Hot Topics

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.
What is credit scoring?: Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
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.
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.
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.

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.

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