Hot Topics

How quickly can I get the decision?
More and more loans companies are selling themselves on how quickly they can make a decision. Many promise an instant decision, however they will still have to carry out a variety of checks to verify the information you have provided in your application.
Why would my Loan application be turned down?
If a lender decides that you are a bad risk for a loan, they will reject your application.
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.
How do I make repayments and can I choose my monthly repayment date?
Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.
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.

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.