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.
What is a Car Loan?
There are three different types of car loan. We have covered them here to make you aware of the options open to you when seeking a car loan:
Will the loan company contact my employer?
Firstly, a loan company will never contact your employer without your consent.
What is credit scoring?
Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?
You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

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.