How Long Does a Secured Loan Take to Complete?

Written by Daniel Tannenbaum on June 17, 2021

Updated June 14, 2022

A secured loan can take around two to four weeks to complete and it is often funded within a matter of hours or days once approved.

Some lenders may be able to complete on secured loans quicker than others, but the reason that it takes longer than processing a personal loan is because of the additional checks and paperwork involved with securing a loan against a property.

This may include checks on the property or the lender may request a valuation which will require a surveyor to have availability to come to the property and value the property and provide a full report to the lender. If there are any checks that come back and need further analysis, this can delay the loan application further. 

However, there are a number of things that you can do to speed up the process, as highlighted by Lending Expert below.


What Information Do I Need to Provide for a Secured Loan?


  • Proof of identity (passport, drivers license)
  • Proof of income and employment (payslip, bank statement or SA302)
  • Proof of address or ownership of property (utility bill or mortgage bill)


For more information, see what documents do I need for a secured loan.




How Can I Speed Up The Process for a Secured Loan?


Do Your Homework 

If you are looking for a secured loan, it is worth researching the different products and rates available online. Some lenders have very strict criteria and others are willing to offer loans to people with bad credit – and knowing the right lender for you could save you some valuable time.

There may be limitations on the amount you can borrow and how long you can borrow for, with some lenders offering loans for up to 5 years and others for up to 35 years.

In some cases, you may not need a secured loan. For business loans or home improvement loans, you may find that you are eligible to apply for an unsecured loan based on your income and credit status and therefore you do not need to use your home as security. 

You may find that a secured loan is not for you, and you are better suited to a remortgage deal or even equity release. 

To speed up the process, you may find that it is better to apply with a secured loan broker like Lending Expert, who can check your eligibility across multiple lenders at once, rather than applying one-by-one and not getting the best deal available on the market. 


Know How Much You Want To Borrow and How Long For

You can certainly make the secured loan application process faster if you know how much you wish to borrow and how long for. 

Initially, you may want to borrow as much as possible, such as £200,000. However, based on your income and affordability, you may only be eligible for a £25,000 loan and this could help you narrow down your search and find the right lender and product for you. 

In addition, some lenders may be able to process your application much faster if it is in line with your income and property value and not way over. If you request an extraordinarily large sum, the lender may instantly discredit your application. 


Have Your Information Ready

It is certain that a secured lender is going to request proof of identity, income, employment and property details. So if you have these documents ready on your computer to send to the lender, this will certainly speed up your application.

You should have this information available from your employer, online banking portal or mortgage provider – and you should be able to download these free of charge.

You want to have information about your property or the one you are looking to buy at your fingertips. This includes the property’s address, how much equity you have in it and its estimated valuation. 

If you are looking for a buy to let mortgage, you should try to have as much information as you can about the property prior to applying. 


Try To Send Things Online, Not By Post

Most secured lenders allow you to submit information online, but some will still request information and documents to be signed and sent by post.

You should always ask the lender if you can send things digitally, since this can definitely speed things up.

If you need to send documents by post, always be sure to send them first class and pop them in the mailbox before noon to ensure that they arrive on the next day. A simple way to save three days of post delivery!


Find The Best Time to Apply 

If you are looking to get your secured loan approved and funded quickly, there are indeed some better times to apply than others.

Certainly applying on a Sunday, bank holiday or during the Christmas break is going to elicit a slow response from the lender.

Otherwise, there are certain market conditions or times of the year when processing loans is going to be slow or lenders are going to be more cautious. Certainly, we may find that lenders are more sensitive around the times the annual budget is announced or if there is a dip in the economy. Equally, if you apply during the summer holidays or half term, you may find that other parties are less available such as solicitors and surveyors to help get your secured loan over the line.

By taking all these considerations into account, you should be able to complete your secured loan within four weeks or less without any problems!

To check your eligibility for a secured loan with Lending Expert, you can get a free quote here >> 


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