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What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
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.
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
How do I make repayments and can I choose my monthly repayment date?
Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.
Will a debt consolidation loan solve all my problems?
A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.

Will my monthly repayments ever change?

It depends on whether your loan is a fixed or variable interest rate loan, and over what period of time you are taking the loan.

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An unsecured loan is likely to be a fixed rate loan – short-term over no more than 10 years, and you will not have to gamble your future on the interest rates either going up or down. This also means that you can plan your finances properly and you are protected from any nasty surprises if interest rates suddenly shoot up.

If you have a variable interest loan your payments could go up or down depending on what happens to the UK base rate. If the loan is a large, long-term secured loan, you will have the choice of fixed or variable interest much as you do with a mortgage. Then it’s your risk on whether interest rates go up or down. The loan provider will not lose in any case, as it will be your home resting on your repayments, and if you can’t meet them they will simply repossess your home.

 

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.

What happens if i am suddenly injured or taken ill ?