than for unsecured personal loans. This is all because the loan itself is secured against your property so the risk to the lender is less.

Borrowing a secured loan is a major financial commitment and you can risk losing your home if you cannot keep up with the repayment schedule arranged at the beginning of the loan.

Contact your secured loan provider as soon as possible and they may be able to help you. Lenders can sometimes arrange a new repayment agreement that is more affordable, which could help you avoid late payment charges. However, the term of the loan could be extended in order to achieve this, which could lead to a larger total repayment amount.

People usually seek out secured loans if they have a large expense that they need help with. This could be a kitchen renovation or school fees. Others use secured loans for debt consolidation, which can lead to larger total repayment amounts if the term of the debts is extended.