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Why doesn't Ocean Finance offer Unsecured Loans?

Ocean Finance is one of the UK's leading loan lenders in the UK. They're registered lenders and regulated by the FSA, so all their information is accurate and all advice is provided by expert financial advisors. Unfortunately, Ocean Finance don't offer unsecured loans to their applicants.

Ocean Finance mainly focuses on re-mortgaging, secured loans and flexible forms of finance for homeowners. They are one of the few lenders who is actually regulated and still provides loans for people with bad credit and CJJs; they also offer loans of a maximum of 22.9% APR, so they can be one of the cheapest bad credit lenders around. Mortgage arears aren't a problem, either, but Ocean Finance does advise customers of the risks in taking out additional debt on your home.

Because Ocean Finance accept bad credit, arears and CJJs they only provide homeowner loans. Accepting high risk customers requires some form of collateral, in this case someone's property. If Ocean Finance provided unsecured loans they wouldn't have any kind of collateral as a financial safety net, creating a greater risk of loan defaults amongst bad credit customers.

Alternatives to Ocean Finance Unsecured Loans

There are hundreds of providers out there offering alternatives. The first stop you should take is banks and high streets; companies like Sainsbury's, Tescos and M&S are even offering unsecured loans to customers. Although they never seem appealing at first you should always talk to your own bank about an unsecured loan, who may be willing to offer your a lower APR as one of their customers. Other high street banks may also accept your application for an unsecured loan. Overdrafts, credit cards and guarantor loans (such as those offered by FML Loans) are also good alternatives.

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