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 quickly can I get the money?
How quickly you get your loan depends on who you buy it from.
What can I do if I think information held by a credit reference agency on me is incorrect?
If you have been turned down for a loan and you cannot see any reason why, then you can contact the credit reference agency to see your personal credit report.
What happens if I am suddenly injured or taken ill?
To protect your loan repayments in case you are unable to work due to accident or illness, you will have to take out either personal loan or short-term income protection insurance.
Can I take the payment protection off/on throughout my loan?
The answer to this question depends on what type of insurance you have.

I live at home with my parents, can I still apply for a loan?

If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.

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To be eligible you will have to be over 18, and also in full employment. Because you will have to apply for an unsecured loan, you will only be able to borrow up to £25,000, and you will be subject to higher interest rates than with a secured loan.

You may have trouble getting credit if you are 18 and have never borrowed money before – because you will have no credit history. Some loan companies will not lend to those with no credit history, as they cannot fully assess their risk. Your application may therefore depend on the credit history of your parents. If they have a good credit history that may help your application, and if they have a bad credit history your application may be adversely affected. Lenders often look at the credit history of other people at your address, and they may think that you are borrowing the money simply to provide another person in the house with credit, and reject your application for this reason.

To avoid any of these circumstances it may be best to use your bank or building society for your first loan. Once you have successfully gained credit you will have a credit history and will in future be able to obtain finance from any loan provider.

 

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.