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Frequently Asked Questions

Q. What is a secured loan?
A secured loan is a second mortgage over your property (house or flat). A secured loan is where you give security to your lender, by giving them rights over an asset, which is usually your property.

Q. Is a secured loan better than an unsecured loan?
The amount you require may be more than can be borrowed on an unsecured loan. Secured loans are usually available over longer time period than unsecured loans, and the interest rate may be lower. However there may be costs or fees associated with a secured loan. By consolidating existing borrowing you can often reduce your monthly outgoings; however you may have to extend the term of the debt and increase the total amount you repay.

Q. What if I already have a mortgage on my home?
You can have more than one mortgage. If you have 'equity' in your property (ie. if your property is worth more than the outstanding mortgage debt) you can give another lender a 'second' or 'third' mortgage or additional 'charge' over your property. This may result in you owing more in total than the value of your property.

Q. How much interest will I pay?
Our interest rates start from 4.69%. This rate is subject to status and may change according to your financial circumstances.

Q. What is a loan broker?
A loan broker can work for you to locate the most appropriate loan deal to meet your individual circumstances, from a panel of different lenders. As a loan broker we can offer loans on behalf of our lenders. We act independently and not exclusively for any one lender.

Q. How is a broker paid?
A broker will usually receive commission from the lender, which varies depending on the amount of the loan. They may also charge a fee for their services; this can added to the loan amount and will be reflected in any APRC indicated.

Q. What are credit reference agencies?
These are independent companies who maintain data on individual credit records. They are used by lenders to assess your credit history, present and previous. You are able to ask these companies to see your credit file, they will make a small charge for this service.

Q. When will I get my loan?
Usually, we make a fast decision on your loan. Some of our services will be as quick as 24 hours, which means you could have the cash by tomorrow.

Q. When will I pay back the loan?
Each loan is different, and so each has a different term. One of our loan consultants will work out the best deal for you. That means that you should get an idea of how long the loan will take to pay off.

Q. How can I compare loans?
You may wish to compare the repayment periods available, costs, fees, the monthly repayments and whether the amount on offer is what is required and affordable. A significant factor to consider is the Annual Percentage Rate of the Charge (APRC). This figure is calculated to provide the true cost of the loan, for comparison purposes. Usually the lower the rate, the better. This APRC includes the rate of interest payable, any fees and other charges to obtain the loan. This can either be fixed - this means that the payments will not change during the term of the loan or a period of the loan, or variable - where the lender can with valid reasons, increase or decrease the rate. You should also compare the total charge for credit, the lower figure normally being best. If you have any questions, your loan consultant will be happy to answer them for you.

Q. Does my credit score impact my loan?
Many people worry that their credit score will stop them getting a loan. Well, that is not always the case. When you borrow for us, there is no initial credit check. That means that you don't have to worry about your pesky credit history.

Q. Can I change my mind and cancel the secured loan?
You have the ability to cancel the loan application during the consideration period. This consideration period, is the seven clear days that you are given to consider the copy documents before the signable agreements are issued which give you another seven clear days to cancel. After this period you may incur administration fees if you choose to cancel the application once processing has begun. You should read the loan documentation carefully before signing. If you wish to cancel/redeem the loan once it has completed you should review the documentation for details, speak to your advisor and loan provider.

Q. What happens if I want to pay off my loan early?
The amount of money required to clear a loan will be calculated by the lender. If you decide to pay off your loan early a number of months interest will be added to the balance at the time you decide to repay the loan. It is important to remember when repaying your loan early, that only a part of your monthly repayment will be used to repay the capital element of your loan. Some of your payment will have to be used to pay the interest; the proportion of which will be higher in the early years of the loan.

Q. What happens if I miss secured loan repayments?
Repossession is only sought by lenders as a last resort. Customers who are encountering difficulty should do all they can to maintain repayments and contact their lender at the earliest opportunity. However, if you fail to meet agreed payments on the loan the lender can ask the courts permission to evict you from your property. The lenders will then take possession of the property and sell it to repay the loan. If they do not raise sufficient funds from the sale, you may still remain liable for the remaining debt.

If you are thinking of consolidating existing borrowing you should be aware that although you may reduce your monthly outgoings you may be extending the terms of the debt and increasing the total amount you repay.

You should think carefully before securing debts against your home. Failure to repay your loan may result in charges for late payments, missed payments and defaults. If you fail to make payments and default, the cost of your debt may grow. Failure to repay your loan may lead to a charging order, legal proceedings and ultimately bankruptcy. Your home may be repossessed if you do not keep up repayments on any loan secured on it.

Q. What if my application is rejected?
Lenders generally will not go into detail of how their scoring systems work, but if you are refused credit you can ask them to tell you the main reason which could be because of your credit scoring or because of information on your credit report. They have to tell you the name of any credit reference agencies they used.


Hopefully you have found the above information of interest and maybe you are in a position to apply for a loan. You can do this by giving us a call or complete our enquiry form which can be found by Clicking Here.