“What is the difference between an unsecured and a secured loan?”
As a homeowner, your property gives the lender some security. This added security means you'll often get a better interest rate on a secured loan, compared with an unsecured loan, because the lender sees it to be less of a risk.

“Can I get a secured loan if I'm not a homeowner?”
No, a secured loan can only be arranged using your property (home) as collateral. However, if you're not a homeowner, you can apply for an unsecured loan at a competitive rate depending on your credit history.

“How do I apply for a secured loan?”
Applying for a secured loan couldn't be easier. You can either apply for a secured loan application online using our simple form. We're here to help, so if you have any questions or concerns or you'd like more information about secured loans, just contact us.

“What will happen after I apply for a secured loan?”
First, our team of professional underwriters will assess your individual requirements and circumstances and look for the best secured loan for you among our panel of lenders. We will always try to get you a decision in principle within 24 hours of your application. If you wish to go ahead, we'll keep you informed of the progress of your secured loan and let you know exactly what you need to do and when. You won't need any interviews and all the paperwork can usually be completed through the post and by phone. We'll do everything we can to make sure the process runs smoothly and you get the money as quickly and efficiently as possible.

“What if my loan application is not accepted?”
Nobody has a right to receive a loan. Loans are always granted at the discretion of the lending company. Sometimes a lender may not wish to lend. This may be for a number of reasons. The lender may think you cannot afford the loan. If it is a secured loan, your property may not be of sufficient value.
A lender does not have to tell you exactly why you have been refused a loan but you can ask them for the name and address of any credit reference agency used and they will supply this information free of charge.
If you are refused credit because of a computerised credit scoring system you can ask the lender for an explanation of how their credit scoring works (this applies only if the decision has been made on the basis of a computerised system alone). The lender may charge a small fee for providing this information. You also have the right to require a non automated review of the decision.

“Can I repay the loan before the stated period?"
YES you can. 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. If you repay early there may be an early repayment charge (which can be 6 months interest). 

“Can I repay more than the agreed monthly repayment?”
YES usually 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. If you repay early there will be an early repayment charge (which can be 6 months).

“Can I come back and borrow more in the future?"
YES, usually 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. 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.
 
“Can I get a loan if I have a bad credit rating?"
YES you can. Having a bad credit rating does not prevent you from getting a loan. As long as you are a homeowner and the value of your property is greater than your mortgage (in other words, you have some equity), a bad credit history won't necessarily exclude you from getting a secured loan. Because the lender has security, mortgage arrears, County Court Judgments (CCJs), payment defaults and other problems, such as no proof of income, are often less of an issue with a secured 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. Debt consolidation may increase total costs in the long term. 

“Can I get a loan if I do have or have had County Court Judgments?"
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.

“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. Debt consolidation may increase total costs in the long term. 

“What happens if I am unable to make my monthly repayments?"
First and foremost you should contact your lender and notify them of your situation. They would much prefer to know beforehand. Your lender will explain the terms of your cover to you, as well as doing everything possible to bring your account back on track.