Hot Topics

What interest rate will I pay and is it negotiable?
Interest rates vary from lender to lender, and it all depends on how much you borrow, and over what period of time.
How do I contact the Credit Reference Agencies?
You can request your credit report online, by phone or online. It costs £2 for a copy of your statutory credit report. Here are the details for the three main credit reference agencies.
Can I defer payment?
This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.
How do I make repayments and can I choose my monthly repayment date?
Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.
Will a debt consolidation loan solve all my problems?
A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.

In what circumstances should I consider taking out a personal loan?

You can get a personal loan for any reason you want.

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The most common reason for getting a loan is to buy a car. Not many people have £10,000 or more sat in the bank so when buying a new car, it is extremely common to get a loan. You can also get a loan out to buy a holiday, maybe a honeymoon or a holiday of a lifetime for you and the family. Many people also get a loan to pay for major home improvement - perhaps you want to fit double-glazing and add on a conservatory to increase the value of your house. Or maybe you want to build a swimming pool in your back garden. The loan company will ask you why you want the loan in the first instance, and basically it is entirely up to you.

Many people think of an unsecured loan as being a 'personal loan' but, if you're a homeowner, a secured loan could be an alternative. Click on our FAQ's 'What is a secured loan' or 'What is an unsecured loan' for more details.

 

Risk Warning
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.