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What if I want to pay my Loan off early ?
Before agreeing to your loan, read the terms and conditions of the agreement. Some loans allow you to pay your loan off early without any penalties, however, some don't.
How do I contact the Credit Reference Agencies?
You can request your credit report online, by phone or online. It costs £2 for a copy of your statutory credit report. Here are the details for the three main credit reference agencies.
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.
Will a debt consolidation loan solve all my problems?
A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?
You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

What exactly is a personal loan?

A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.

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To pay back the loan, you agree to make regular monthly repayments. Some of the money you repay will go towards servicing the loan and the rest of your payment will be used to pay off the interest and the outstanding debt. You will pay your loan off over a number of years, depending on what you can afford and how much you borrow. For example, a loan of £2,000 could easily be paid back in 1 year. However a larger sum like £50,000 would normally be taken out over 15 years or more.

Most people in the UK get a loan at some point in their lives. For example, a mortgage is a loan – a loan to buy a house. However personal loans differ in that they can be taken out for any reason, and are usually for vastly smaller sums, i.e. anything between £500 and £100,000. It is a big financial commitment and not one to be taken lightly, as you will be tied to the repayments for the term of the agreement.


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.