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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.
What if my loan application is not accepted?
Sometimes a lender may not wish to give you a loan. This may be for a number of reasons, however the lender is not obliged to tell you exactly why the loan been refused.
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.
How much can I borrow with a debt consolidation loan?
The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

How long can I take the loan over?

How long you take the loan over depends on how much you need and how much you can afford to repay on a monthly basis.

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For an unsecured loan you will generally agree between 1 year and 10 years to pay it back, although some lenders will only go as far as to offer 5 or 7 years. Secured loans allow bigger amounts and therefore longer repayment periods. You may be able to get a secured loan that stretches to 25 years, even 35 years in some cases.

When you get a loan you need to consider how much you can afford to repay on a monthly basis, taking all your other monthly outgoings into consideration. If you can afford to pay your loan of £5000 over 48 months rather than 60 months, you will save on the interest you pay. However you have to be realistic, and set monthly payments that you know you can afford. If you have a flexible loan then you will be able to pay off your loan early without any redemption penalties anyway, so over-estimating how long it will take you to pay off your loan doesn’t have to be a bad thing.

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.