Loan Purpose
If you want a loan in order to pay off one or more debts then select ‘Debt Consolidation’. If your loan is for car that you want to buy then select ‘Car Loan’. Otherwise select ‘Other’.
Loan Amount
This is the amount of money that you want to borrow. You must be a Homeowner to borrow over £25,000.
Credit Profile
Excellent Credit Profile
- All of your payments for credit have been made on time. You have NO late or missed payments, defaults, mortgage arrears or CCJ's.
- You are on the electoral register at your home address.
- You have been in your current employment for a reasonable period.
- You are a homeowner (maybe a tenant if in a very desirable residence or location).
- You have had the same bank account for a long period.
- You have had credit cards, loans etc. and paid them all on time.
Good Credit Profile
- All of your payments for credit have been made on time. No defaults, mortgage arrears or CCJ's.
- On the electoral register at your home address.
- In your current employment for a reasonable period.
- A homeowner (maybe a tenant if in a very desirable residence or location).
- Same bank account for a long period.
- Have a credit history i.e.: you have had credit cards, loans etc.
- 40% of your monthly income should cover your mortgage payment and any other existing monthly credit payments.
Fair Credit Profile
- May have changed jobs a few times in recent years or be self employed for a few years or less.
- May have moved house a few times in recent years.
- May have a lot of outstanding debt.
- May be below 25.
- May have missed some payments and been late with payment in recent years for credit or utilities such as gas, electricity etc
- No CCJ's, or, possible, may have one old CCJ for small amount
Poor Credit Profile
- Most tenants will be in this category.
- Will have missed payments and been late with payments in recent years.
- May have had CCJ's. Any but the oldest CCJ's make inclusion in this category almost certain.
- May have changed address or job frequently.
- May not be on the Electoral Register.
- Presently employed or self employed but may have had recent periods of unemployment.
- Will have a bank account
Are you a homeowner?
If you own your home outright or you have a mortgage on it and you are named on the mortgage agreement, then select ‘Yes’. Otherwise select ‘No’. If you are a tenant or living with parents, select ‘No’.
Loan Term
This is the period, for which you want to borrow. Increasing the term of the loan will reduce your monthly payments. However, the total overall amount you pay over the full loan period will be greater with a longer loan term.
Time At Address
State how long you were (or have been) resident at the address. A total of 3 years address history is required.
Company Name
The name of the company that you worked (or are currently working) for.
Occupation
Your job title at the company.
Duration
State how long you worked (or have been working) for the company. A total of 12 months employment history is required.
Monthly Salary After Tax
Your monthly salary after tax has been deducted. You should be able to get this from your payslip. If you are not paid monthly, you will need to calculate your effective monthly salary after tax and enter the value.
What is your total debt?
This is the total amount of money you owe from all your outstanding debts.
How many credit agreements do you have?
This is usually a loan, credit card or store card. Any agreement covering the provision of credit. State how many you have in total.
Loans
| Lender | Typical APR | Total Amount Payable | Number of Monthly Instalments | Monthly Repayment | Next Steps |
|---|---|---|---|---|---|
 |
8.9% | £6,163.11 | 60 | £102.72 |  |
| Editor's Comment: Apply Now For An Exclusive Rate and Instant Decision | |||||
 |
10.0% | £6,310.67 | 60 | £105.18 | |
 |
12.8% | £6,695.97 | 60 | £111.60 | |
| Editor's Comment: Existing Bank Of Scotland Customers only | |||||
 |
12.8% | £6,695.97 | 60 | £111.60 | |
| Editor's Comment: Existing Halifax Customers Only - Apply now for an Instant Decision | |||||
| Lender | Typical APR | Total Amount Payable | Number of Monthly Instalments | Monthly Repayment | Next Steps |
|---|---|---|---|---|---|
 |
7.9% | £12,059.19 | 60 | £200.99 | |
| Editor's Comment: Sainsbury's Loans - for shoppers with a Nectar Card | |||||
|
8.0% | £12,085.83 | 60 | £201.43 | |
| Editor's Comment: Apply Now For An Exclusive Rate and Instant Decision | |||||
|
8.1% | £12,125.56 | 60 | £202.09 | |
| Editor's Comment: Existing Bank Of Scotland Customers only | |||||
|
8.1% | £12,125.56 | 60 | £202.09 | |
| Editor's Comment: Existing Halifax Customers Only - Apply now for an Instant Decision | |||||
| Lender | Typical APR | Total Amount Payable | Number of Monthly Instalments | Monthly Repayment | Next Steps |
|---|---|---|---|---|---|
|
7.9% | £18,088.78 | 60 | £301.48 | |
| Editor's Comment: Sainsbury's Loans - for shoppers with a Nectar Card | |||||
|
8.9% | £18,489.33 | 60 | £308.16 | |
| Editor's Comment: Apply Now For An Exclusive Rate and Instant Decision | |||||
 |
8.9% | £18,489.33 | 60 | £308.16 | |
| Editor's Comment: Low rate Car loan | |||||
|
9.7% | £18,811.08 | 60 | £313.52 | |
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Guides
- Loan Rates - What is an APR?
