Hot Topics

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.)
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 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.
Why would my Loan application be turned down?: If a lender decides that you are a bad risk for a loan, they will reject your application.
Will my monthly repayments ever change?: It depends on whether your loan is a fixed or variable interest rate loan, and over what period of time you are taking the loan.

Can I take the payment protection off/on throughout my loan?

The answer to this question depends on what type of insurance you have.

If you have agreed personal loan protection insurance through your loan provider:

You will be able to cancel your insurance within 14 days* of the start date by returning all certificate documents to the loans company, but you must not have made a claim. If you do not return the documents they will assume you have accepted the insurance and have agreed to keep to its terms and conditions.

If you want to take the insurance off you can cancel it at any time. You will need to give 30 days* written notice and the underwriters will calculate a pro-rata return of any unused premium, if applicable, as long as you have not made a claim.

You will not normally be able to add insurance cover to your loan during the term of the agreement.

If you have agreed short term income protection insurance through a separate insurance provider:

There is no fixed length of time for the policy so you will remain insured for as long as you pay the premium. You are free to cancel the insurance cover at any time without notice and without penalty.

For Short Term Income Protection Insurance

*All figures are industry averages and may vary from policy to policy.

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.