Frequently Asked Questions & Help Page
How can I spend the money?
You can spend the money on any purpose you want: home improvements, wedding, car, new business venture, or as a debt consolidation loan to clear more expensive debts like credit cards, store cards and bank overdrafts. Simplifying the number of claims on your cash will help manage your finances.
Am I eligible for a secured loan?
If you are a UK homeowner you can have a Secured Loan ( or Homeowner loan). Typically, you will have a mortgage with is know as the 'first claim' on the property. A subsequent secured loan is classed as a 'second claim'. The minimum loan is £5000.
Can I get a loan if I am behind on my mortgage, or a poor credit rating?
There are many such loan plans available. We can help get you an affordable one. When you have an adverse credit rating then a lender is going to charge a higher rate of interest, but that does not have to be permanent. When you have improved your credit rating, we can help get you on a lower rate loan. Typical APR 11.4% variable
How much can I borrow?
A Secured Loan enables you to borrow any amount from £5,000 to £250,000, depending on your credit history and lenders' credit score based on your current circumstances.
How long can I spread the repayments?
You get to chose the length of the loan. It can be from 5 to 30 years. Selecting the right length is depends on your overall financial planning. We can advise you. First try out our Loan Calculator as a guide. Consolidating your debt may increase the amount you pay back overall and extend the repayment period. Early repayment charges apply to the loan.
How much will my secured loan cost?
You will see a lot of interest rates advertised. While not exactly meaningless, they are very approximate ranges. The lowest rates you see advertised on other web sites are misleading, as very few people have such an excellent credit score that they would qualify for such lowest interest rates. The interest rate you pay is totally dependent upon your individual financial circumstances. The cost of the loan depends upon the interest rate your offered, the total amount you borrow and the time length of the loan. Please use our Loan Calculator as a handy guide.
Is there an application fee or any other costs?
You do not pay us anything. Instead, we pay you 2% of the loan as an immediate cashback rebate. When you instruct us find you the best loan in the UK and we are successful in getting what you want, then we share our commission. We do not charge you any up-front fees, legal search fees, house valuations nor any 'hidden' charges. Typically, any costs associated with your application are paid by the loan broker.
How can you afford to pay 2% commission?
Basically, it's the 'economy of scale'. A company that generates a tremendous amount of business ( a wholesaler ) can get a product for a much cheaper price than a member of the public who is after just a single loan. The important point is that is not an extra 2% you have to pay on the loan. Once you have found the best deal in the UK for someone with your credit profile, then you pay the same price whether you go direct to the lender or through us. In fact, often you will pay more by going direct because our loan brokers get offered a preferential or lower price from certain lenders because of the large volume of business generated. As an analogy, you can see that the price that big supermarkets pay for your groceries is low enough that they can afford to give you 1% back in loyalty card points.
How long does the process take and how quickly will I receive the money?
A decision in principle is made very quickly and our loan broker will phone you shortly with the best deal. Once you have agreed to proceed then the paperwork takes approximately two to four weeks. Then you get the money in full. Subsequently, when we are paid our commission we post you a massive 2% cheque within 14 days.
Can I repay the loan early?
Yes, you clear the outstanding balance of your loan at any time after the first six months. The amount is calculated under the regulation of the Consumer Credit Act 1974. The law changed in 2005 to make it easier to clear secured loans. For loans under £25,000, you can clear the debt with a maximum redemption penalty of just one month interest and one months notice. There may also be higher redemption on the loan if a single premium protection plan is added onto the loan.
How am I protected legally?
When you agree to proceed with the loan by filling the necessary paperwork, you still have a legal right to cancel during a 16 day cooling off period.
Can I borrow more money at a later date?
Yes, you can borrow more if you circumstances change. Your credit rating may have improved or a better loan plan may have entered the market. We can give helpful advice to reduced your overall monthly outgoings.
Can I have two secured loans?
No, you only have one secured loan current. You can take out another loan but you must, at the same time, clear the first loan.
How can you help if I was off work due to illness or am made redundant?
We have optional payment protection insurance schemes to cover your Secured Loan monthly repayments should you be unable to work due to sickness, accident or redundancy.
How is my application information used?
We treat your application in the strictest confidence. We do not pass any information to any third party, other than lenders involved in supplying your loan. Your employer or bank is not contacted without your permission. We are registered to comply with the Data Protection Acts of 1984 and 1998 which means strict security procedures to prevent unauthorised access to your information. Once your loan is complete we delete all your personal information. For more details see our Privacy Statement
I've been refused credit. What can I do to repair my credit rating and so be offered a better deal?
See our article on How to Improve Your Credit Rating.
I've still got a question
If your question isn't covered above then please fill our feedback form so we can be of service.
If you have come across a phrase or term related to loans that your not sure about, or you just want to learn more about loans then browse the explanation in this comprehensive list of Loan Jargon terms