- Student Loan Guide
- Personal Loan Guide
- Unsecured Personal Loan Guide
- Secured Homeowner Loan Guide
- Car Finance Guide
- Cheap UK Cash Loan Fast, Low Rate / Low Interest Secured Loans
- 5 things that can stop you getting credit and what to do about them
- Credit Reports
- Bad credit home mortgage loans, adverse credit mortgage
Guides archive
Dictionary
LOANS
Loans are a tried and tested means of gaining a little extra cash for whatever we want. Be it that holiday in the sun you’ve been dreaming of all year, or buying a new car or building that extension or conservatory on the house. Due to the wide range of uses for loans there are also a wide range of loans to be had, most people are aware of secured and unsecured personal loans since in the last 12 months Britain interest repayments on personal debt totalled £66.3bn, according to Credit action. But the market also has some more specialised loans which have been detailed below:
- STUDENT LOAN – student loans are typically managed by the Student Loan Company who lend money to prospective student to help with tuition fees and living costs. 75% of the loan is available to all students regardless of income and the remaining 25% is means tested by assessing the students parents earnings and deciding based on this how much of the 25% will be included in the loan amount paid to the students in instalments at the start of each academic term. The student will not start repaying the loan until they are out of full time education and earning more than £15,000pa, the amount they pay is based on how much their gross income is each month and will be taken out of their pay packet before they receive their pay. The Student Loans Company reported that at the end of 2008-09 financial year there were 2.9 million student borrowers who owed a total of £25.96bn. Of the total number of borrowers only 1.8 million were liable for repayment.
- PAYDAY LOANS – are short term loans designed to tide a borrower over until their next payday. Their popularity in the UK has doubled in the last year according to The Times and has been attributed to the credit crunch. They are controversial because they typically charge over 1,000 percent APR for a figure usually less than £1000 where in comparison credit cards and overdrafts typically charge a lower APR.
- CAR LOANS – a key use of most loan applications is to buy a car. You can simply take out a personal loan and purchase a car but there are several specific loans specialised for car purchases including hire purchase involves a credit agreement with the bank which is secured on the car so if you buy a car in good faith not aware that the previous owner had a hire purchase agreement on it you could run the risk of having the car repossessed by the loan provider, so before you purchase a car you should always instruct a HPI report which will give you a full breakdown of the vehicle.
- BAD CREDIT LOANS – if you have a less than sterling track record with credit then don’t despair, there are loans out there for you but as the lender will review you as an increased risk you may find yourself facing an extremely large APR. If you are looking for a loan to consolidate your debt you should get independent advice from the debt management specialist who will be able to advise you on the best course of action for your situation.
Make sure you:
- Always shop around for the best Loan for your situation.
- Make sure you read all paperwork and information relating to your loan
- Make sure the monthly payment is something that you can easily manage or you may find yourself in financial trouble.
Latest UK Financial News - Last updated 2009-10-07 11:48:49
Personal Loans have been regularly used to fund those little extras such as a holiday abroad, a new car and increasingly as a means of debt consolidation. Most people know or have had a loan as shown by the fact that in the last 12 months Britain interest repayments on personal debt totalled £66.3bn. Now Lord Mandelson has announced the extension of the new car scrappage scheme, there has never been more reason to seek out the best loan rate...
Claims management companies lack of experience with unenforceable credit agreements, could land consumers in deeper financial trouble and even land them in court...