How long does the loan application process take?
What does APR mean?
What is the difference between a secured and unsecured loan?
I have bad credit; can I still have a loan?
Will I need to have a credit check?
How do I apply for a loan?
Can I get a loan if I’m not a homeowner?
What is Payment Protection?
How long does the loan application process take?
Many factors can influence the length of time it takes to process a secured loan. Some loans can take less than a week to complete while others could take a month.
As a borrower, there are ways in which you can help to
speed up the loan process:
- Complete your application thoroughly and honestly
- Be available by telephone immediately after applying to provide any additional information
- Provide any required documents to the lenders as soon as possible
There are also legal issues that might affect the amount of time taken for an application. For example, some loans typically under £25,000 might require a period of time be passed to allow the borrower to change their mind. This is sometimes known as a ‘Cooling Off’ period, and is typically a two week period in which the lender is not allowed any contact with the borrower – to allow the borrower to make a decision without pressure or bias influence.
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What does APR mean?
APR stands for
Annual Percentage Rate. The APR is the amount of interest charged on the loan, plus other related fees, expressed in a yearly rate. APR is a good measurement for
comparing different loan packages and lenders as it is a standard 1 Year measurement.
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What is the difference between a secured and unsecured loan?
Secured loans – also known as
homeowner loans,
home loans or
second charges – is a sum of money borrowed in addition to your mortgage. You can borrow any amount between £5,000 and £500,000 for any reason. To qualify for a secured loan you must be over 18, a UK resident and a homeowner. Secured loans allow the borrower to have more money, and for those with a
poor credit history will give a greater chance of successfully getting a loan. You are securing your property against the loan, and it may be at risk should you fail to make the repayments.
Unsecured loans – also known as
personal loans – are pledged against your name, not an asset. For this reason they are often more difficult to obtain than a secured loan because the lender is taking a greater risk. The decision to give you a loan will depend on your credit history, current income, and personal details. Personal loans will typically be up to £7,500 – depending on the creditors lending criteria.
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I have bad credit; can I still have a loan?
Yes, you can! If you are a homeowner you might be
eligible for a secured loan. The secured loan market has become increasingly flexible to the needs of borrowers with bad credit, CCJs, arrears and defaults. Many lenders even specialise in loans for people with poor credit history.
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Will I need to have a credit check?
Not when you apply through us, No! Any lender must seek out your express permission prior to carrying out a credit check on you.
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How do I apply for a loan?
You can apply for a loan through our website – We take a few details from you and then search the market to find a suitable deal for your circumstances.
Click here to apply online now, it takes just 2 minutes!
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Can I get a loan if I’m not a homeowner?
Yes.
Unsecured loans, or
personal loans, can be a viable option for borrowers who do not own their own property. Personal loans can be more difficult to get because the lender will look at your person details, monthly income, outstanding debt and credit history to determine whether you qualify for a loan.
You are securing the loan against your name, not your property, which means there is a greater risk for the lender as they’re not guaranteed to get their money back.
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What is Payment Protection?
Payment Protection is insurance that covers your loan repayments. It gives you the opportunity to plan for unexpected events that may affect your income, and provides a safety net should your financial situation change for the worse. Payment Protection can cover inability to make repayments through sickness, unemployment or death. While it can offer great peace of mind to borrowers, it will increase your total repayments. This amount will vary from lender to lender.
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