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- What exactly is a personal loan?
- A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.
- What is a Tenant Loan?
- If you do not own your own property, you will not be able borrow money secured on your home. This means that any loan you take out will be a tenant loan – or an unsecured loan.
- Will the loan company contact my employer?
- Firstly, a loan company will never contact your employer without your consent.
- I am having trouble making repayments on my loans, should I get a debt consolidation loan?
- If you have a number of debts and are having trouble managing them all, then a debt consolidation loan may be your only option.
- How much can I reduce my monthly payments by with a debt consolidation loan?
- It really depends on how much you owe. In some circumstances you may be able to reduce your total monthly repayments by as much as 75% - simply by consolidating your debts into one single payment.
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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