Secured Loan FAQ's

1. What can I use my loan for?
Absolutely anything. The choice is yours. The majority of our customers clear some or all of their existing credit in order to reduce their monthly outgoings. They also tend to raise additional cash to spend as they wish, but others for example may make home improvements, buy a new car, take a well deserved holiday or even for a dream wedding. It's your money, so how you spend it is up to you. Debt consolidation may increase total costs in the long term.
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2. Can I get a loan if I have a bad credit rating?
YES you can. Having a bad credit rating does not prevent you from getting a loan. You may be considering clearing some or all of the credit you have (if any) to reduce your monthly credit bills with a single more affordable loan. The majority of our customers do precisely that. Debt consolidation may increase total costs in the long term.
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3. Are there any extra costs?
No, with SecuredLoans365.co.uk , the figure on your credit agreement is the amount you pay, nothing else.
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4. How much can I borrow?
Any amount from £7,500 - £250,000. Occasionally we even process loans for greater amounts.
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5. Can I borrow more money in the future?
YES, usually you can. Assuming the conduct of your loan account is to your lender's satisfaction, you may apply to take a second loan out with them. Many of our loan plans allow you to apply immediately for a further advance, the others may request that your original loan account be running for three months or more before they will consider your application for more money.
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6. Will you have to contact my employer?
We will never contact them without your consent. If you have pay slips and / or a P60, this will certainly not be necessary. If you can not produce pay slips, we may ask for 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 application.
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7. Can I repay the loan before the stated period?
YES you can. If you do so, you will benefit from a rebate of interest in accordance with the Consumer Credit (Rebate on Early Settlement) Regulations 1983. This means you will not have to pay all the interest that would have been due to the end of your original loan term, so ultimately the total cost of your loan will be less. If you repay early there will be an early repayment charge (usually 6 months interest).
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8. Can I repay more than the agreed monthly repayment?
YES usually you can. Many of our loans allow you to make payments over and above your standard repayment, whether it be at the same time as your normal monthly repayment or at any other point in the month. The amounts you pay over and above will reduce the outstanding balance of your loan accordingly. This means you will be paying the same monthly interest, but on a smaller loan balance, therefore you will be able to clear your loan in full sooner than the term it was originally scheduled over. If you repay early there will be an early repayment charge (usually 6 months interest).
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9. Can I get a loan if I have arrears on my mortgage?
YES you can. Having arrears on your mortgage does not prevent you from getting a loan. If you have arrears when your loan completes, all the arrears will be paid directly by the lender from the proceeds of your loan. So when applying, if you want to receive a certain amount of cash in your hand, you must add on the amount you need to clear your arrears. Debt consolidation may increase total costs in the long term.
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10. Can I get a loan if I do have or have had County Court Judgements?
YES you can. Having CCJs does not prevent you from getting a loan. You may also wish to consider clearing some or all of your CCJs with part or all of your loan. The choice is yours. It is not a condition of our loans that you have to clear any CCJs either before or after you take the loan out. Debt consolidation may increase total costs in the long term.
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11. What happens if I am unable to make my monthly repayments?
First and foremost you should contact your lender and notify them of your situation. They would much prefer to know beforehand. Your lender will explain the terms of your cover to you, as well as doing everything possible to bring your account back on track.
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12. What happens if I want to move house?
Its simple! We will advise on the best course of action for you. You could simply settle the outstanding balance of the loan from the proceeds of your sale. Alternatively, we may be able to transfer the loan to your new property.
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