Hot Topics

What can I do if I think information held by a credit reference agency on me is incorrect?
If you have been turned down for a loan and you cannot see any reason why, then you can contact the credit reference agency to see your personal credit report.
What happens if I want to borrow more?
To borrow more you have the option of either taking out a new loan independent of your other loan(s), or arranging with your loan provider to add onto your existing loan.
I live at home with my parents, can I still apply for a loan?
If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.
I am having trouble making repayments on my loans, should I get a debt consolidation loan?
If you have a number of debts and are having trouble managing them all, then a debt consolidation loan may be your only option.
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?
You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

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.