Hot Topics

What is an unsecured loan?
An unsecured loan is a loan where no asset is pledged as security for the loan. (The most frequently used security is the family home.)
What do you accept as income?
When you apply for a loan you will have to state your regular income.
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.
Do I have to pay any upfront fees?
You will not normally have to pay any upfront fees, this is because all the admin charges and other legal fees are incorporated into the APR. Any charges are therefore spread over the term of the loan, and not charged on an upfront basis.
I am having trouble making repayments on my loans, should I get a debt consolidation loan?
If you have a number of debts and are having trouble managing them all, then a debt consolidation loan may be your only option.

What happens if I want to borrow more?

To borrow more you have the option of either taking out a new loan independent of your other loan(s), or arranging with your loan provider to add onto your existing loan.

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It is very common to have more than one loan secured on a property, as you are free to borrow more and more within the value of your property. If you are looking for another unsecured loan it will depend on your credit scoring and credit rating, just as it did when you first applied for a loan. If you are meeting your monthly repayments and have not missed any, the loan company is likely to look favourably upon your application.

If you do need to borrow more then consider very carefully the increased financial load and how you will be able to manage it. It’s the people with a number of loans and financial obligations that often find they can’t keep control of their debts, and end up on the road to bankruptcy. If you have a number of loans it might be a good idea to consider a consolidation loan that brings all your outstanding balances together into one single monthly payment that is easier to manage.

 

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.