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 Debt Consolidation Loan?
A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
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
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.
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.

What do you accept as income?

When you apply for a loan you will have to state your regular income.

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Your main income will normally be your wages, however the following can also contribute to your stated income: regular commission, permanent overtime, incapacity benefit, severe disablement allowance, industrial injuries, disablement benefit, war pension, widows pension, working family tax credit and attendance allowance.

The following benefits cannot be accepted as income: maintenance payments or rents received, child benefit, council tax benefit, guardians allowance, foster carer allowance and income support.

If your income is sufficient to meet the repayment demands, in conjunction with other aspects including your credit history, your application should be accepted. However a high income alone will not be enough to secure a loan with many loan companies if you have a bad credit history.

 

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.