Hot Topics

How long can I take the loan over?: How long you take the loan over depends on how much you need and how much you can afford to repay on a monthly basis.
What do you accept as income?: When you apply for a loan you will have to state your regular income.
Why would my Loan application be turned down?: If a lender decides that you are a bad risk for a loan, they will reject your application.
How do I contact the Credit Reference Agencies?: You can request your credit report online, by phone or online. It costs £2 for a copy of your statutory credit report. Here are the details for the three main credit reference agencies.
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.

Why would my Loan application be turned down?

If a lender decides that you are a bad risk for a loan, they will reject your application.

A poor credit rating is the usual reason, any County Court Judgements, previously declined applications for credit, defaults on payments, mortgage arrears, repossession of property or cancellation of a credit card by the credit card company will look bad on your credit record. Or it could be that you have moved house a few times, or someone else in your house had a problem with debt. You may also find it harder to get a loan if you are self-employed or are on a short-term employment contract.

If your application is rejected the loan company does not have to tell you exactly why, but they will normally give you some kind of general idea. If you want to make another application you will need to find out the exact reason why your loan application was rejected before applying for another loan, as you will be turned down again and again and your credit rating will be further affected. You can do this by contacting the credit reference agency in question if necessary.

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.