Hot Topics

What is a Tenant Loan?: If you do not own your own property, you will not be able borrow money secured on your home. This means that any loan you take out will be a tenant loan – or an unsecured loan.
What is credit scoring?: Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
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.
What happens if I am suddenly injured or taken ill?: To protect your loan repayments in case you are unable to work due to accident or illness, you will have to take out either personal loan or short-term income protection insurance.
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.