Hot Topics

What kind of loan should I get?: Which loan you choose depends entirely on what you need it for. There are many different kinds of loans, depending on where you buy them from.
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.
Should I get Personal Loan Payment Protection Insurance?: When you apply for a loan, you will be asked at the initial stages if you want personal loan insurance to be included in the agreement
Can I cancel my loan application if I decide not to go ahead for any reason?: If you decide you want to cancel your loan application once you have made it, you can do so within a certain period of time set by the loan company.
What happens if I want to borrow more?: To borrow more you have the option of either taking out a new loan independent of your other loan(s), or arranging with your loan provider to add onto your existing loan.

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.

On an unsecured loan you may only have the option on a fixed rate loan, especially if it is a relatively small loan over a short period of time. Many insurers offer this option because it is easy and involves a lot less administration – the monthly repayments are the same for the duration of the loan and everyone knows where they stand. It’s a ‘no-hassle’ agreement for everyone concerned.

If you are taking out a loan over a long term, for example over 25 years, then it is up to you to decide what you think is the best for your money. Interest rates could go up dramatically – in which case a fixed rate loan is an excellent idea. However if interest rates go down you will not be able to make any savings on your loan, and you will be tied with your higher rate of interest.

The option is there for you to decide – and if you are looking for a low risk option then the fixed rate loan will be the best one for you.

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.

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