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Hot Topics
- What is a Debt Consolidation Loan?
- A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
- How quickly can I get the decision?
- More and more loans companies are selling themselves on how quickly they can make a decision. Many promise an instant decision, however they will still have to carry out a variety of checks to verify the information you have provided in your application.
- 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.
- Should I get Personal Loan Payment Protection Insurance?
- When you apply for a loan, you will be asked at the initial stages if you want personal loan insurance to be included in the agreement
- 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 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.
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.
- Adverse credit and finance ?
- What exactly is a personal loan?
- What is a tenant loan ?
- Will the loan company contact my employer ?
- If i decide a personal loan is best which type of lender is best ?
- What is a secured loan ?
- What if I already have a loan or a mortgage secured on my home ?
- What happens if i am suddenly injured or taken ill ?