How much can I borrow and for how long?
You can borrow any amount from £5,000 to £250,000, depending on how much you can afford to repay each month. The loan can be over any time period from 5 to 25 years.

I have little or no equity in my property. Can I still apply for a loan?
Yes you can. We have plans available where you can borrow up to 125% of your property value, less your existing mortgage balance.

Are there any restrictions on what the loan can be used for?
No, you can use the money from your loan for virtually any purpose. The choice is yours. The majority of our customers clear some or all of their existing credit so as to reduce their monthly outgoings to just one, more manageable monthly payment. (See section on Debt Consolidation). Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Quite often they also raise additional cash, to buy a new car or carry out some home improvements, and, remember, with cash in hand, you can often negotiate attractive deals when buying.

How much will my loan cost?
That depends on how much you wish to borrow, and the time period that you choose to repay it over. For an indication of repayment costs see the loan repayment tables.

What interest rate will I be charged for my loan?
It is difficult to say what interest rate your loan will attract, as all loans are assessed on personal circumstances.

Will my enquiry be treated in confidence?
Absolutely. We treat every enquiry in the strictest confidence. We pride ourselves in our confidentiality. We are registered under the Data Protection Act (DPA). We adhere to the confidentiality guidelines set out by FISA, as well as the letter of the law from the Data Protection Register.

Will you contact my employer?
No. We would never contact them without your consent. If you have any pay slips and/or a P60, this will certainly not be necessary. If you cannot 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 enquiry.

I've had financial problems in the past. Can you still help?
Our financial expertise means we can even help if you've had problems keeping up payments in the past. We can arrange loans even if you have poor credit rating, have arrears or a county court judgement (CCJ) against you. In certain cases, but not always, an alternative interest rate may be offered. But it costs nothing to find out what we can offer you.

I'm worried about missing payments due to becoming ill or redundant?
Insurance protection may be available on some plans to offer peace of mind to borrowers. Subject to status - ask for details.

Can I borrow again in the future?
Of course. As long as you've maintained your regular payments, you could borrow more – even if you haven't completed your original loan. Just give us a call and we'll gladly provide a quotation for a further advance.

Can I finish the loan early?
No problem. If you can afford to repay the loan before the anticipated completion date, it's to your advantage. The lender will calculate the outstanding balance in line with the requirements of the Consumer Credit Act 1974. Or where it falls outside the Act, this could be subject to an early repayment charge by the lender.

I'm self-employed. Am I still eligible?
Most certainly. Generally, we'd like to see two years' accounts, but even without trading accounts we can often arrange loans.

What if I move house?
Loans which are secured on the property are simply paid off from the proceeds of the sale. But sometimes we can transfer the loan to your new property. Just let us know if you're about to move and we'll advise you on your options.

I have not been with my current employer very long. Am I still eligible?
You are, generally we like to see 3 consecutive pay slips, but even without these we can often arrange loans.

I have not owned my property very long. Am I still eligible?
No problem, we are able to help with a private rent reference or even without we can often arrange loans.

LOAN TYPES

What is a Secured loan?

This involves the loan being secured against a major asset – usually your home or, in some cases, another property. These are cheaper than unsecured loans but if you miss any payments there is a risk of losing your home. Secured loans are most common when the requirement is to borrow a large sum of money (from, for example, £5,000 upwards) over a long period of time (up to 25 years).

It is not necessary for you to own your home or property outright to secure the loan although you must have sufficient equity in the property to cover the amount borrowed. Note, also, that it is possible to have more than one loan or mortgage secured on your property (although all lenders must always be made aware of additional loans taken out against the property).

The secured loan gives lenders a degree of safety since, if the agreed repayments cease, the lender has a claim on the property as compensation. The risk of losing their home in this way makes some borrowers wary of secured loans. However, a lender will more often than not take a long-term view and allow some leeway if you run into temporary payment difficulties since he has the security of knowing the property is there as collateral.

There are definite benefits to plumping for a secured loan – which, incidentally, is much easier to obtain than an unsecured loan which is generally only offered to people with a first-class credit record. The APR (annual percentage rate) is usually lower than on unsecured loans and there is more flexibility on repayment plans and terms.

Conventionally, loans are repaid through agreed monthly instalments. Flexible loans, which allow you to borrow and pay back at will, are more widely available than previously although interest is generally charged at a substantially higher rate. 

When deciding between a secured loan and unsecured loan it is worth remembering that while unsecured loans are not tied to a house or property penalties for non-repayment will still be incurred.

Allow time to arrange a secured loan as your home may need to be valued before the advance can be agreed.

Secured loans usually offer a much more flexible approach to credit problems. They can also be used to consolidate credit card debts and other loans into a single loan with an affordable monthly repayment.

What is a remortgage?

A remortgage is essentially changing your mortgage without moving your home.

The idea is that you switch your current mortgage to a new deal potentially reducing your outgoings. Alternatively they can be used to raise additional finances by releasing equity in your property. Your current deal does not have to ended for you to switch, though you should always be aware of any exit charges - you need to factor these in when looking at any new deal.

When you remortgage you are choosing to end your old mortgage scheme and switch to a new one. This normally involves switching your lender although you can sometimes change deals with your current provider. If you do remortgage with your current lender it normally involves changing your existing deal. You might for example change from a fixed rate deal to a variable rate deal if you thought interest rates were more likely to fall than rise.

What is an Unsecured loan?

As the name implies, an unsecured loan does not require the borrower to put up any security against it. People who opt for unsecured loans are usually those who aren't in a position to offer collateral (non home owners) or those with adverse credit records, county court judgments (CCJs), mortgage arrears, debt issues.

By their very nature, unsecured loans involve the lender taking more risk – for which the interest rate is increased. Although adverse credit records, CCJ's, mortgage arrears or debt issues are unlikely to affect the acceptance of an unsecured loan application, the better the applicant's credit record, the better the loan terms offered.

An advantage of taking out an unsecured loan is that your application can be processed a lot quicker as there is no collateral to be valued.

A disadvantage is that it is harder to get approval for an unsecured loan. With no security on offer the lender must be more cautious. However, while a bad credit history will not necessarily bar you from an unsecured loan the interest rates will reflect the lender's increased risk.

The risk will be reflected, too, in the lender's tolerance of late payments. Without any collateral, the lender will be quicker to take legal action to recover missed instalments – and in such cases, the lender will usually demand repayment of the full amount borrowed plus interest plus legal costs incurred. In such cases, court proceedings could lead to your home being sold to raise the money. Therefore, it's wise to ensure that you don't bite off more than you can chew, repayment-wise, or the consequences could be dire.