Help - FAQs

Before you commit to taking out a loan you may have some questions. Below we have answered some of the more frequently asked questions.

How Much Can I Borrow?

This will depend on whether you are looking for a secured or unsecured loan. If looking at a secured loan there are several factors to take into consideration such as available monthly income and property equity. The most important considerations are that you can afford the monthly repayments and that you are making regular mortgage payments. If you are looking to take out an unsdecured loan then your salary and outgoings are of prime importance.

Over what period of time can I spread my loan repayments?

This is of course up to you, and depends on how much you can afford each month. Unsecured loans are normally from 12 months to 10 years and secured loans are usually available over 3 to 25 years.

What can I use the loan for?

Anything you want, there are normally no restrictions. Maybe you need to reduce your monthly outgoings by paying off all your debts, leaving you with one lower and more manageable monthly payment, (debt consolidation). Or perhaps you'd like to buy a new car, boat or caravan. How about a luxury cruise or exotic holiday? What about new windows, or a conservatory, maybe an extension? It really is up to you, as long as it is legal.

What happens if I'm ill and can't work or I'm made redundant?

Most lenders can offer you an optional accident, sickness and redundancy cover to give you complete peace of mind often known as income protection insurance with additional accident and sickness cover. You can of course take your own independent cover and details of this can be found when clicking the Income or Mortgage protection details on the left hand menu. Life insurance is also a consideration and can be taken out as additional security to cover the loan in any eventuality.

What happens if I want to move house?

You must always ensure that you notify your lender in any change of address. This way you can ensure that all loan statements will be sent to you correctly and certainly with a secured loan this will be one of the conditions that the lender must be advised before the sale goes through. At this stage you pay the outstanding balance of your loan from the proceeds of the sale. Alternatively, you may be able to transfer the loan to your new property. If you are using the services of a loan broker they may be able to organise this for you.

Is my application confidential?

Yes, completely. All applications are treated in the strictest confidence. You will be advised by the lender if there is a need to contact your employer or bank.

Can I pay off lump sums and/or settle the loan early?

This will depend on the type of loan taken out and the lender you have chosen. Circumstances can change through the lifetime of a loan and it can be advantageous to make sure that there are no penalties when looking to settle the loan early.

What do I do now?

Either click on the compare best loans button at the top of the left hand menu or check the latest top 5 loan rates and deal directly with the lenders or look at our A - Z of loan providers for an even greater choice or complete our short enquiry form and let one of our partner loan brokers look for the very best loan to suit your individual needs. Click below ton access the form.

For Other Unsecured Loan Providers - Click their logo below to go straight to their website

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Best UK Loans is a trading name of Grovelawn Internet Services Limited.
Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Best UK Loans & Grovelawn Internet Services Limited do not provide personalised financial advice.