Frequently Asked Questions
Some of the frequently asked questions we get regarding loans and remortgages.1. What types of finance are available?
2. Home much can I borrow?
3. How long does it take?
4. What purpose can I use the loan for?
5. Can I insure my payments?
6. Can I repay my loan early?
7. Can I have a fixed rate?
8. Can I cancel the loan at any time?
9. Are there any upfront fee's?
10. What will my loan cost me?
11. How do I apply for my loan?
12. Why cover my monthly repayments with Repayment Protection Cover?
13. Will you be contacting my employer?
14. Can I repay more than my standard monthly repayment?
15. Can I apply if I am self employed with no accounts?
16. Can I get a loan if I have arrears on my mortgage?
17. Can I get a loan if I have a poor credit rating?
18. Can I get a loan if I do have or have had County Court Judgements?
19. What happens if I am unable to make my monthly repayment?
20. Can I come back and borrow more in the future?
21. Is my loan application confidential?
22. I live on the Isle of Wight / Isle of Man can you help me with a loan?
What types of finance are available?
Secured Loans: With a secured loan you retain your existing mortgage and take out a further borrowing secured on your property typically from a different lender. Secured loans tend to be more flexible, easier and quicker to process and require no upfront survey, legal or other fees.
Remortgages: With a remortgage you repay your existing mortgage and replace it with a new mortgage for a larger amount which is also secured on your property. Remortgages tend to be at lower interest rates than secured or unsecured loans.
Back to top
How much can I borrow?
You can borrow any amount from £5,000 to £250,000 for a loan and £10,000 to £2,500,000 for a remortgage and repay it over any period from 5 to 25 years - just select the monthly payment from our chart that suits you best. Rest assured there are no hidden costs or charges - the amount shown on the repayment chart is all you pay for your loan and there are no up front fees or costs whatsoever.
Back to top
How long does it take?
Quicker than you would imagine. We endeavour to have all loans completed within 14 days of application, although of course just as it can occasionally take longer, it can also be quicker. The quicker you return any documents required to us, the quicker you will have your loan. You can help us make it happen quicker. If you borrow more than £25,000 you could receive your cheque even sooner.
Back to top
What purpose can I use the loan for?
You can use your loan for any reasonable purpose. For example you may be thinking of taking advantage of our exceptional interest rates and clear all your loans and debts so you can reduce your monthly credit payments. Or you may be thinking of carrying out some home improvements or buying a car. Whatever you decide you will receive a cash loan to spend as you wish.
Back to top
Can I insure my payments?
You can insure your payments so that you won't have to worry if you lose your job or are off work through accident or sickness. If you are like me you probably want the peace of mind of insuring your payments but not the cost.
Back to top
Can I repay my loan early?
You can repay the loan back at any time. The method of calculating the amount of money required on early redemption will be stated in the loan agreement. We will also send you a copy of the FISA borrowers information guide which will explain the procedure in detail. If you do so, you will benefit from a rebate of interest. This means you will not have to pay all the interest that would have been due to the end of your original loan term, so ultimately the total cost of your loan will be less.
Back to top
Can I have a fixed rate?
The simple answer is YES. We have access to a majority of lenders currently operating in the UK. This means we can source the best deal for you whether it be fixed or variable. Many of our loans offer a five year fixed rate period at the start of the loan term. We will tell you whether you can take a fixed rate on certain plans, then you choose whether it suits your needs. The choice is entirely yours.
Back to top
Can I cancel the loan at anytime?
You are under no obligation whatsoever. You can cancel your loan at any time up to completion without cost nor penalty.
Back to top
Are there any upfront fees?
There will be no upfront frees charged. On some occasions we will ask for a fee to be paid on completion of the advance (typically 5% of the loan). This will be added to the loan advance and only deducted when the loan completes. All fees will be detailed on the loan documentation. If you choose not to take the loan, no fees will be payable.
Back to top
What will my loan cost me?
That depends of course on how much you wish to borrow and what period you wish to repay it over. Your personal loan processor will tailor your loan with you to ensure your repayments suit your budget. We do not encourage people to borrow more than they can comfortably afford to repay.
Back to top
How do I apply for my loan?
To apply for a loan simply fill our our fast track loan application form here and a loan advisor will call you to discuss your loan application within 24 hours.
Back to top
Why cover my monthly repayments with Repayment Protection Cover?
Quite simply for peace of mind. In the event you were unable to make the repayments due to redundancy, sickness, or even an accident at work, your repayments (subject to certain exclusions and terms) will be made for you directly by the insurer. The majority of our customers opt for this valuable cover. We recommend you do too, although the choice is of course yours. This cover is optional.
Back to top
Will you be contacting my employer?
NO. We would never contact them without your consent. If you have pay slips and / or a P60, this will certainly not be necessary. If you can not produce pay slips, we may ask your permission to obtain a brief reference from your employer, purely asking them to confirm your position, length in employment and your annual salary. We will not supply them with any details of your loan application.
Back to top
Can I repay more than my standard monthly repayment?
YES you can. Many of our loans allow you to make payments over and above your standard repayment, whether it be at the same time as your normal monthly repayment or at any other point in the month. The amounts you pay over and above will reduce the outstanding balance of your loan accordingly. This means you will be paying the same monthly interest, but on a smaller loan balance, therefore you will be able to clear your loan in full sooner than the term it was originally scheduled over.
Back to top
Can I apply if I am self employed with no accounts?
Yes. We can even arrange a loan or mortgage if you have only been self employed for a short period of time.
Back to top
Can I get a loan if I have arrears on my mortgage?
YES you can. Having arrears on your mortgage does not prevent you from getting a loan. If you have arrears when your loan completes, all the arrears will be paid directly by the lender from the proceeds of your loan. So when applying, if you want to receive a certain amount of cash in your hand, you must add on the amount you need to clear your arrears.
Back to top
Can I get a loan if I have a poor credit rating?
YES you can. Having a poor credit rating does not prevent you from getting a loan. You may be considering clearing some or all of the credit you have (if any) to reduce your monthly credit bills with a single more affordable loan. The majority of our customers do precisely that.
Back to top
Can I get a loan if I do have or have had County Court Judgements?
YES you can. Having CCJs does not prevent you from getting a loan. You may also wish to consider clearing some or all of your CCJs with part or all of your loan. The choice is yours. It is not a condition of our loans that you have to clear any CCJs either before or after you take the loan out.
Back to top
What happens if I am unable to make my monthly repayment?
First and foremost you should contact your lender and notify them of your situation. They would much prefer to know beforehand. If you have Repayment Protection Cover, you should assess your circumstances and check you are covered. These valuable policies usually cover accident, sickness and unemployment. Your lender will explain the terms of your cover to you, as well as doing everything possible to bring your account back on track.
Back to top
Can I come back and borrow more in the future?
YES you can. Assuming the conduct of your loan account is to your lender's satisfaction, you may apply to take a second loan out with them; what we call a Further Advance. Many of our loan plans allow you to apply immediately for a further advance, the others may request that your original loan account be running for three months or more before they will consider your application for more money.
Back to top
Is my loan application confidential?
YES it is. We pride ourselves in our confidentiality. Our lenders are members of the Finance Industry Standards Association (FISA) and also registered under the Data Protection Act (DPA). They adhere strictly to the confidentiality guidelines set out by FISA, as well as the letter of the law from the Data Protection Register. If you are applying for a remortgage; they are members of the Mortgage Code Compliance Board.
Back to top
I live on the Isle of Wight / Isle of Man can you help me with a loan?
YES living on the Isle of Man or the Isle of Wight we can still provide you with a low rate secured loan.
Back to top
