Commonly asked questions about loans
We’ve answered your most asked questions about our loans. To find out more, call one of our friendly and helpful advisors on 0800 694 5566.
How can I check my credit score?
To check your credit score, head to the website of one of the three main credit reporting agencies. These are:
Here you’ll be able to run a credit report, which generates your credit score for free.
Will searching for a loan affect my credit score?
No, a soft search is usually performed by lenders while people are shopping around, and this will not affect your credit score. It is only when a loan is taken out that a hard credit check will be added to your credit history.
Read our guide to the different kinds of credit search.
Can I apply for a loan with bad credit?
Yes, you can apply for a loan with bad credit or a Count Court Judgement (CCJ). There are lenders who will work with you on a repayment package that covers both your existing debt and the amount of money you want to borrow.
How long does it take to be approved for a loan?
You will usually receive an instant decision from us on whether or not your application has been successful. We recommend leaving one to two weeks for your application to be processed, before receiving the funds, for a secured loan. An unsecured loan can be completed a couple in of days.
Can I pay off a loan early?
A loan can be paid off at any time, but many lenders charge a small early repayment fee for doing so. This would still save you a substantial amount on the total interest that would have accrued, if the loan were allowed to run to its agreed term. It is essential that you can afford your repayments for the full term, from the outset.
Can I take a break from paying back my loan?
You can discuss taking a break from paying back your debt consolidation loan. This is known as a ‘payment holiday’. Before choosing this option, it’s important to remember this can change your financial situation and affect your credit rating. Discuss the terms and conditions of taking a payment break with your lender, before agreeing. This option is usually only available if your circumstances change after taking the loan out and you are struggling to meet the loan repayments.
How long are the repayment terms?
Our repayment terms are flexible and work around your needs. Choose a period that suits your financial situation best, from one to 30 years, to make sure you can comfortably make your repayments.
What are the interest rates?
The interest rates you are charged may vary, based on your individual situation and financial history. Our homeowner interest rates start at 3.37%.
Are there any loan fees?
We do not charge fees on unsecured loans. As a broker, we may charge a broker fee of up to 12.5% on a secured loan. Because we’re not a bank, we receive commission from the lender, once the loan application has completed.
Am I eligible for a loan?
We help customers from every walk of life take control of their finances. Our products are available for:
- Employed/self-employed individuals
- Married couples (joint application)
- Single parents
- Applicants in receipt of pensions & benefits
- People with poor credit history
No matter what your circumstances, even if you have CCJs, we may be able to help find you the ideal loan product.