Hot Topics

What is a Career change Loan?: If you are planning a change of career then it is likely you will experience either a big drop in or a total loss of regular earnings – and this is why people choose to take out career change loans.
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 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.
What does it mean if my payment protection insurance includes cash back?: Some lenders offer a cash back scheme on payment protection insurance – by refunding all or part of the insurance premium after a certain time has elapsed.
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.

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.

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