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What is credit scoring?
Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
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 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.
What if I want to move house during the term of my loan?
Moving house is only an issue if you have a secured loan – as you have borrowed against the value of your house. How your loan company deals with this varies greatly. Some allow you to transfer your loan to your new property, using your
Can I borrow again in the future?
Your ability to borrow again in the future will depend largely on how well you managed your loans and other forms of credit in the past.

In what circumstances should I consider taking out a personal loan?

You can get a personal loan for any reason you want.

The most common reason for getting a loan is to buy a car. Not many people have £10,000 or more sat in the bank so when buying a new car, it is extremely common to get a loan. You can also get a loan out to buy a holiday, maybe a honeymoon or a holiday of a lifetime for you and the family. Many people also get a loan to pay for major home improvement - perhaps you want to fit double-glazing and add on a conservatory to increase the value of your house. Or maybe you want to build a swimming pool in your back garden. The loan company will ask you why you want the loan in the first instance, and basically it is entirely up to you.

Many people think of an unsecured loan as being a 'personal loan' but, if you're a homeowner, a secured loan could be an alternative. Click on our FAQ's 'What is a secured loan' or 'What is an unsecured loan' for more details.

 

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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