Hot Topics

What is a Career change Loan?: If you are planning a change of career then it is likely you will experience either a big drop in or a total loss of regular earnings – and this is why people choose to take out career change loans.
If I decide I need a personal loan, which type of lender is best?: Banks, building societies and specialist finance companies all offer personal loans. None are any better than the others in any outright sense – but because the market is so competitive, you'll need to shop around.
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.
I’m self-employed, am I still eligible?: Self-employed loans used to be difficult to find and expensive. But today, now that more and more people are working for themselves, self-employed loans are widely available and, as interest rates have fallen to their lowest in years, more affordable.
Over what length of time can I spread my repayments with a debt consolidation loan?: You will be able to spread your repayments over whatever term you need to in order to meet your repayments.

What if my loan application is not accepted?

Sometimes a lender may not wish to give you a loan. This may be for a number of reasons, however the lender is not obliged to tell you exactly why the loan been refused.

If you apply for a loan and you are turned down - and you wish to find out why - contact your lender within 28 days to ask for the name and address of any credit reference agency used for assessing the loan. The loan company is legally obliged to tell you whether they used a credit reference agency, and if so, which one. You can then contact the credit reference agency for a copy of your credit report, and you will be able to see for yourself why your application was rejected.

If they did not use an outside agency and you were turned down according to their own criteria, you failed the 'credit scoring'. Lenders use this system to determine if you're a low enough risk, and every loan company has different criteria. However most lenders will tell you, in broad terms, why your application has been rejected. You can then make sure the problem is fixed before you apply for another loan.

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.