Hot Topics

What is a Car Loan?: There are three different types of car loan. We have covered them here to make you aware of the options open to you when seeking a car loan:
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.
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.
What if I want to move house during the term of my loan?: Moving house is only an issue if you have a secured loan – as you have borrowed against the value of your house. How your loan company deals with this varies greatly. Some allow you to transfer your loan to your new property, using your
How much can I reduce my monthly payments by with a debt consolidation loan?: It really depends on how much you owe. In some circumstances you may be able to reduce your total monthly repayments by as much as 75% - simply by consolidating your debts into one single payment.

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.