Frequently Asked Questions....
We have compiled a list of the most frequently asked questions and listed them here for you. Click on the question you wish to find the answer for and you will be taken to that section.
HOW MUCH CAN I BORROW AND FOR HOW LONG?
I HAVE LITTLE OR NO EQUITY IN MY PROPERTY. CAN I STILL APPLY FOR
A LOAN?
IS THERE ANY BENEFIT HAVING AN UNSECURED LOAN RATHER THAN A SECURED LOAN?
ARE THERE ANY RESTRICTIONS FOR WHAT THE
LOAN CAN BE USED FOR?
HOW MUCH WILL MY PERSONAL LOAN
COST?
WHAT INTEREST RATE WILL I BE CHARGED?
WILL IT COST ME ANYTHING TO APPLY FOR A LOAN?
WILL MY APPLICATION BE TREATED IN CONFIDENCE?
WILL YOU CONTACT MY EMPLOYER?
I’VE HAD FINANCIAL PROBLEMS IN THE PAST. CAN YOU STILL
HELP?
I’M WORRIED ABOUT BECOMING ILL OR BEING
MADE REDUNDANT?
CAN I BORROW AGAIN IN THE
FUTURE?
CAN I FINISH THE LOAN EARLY?
I’M SELF-EMPLOYED. AM I STILL ELIGIBLE?
WHAT IF I MOVE HOUSE?
I AM A
STUDENT. CAN I STILL APPLY?
I LIVE AT HOME WITH MY
PARENTS. DOES THAT PROHIBIT ME FROM ANYTHING?
HOW
LONG WILL THE LOAN TAKE TO ARRANGE?
HOW MUCH
CAN I BORROW AND FOR HOW LONG?
You can borrow any amount from
£3,000 to £150,000, depending on how much you can afford to repay
each month. The loan can be over any time period from three to twenty-five
years.
I HAVE LITTLE OR NO EQUITY IN MY PROPERTY.
CAN I STILL APPLY FOR A LOAN?
Yes you can. We have secured loans available
where you can borrow up to 25% more than the property value, less your existing
mortgage balance.
IS THERE ANY BENEFIT HAVING AN UNSECURED LOAN RATHER THAN A SECURED LOAN?
If you are a not a homeowner, then you cannot have a secured loan anyway. Unsecured loans are available to homeowners and tenants, and are available for smaller loan sizes up to £25,000. If you are a homeowner and need to borrow a larger amount, then you will need a secured loan. Many people are worried about losing their home if they fail to repay a secured loan. This need not be a worry as there is insurance available to help repay the loan if you fall ill or are made redundant. The Lender places a charge on your property when the loan is taken out and if you fail to repay the loan, the money gets automatically repaid to the Lender when you sell your house. It is unlikely that the Lender will force you to sell your house, as your Mortgage Company has first interest in your property, and it would not be in their interest for you to sell your house. If you fail to repay an Unsecured Loan, the Lender is within his rights to place a charge on your property anyway, turning the unsecured debt into a secured debt anyway. The best loan for you is the one with the best rate that suits your circumstances. Lenders often offer secured loans with better interest rates because of the additional security.
ARE THERE ANY RESTRICTIONS FOR
WHAT THE LOAN CAN BE USED FOR?
No, you can use the money from your
loan for virtually any purpose. The choice is yours. The majority of our
customers clear some or all of their existing credit so as to reduce their
monthly outgoings to just one, more manageable monthly payment. Quite often
they also raise additional cash, to buy a new car or carry out some home
improvements, and, remember, with cash in hand, you can often negotiate
attractive deals when buying.
HOW MUCH WILL MY PERSONAL LOAN COST?
That depends on how much you wish to borrow, and the time
period that you choose to repay it over. For an indication of repayment costs,
see the personal loan calculators.
WHAT INTEREST RATE WILL I
BE CHARGED?
It is difficult to say what interest rate your loan
will attract, as all loans are assessed on personal circumstances. However our
typical APR is 8.9% with our headline rate being 7.7% (APR).
WILL IT COST ME ANYTHING TO APPLY FOR A LOAN?
No, it
costs absolutely nothing to apply for a cheap loan through us.
WILL MY APPLICATION BE TREATED IN CONFIDENCE?
Absolutely. We treat every application in the strictest confidence. We pride
ourselves in our confidentiality. We are members of the Finance Industry
Standards Association (FISA) and also registered under the Data Protection Act
(DPA). We adhere to the confidentiality guidelines set out by FISA, as well as
the letter of the law from the Data Protection Regisiter.
WILL YOU CONTACT MY EMPLOYER?
NO. We would never
contact them without your consent. If you have any pay slips and/or a P60, this
will certainly not be necessary. If you cannot produce pay slips, we may ask
your permission to obtain a brief reference from your employer, purely asking
them to confirm your position, length in employment and your annual salary. We
will not supply them with any details of your loan application.
I’VE HAD FINANCIAL PROBLEMS IN THE PAST. CAN YOU STILL
HELP?
Our financial expertise means we can even help if
you’ve had problems keeping up payments in the past. We can arrange loans
even if you have poor credit rating, have arrears or a county court judgement
(CCJ) against you. In certain cases, but not always, an alternative interest
rate may be offered. But it costs nothing to find out what we can offer
you.
I’M WORRIED ABOUT BECOMING ILL OR BEING
MADE REDUNDANT?
No need to. In the majority of cases, our
customers take advantage of a Payment Protection plan, which we can offer you
too. These valuable policies usually cover you should sickness, accident or
redundancy mean you’re not able to continue repayments.
CAN I BORROW AGAIN IN THE FUTURE?
Of course. As
long as you’ve maintained your regular payments, you could borrow more
– even if you haven’t completed your original loan. Just give us a
call and we’ll gladly provide a quotation for a further advance.
CAN I FINISH THE LOAN EARLY?
No problem. If
you can afford to repay the loan before the anticipated completion date,
it’s to your advantage. The lender will calculate the outstanding balance
and you’ll benefit from a reduced interest charge.
I’M SELF-EMPLOYED. AM I STILL ELIGIBLE?
Most
certainly. Generally, we’d like to see two years’ accounts, but even
without trading accounts we can often arrange loans.
WHAT IF I MOVE HOUSE?
Loans which are secured on
the property are simply paid off from the proceeds of the sale. But sometimes
we can transfer the loan to your new property, Just let us know if you’re
about to move and we’ll advise you on your best option.
I AM A STUDENT. CAN I STILL APPLY?
Unfortunately,
most student loans are supplied by Government Organisations, and therefore we
would be unable to help. There are several specialist organisations that would
be able to help you.
I LIVE AT HOME WITH MY
PARENTS. DOES THAT PROHIBIT ME FROM APPLYING?
You will not be
declined just because you live at home with your parents; however, you would
have to be over the minimum age of 18, and be employed.
HOW LONG WILL THE LOAN TAKE TO ARRANGE?
As long as
we have all the information at our fingertips, we can generally let you have a
decision in principle immediately. You could then receive your cheque within 14
days.
