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.
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.
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.
What is not covered by personal loan protection insurance?: There are a number of situations that are normally exempt from personal loan protection.
I’m self-employed, am I still eligible?: Self-employed loans used to be difficult to find and expensive. But today, now that more and more people are working for themselves, self-employed loans are widely available and, as interest rates have fallen to their lowest in years, more affordable.

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.

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.

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Holiday Loans

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