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Hot Topics
- In what circumstances should I consider taking out a personal loan?
- You can get a personal loan for any reason you want.
- What kind of loan should I get?
- Which loan you choose depends entirely on what you need it for. There are many different kinds of loans, depending on where you buy them from.
- Should I get Personal Loan Payment Protection Insurance?
- When you apply for a loan, you will be asked at the initial stages if you want personal loan insurance to be included in the agreement
- Will my monthly repayments ever change?
- It depends on whether your loan is a fixed or variable interest rate loan, and over what period of time you are taking the loan.
- What happens if I can't meet the loan repayments?
- If you are having problems repaying the loan, you will need to talk to your lender straight away to discuss the problem.
Over what length of time can I spread my repayments with a debt consolidation loan?
You will be able to spread your repayments over whatever term you need to in order to meet your repayments.
Agreements can stretch for anything from 3 to 25 years, and sometimes even longer for extremely large debts. A mortgage for example, could be paid back over as many as 47 years.
The key to the debt consolidation loan is that the repayments should be affordable to you, and that you should not end up defaulting payments and losing your home. When you sign up for the agreement make sure that the repayment terms are affordable both in the short term and the long term, and protect yourself against unexpected circumstances such as ill health, accident or redundancy with short term income protection insurance or a payment protection insurance policy with your loan provider. Taking out life insurance would also ensure that your family is not left homeless should the worst happen.
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.
- Can I take the payment protection off/on throughout my loan?
- How much can i borrow ?
- Will the loan company contact my employer ?
- What is not covered by personal loan protection insurance?
- Can I borrow again in the future?
- How quickly can i get the money ?
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