Loans FAQs
Who can apply for a loan?      
We invite anyone to apply for an unsecured loan - your application will be assesed on your individual circumstances
 
What kind of loan can I apply for?      
Unsecured loans are probably more suitable for people living in rented property, or with their parents/relatives, or maybe even to people who would rather pay a higher rate of interest (and therefore higher monthly payments) rather than secure the loan on their home.
 
What can I use my loan for?      
However, our loans should only be used for personal purposes - not commercial - and some lenders will not lend for timeshare purchases.
 
What are Tenant Loans?      
An unsecured loan is really the only kind of loan available to tenants, and the decision on whether to approve your application or not is based on a combination of the amount you want to borrow, the amount of income you have, and your previous credit history, rather than the value of your home. This makes it more difficult to be approved.
 
What is credit scoring?      
Different lenders may take some or all of these questions into account when deciding whether to accept your loan application
 
What are Credit Reference Agencies?      
They also hold records of all the credit agreements you currently have, and have had in the past. They record details of late payments and defaults on loans and credit agreements, and also County Court Judgements (CCJs). They can hold these records for up to 6 years for each loan or credit agreement.
 
Can I see my credit record?      
If you wish to see a copy of your file held by credit reference agencies, you should write to them giving your name and current address, along with previous addresses. You should enlose a fee of ?. The credit reference agency will then send you a copy of the details they hold about you.
 
Credit reference agencies      
Equifax Europe Ltd Consumer Affairs Department Spectrum House 1A North Avenue Clydebank Glasgow G81 2DR
 
The Consumer Credit Act (1974)      
The government department that oversees the loans and credit industry is :
 
What is the 'APR' of a loan      
The APR quoted helps borrowers compare loan offers and choose the best deal available to them. The APR offered to borrowers can vary greatly, and the lender reflects the applicant's individual circumstances when making a loan offer.
 
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