Hot Topics

What is a Holiday Loan?
A holiday loan is a loan designed to give you the means to pay for a holiday. This is commonly used for ‘holidays of a lifetime' like honeymoons, anniversaries and holidays to exotic locations.
How do I contact the Credit Reference Agencies?
You can request your credit report online, by phone or online. It costs £2 for a copy of your statutory credit report. Here are the details for the three main credit reference agencies.
How do I make repayments and can I choose my monthly repayment date?
Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.
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.
Over what length of time can I spread my repayments with a debt consolidation loan?
You will be able to spread your repayments over whatever term you need to in order to meet your repayments.

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.

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The basic rule with an unsecured loan is that you can borrow between £500 and £25,000. With a secured loan the average figure would be between £3,000 and £100,000. However, these are general figures and if you need more you will be able to negotiate if you have assets, i.e. property, to secure the loan.

The maximum value of your loan is often directly related to your property, and the maximum loan you will be allowed will be to 85% of the value of your property. This means that the more property you own, the more you can borrow, and those who have done well in the recent housing price boom will have the ability to borrow more against the house, and buy extra properties. If you have the assets, you will be able to borrow up to £1 million.

 

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.