Hot Topics

What if I die before my loan is paid off?
If you die before your loan has been fully repaid, the loan will still need to be repaid by your estate. This may mean that your family will have to cover the cost of the loan for you.
Can I have a fixed rate loan?
It is entirely up to you if you want a fixed rate or a variable rate loan – however there are some limits to this.
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.
I have not been with my current employer very long, can I still apply for a loan?
To apply for an unsecured loan you will normally need to provide 3 consecutive pay slips to prove that you have a regular income.
How much can I borrow with a debt consolidation loan?
The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

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.