Hot Topics

How quickly can I get the money?: How quickly you get your loan depends on who you buy it from.
What if I die before my loan is paid off?: If you die before your loan has been fully repaid, the loan will still need to be repaid by your estate. This may mean that your family will have to cover the cost of the loan for you.
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.
I have not been with my current employer very long, can I still apply for a loan?: To apply for an unsecured loan you will normally need to provide 3 consecutive pay slips to prove that you have a regular income.
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.

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.

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