Ocean Finance loans
Ocean Finance loans
A daytime TV regular, Ocean Finance specialises in loans designed for people whose credit rating is less than perfect. Loans are secured against your home, meaning that you are putting your home at risk should you fail to keep up with payments.
It is worth pointing out that Ocean Finance is a finance broker – not a loan provider. The majority of its loans are offered by subsidiaries of high street banks and other finance providers.
In addition, at the time of writing, the typical APR for these loans was 13.8% APR - almost double the competitive loan rates you would find in our loans centre. Ocean Finance also states that, for those with credit problems such as mortgage arrears, ‘an alternative interest rate may be offered’. This alternative rate is likely to be even higher than its typical APR.
In addition, a fee of up to 7.5% of the loan is payable on completion of the loan.
For these reasons, at the Fool, we would not recommend taking out a loan from Ocean Finance and believe this lender is one to avoid.
| Provider & product |
Typical APR |
Amount & term |
Total amount repayable /
Monthly repayment |
Apply |
|
|
Typical 7.80% APR
|
£10,000
60 months
|
£12,032.40 /
£200.54
|
Apply
|
|
|
Typical 8.70% APR
|
£10,000
60 months
|
£12,273.00 /
£204.55
|
Apply
|
|
|
Typical 8.90% APR
|
£10,000
60 months
|
£12,326.40 /
£205.44
|
Apply
|
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