Hot Topics

What is a Car Loan?
There are three different types of car loan. We have covered them here to make you aware of the options open to you when seeking a car loan:
What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
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 can I do if I think information held by a credit reference agency on me is incorrect?
If you have been turned down for a loan and you cannot see any reason why, then you can contact the credit reference agency to see your personal credit report.
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

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.