Hot Topics

What interest rate will I pay and is it negotiable?
Interest rates vary from lender to lender, and it all depends on how much you borrow, and over what period of time.
What do you accept as income?
When you apply for a loan you will have to state your regular income.
Can I defer payment?
This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.
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 borrow again in the future?
Your ability to borrow again in the future will depend largely on how well you managed your loans and other forms of credit in the past.

What interest rate will I pay and is it negotiable?

Interest rates vary from lender to lender, and it all depends on how much you borrow, and over what period of time.

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It's worth bearing in mind that some lenders are only interested in lending to people whom they regard as a 'low risk' and they offer them lower interest rates to attract their business. This 'cherry picking' by lenders means that if you’re considered to be a risk you will either be offered money at a higher interest rate or not offered a loan at all.

Whatever your personal circumstances, if you do your homework and get several alternative quotations you should be able to cut the cost of your personal loan. It is possible you may be able to negotiate the interest rate you pay, however most lenders already have a set system in place. Also, lenders vary in their approach, some will want to ask personal questions about your finances and your future plans before making up their mind on whether to lend and at what interest rate. You have less chance of negotiating a favourable interest rate if you don’t own your own home, have a bed credit history, or if you’re self-employed with a short trading record.


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.