Frequently Asked Questions
for Secured and Unsecured Loans

Frequently Asked Questions related to the above topic.
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• Hot Topics

  What is a Car Loan?

  There are three different types of car loan. We have covered them here to make you aware of the options open to you when seeking a car loan:

  What is a Holiday Loan?

  A holiday loan is a loan designed to give you the means to pay for a holiday. This is commonly used for ‘holidays of a lifetime' like honeymoons, anniversaries and holidays to exotic locations.

  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.

  If I decide I need a personal loan, which type of lender is best?

  Banks, building societies and specialist finance companies all offer personal loans. None are any better than the others in any outright sense – but because the market is so competitive, you'll need to shop around.

  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.

  What exactly is a personal loan?
• In what circumstances should I consider taking out a personal loan?
• What kind of loan should I get?
• What is a Car Loan?
• What is a Holiday Loan?
• What is a Career change Loan?
• What is a Home improvement Loan?
• What is a Bridging Loan?
• What is a Consolidation Loan?
• What is a Tenant Loan?
• What is a secured loan?
• What is an unsecured loan?
• If I decide I need a personal loan, which type of lender is best?
• What interest rate will I pay and is it negotiable?
• How much can I borrow?
• How quickly can I get the money?
• How quickly can I get the decision?
• How long can I take the loan over?
• What do you accept as income?
• Will the loan company contact my employer?
• What if I want to pay my loan off early?
• What if I already have a mortgage or loan secured on my home?
• What if my loan application is not accepted?
• What is credit scoring?
• Why would my loan application be turned down?
• What can I do if I think information held by a credit reference agency on me is incorrect?
• How do I contact the Credit Reference Agencies?
• How can I improve my credit rating?
• Should I get Personal Loan Payment Protection Insurance?
• What happens if I am made redundant?
• What happens if I am suddenly injured or taken ill?
• What if I die before my loan is paid off?
• What is not covered by Personal Loan Payment Protection Insurance?
• Can I take the payment protection off/on throughout my loan?
• What does it mean if my Personal Loan Insurance offers Cash back?
• What is the Finance & Leasing Association?
• Will my monthly repayments ever change?
• Can I defer payment?
• How do I make repayments and can I choose my monthly repayment date?
• Do I have to pay any upfront fees?
• What is the maximum value of the secured loans I can have in relation to the value of my property (LTV ratio)?
• Can I have a fixed rate loan?
• Can I cancel my application if I decide not to go ahead for any reason?
• What if I want to move house during the term of my loan?
• What happens if I want to borrow more?
• Can I borrow again in the future?
• I’m self-employed, am I still eligible?
• I live at home with my parents, can I still apply for a loan?
• I have not been with my current employer very long, can I still apply for a loan?
• What happens if I can’t meet the loan repayments?
• I am having trouble making repayments on my loans, should I get a debt consolidation loan?
• Will a debt consolidation loan solve all my problems?
• Is there a way to get a debt consolidation loan that does not require pledging your house as collateral or a way to get a debt consolidation loan if you do not own a house?
• How much can I reduce my monthly payments by with a debt consolidation loan?
• How much can I borrow with a debt consolidation loan?
• Over what length of time can I spread my repayments with a debt consolidation loan?
• Can I use a debt consolidation loan for more than debt consolidation?

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.