Loan FAQ

Are there any penalties for early repayment? 
This will depend on the lender and the loan you choose. A personalised illustration will give you details of any early repayment charge.

Are there any restrictions on what the loan can be used for? 

No, you can use the money from your loan for virtually any purpose. The choice is yours. The majority of our customers clear some or all of their existing credit so as to reduce their monthly outgoings to just one, more manageable monthly payment. (See section on Debt Consolidation). Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a secured loan. Quite often they also raise additional cash, to buy a new car or carry out some home improvements, and, remember, with cash in hand, you can often negotiate attractive deals when buying.

How much will my loan cost? 
That depends on how much you wish to borrow, and the time period that you choose to repay it over.

What interest rate will I be charged for my loan?
It is difficult to say what interest rate your loan will attract, as all loans are assessed on personal circumstances.

Will my enquiry be treated in confidence?
Absolutely. We treat every enquiry in the strictest confidence. We pride ourselves in our confidentiality. We are registered under the Data Protection Act (DPA). We adhere to the confidentiality guidelines set out by FISA, as well as the letter of the law from the Data Protection Register.

How much can I borrow?
The minimum loan amount is £1,000. The maximum loan you could apply for depends on several factors which include: the value of your house, your income and your credit history.

I’ve had financial problems in the past. Can you still help? 
Our financial expertise means we can even help if you’ve had problems keeping up payments in the past. We can arrange loans even if you have poor credit rating, have arrears or a county court judgement (CCJ) against you. In certain cases, but not always, an alternative interest rate may be offered. But it costs nothing to find out what we can offer you.

I’m worried about missing payments due to becoming ill or redundant?
Insurance protection may be available on some plans to offer peace of mind to borrowers. Subject to status – ask for details.

Can I borrow again in the future? 
Of course. As long as you’ve maintained your regular payments, you could borrow more.

I’m self-employed. Am I still eligible? 
Most certainly. Generally, we’d like to see two years’ accounts, but even without trading accounts we can often arrange loans.