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- What is a Debt Consolidation Loan?
- A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
- 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 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.)
- Can I take the payment protection off/on throughout my loan?
- The answer to this question depends on what type of insurance you have.
- Will a debt consolidation loan solve all my problems?
- A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.
How quickly can I get the decision?
More and more loans companies are selling themselves on how quickly they can make a decision. Many promise an instant decision, however they will still have to carry out a variety of checks to verify the information you have provided in your application.
They will search your credit record at one or more licensed credit reference agencies, and they will add details of their searches to your credit record, and these may be seen by other organisations which make searches in the future. If you do not qualify for the loan applied for, or the company running the credit check believes that another product may be more suitable for you, they will pass your details to other Lenders or companies who may offer you alternative loan products or services. As with a credit card, this process normally takes a day or two.
Do not be tempted to make any more applications while waiting for a decision as all applications will show up on your credit record, and may affect other applications for credit in the future.
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.
- Poor credit history ?
- What exactly is a personal loan?
- What is a secured loan ?
- What is not covered by personal loan protection insurance?
- How much can i borrow ?
- How quickly can i get the money ?
- What if my loan application is not accepted ?
- What happens if i can make the repayments for my loan ?
- What is a Loan to Value (LTV) Ratio?
- Should i get personal loan payment protection insurance ?
- How much can I borrow with a debt consolidation loan?
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