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Hot Topics
- What is a Holiday Loan?
- A holiday loan is a loan designed to give you the means to pay for a holiday. This is commonly used for ‘holidays of a lifetime' like honeymoons, anniversaries and holidays to exotic locations.
- What is an unsecured loan?
- An unsecured loan is a loan where no asset is pledged as security for the loan. (The most frequently used security is the family home.)
- How much can I borrow?
- How much you can borrow is dependent on a number of categories: your income, your assets and your credit history to name but a few.
- Can I take the payment protection off/on throughout my loan?
- The answer to this question depends on what type of insurance you have.
- Can I have a fixed rate loan?
- It is entirely up to you if you want a fixed rate or a variable rate loan – however there are some limits to this.
Do I have to pay any upfront fees?
You will not normally have to pay any upfront fees, this is because all the admin charges and other legal fees are incorporated into the APR. Any charges are therefore spread over the term of the loan, and not charged on an upfront basis.
There are some circumstances in which you may have to make a payment at the beginning of your loan however. For example if you are in a real rush for your money, and are buying your loan from an independent financial institution, you can choose the ‘Express’ option of delivery. This means they will deliver the cheque by courier and you can have the cheque in your hand literally by the next day. Many loan companies offer this service and the general charge for this service is £45.*
Legitimate loan companies will not ask you for an upfront payment on your loan - it's against the law for telemarketers who guarantee or imply that there is a strong chance of getting a loan to ask for payment in advance.
*All figures are industry averages and may vary between loan companies.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.
- How much can I borrow with a debt consolidation loan?
- What if I want to pay my Loan off early ?
- Will the loan company contact my employer ?
- Can I borrow again in the future?
- What if I die before my loan is paid off?
- What is not covered by personal loan protection insurance?
- What if I already have a loan or a mortgage secured on my home ?
- What is a tenant loan ?
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