PERSONAL LOANS

• Secured loan
  You can only apply for a secured loan if you are a home owner, using your home as security. This means that if you get into difficulties repaying the loan, the lender could repossess your home and sell it to get their money back.
• Unsecured loan
  If you fail to pay the loan, the lender cannot repossess your home. Even so, you are legally obliged to pay back the loan as you agreed.

How do they work?

You borrow a fixed amount and usually have to repay it in fixed instalments over a set period (the term). The interest you pay is also usually fixed. Rates for secured loans are usually lower but there could be extra fees, and of course you could be putting your home at risk.

Important points to check

• Charges for early repayment
  Ask whether there are any penalties if you choose to pay the loan off early. For example, check how much interest you will be expected to pay with your final payment and any other charges that may be due.
• Charges for late payments
  Most lenders ask you to make your monthly payments by direct debit from your bank account. This way they’ll be sure to get their money on time. If you’re late with your payments you’ll be charged by your bank – find out from your bank how much the costs are.

Simply contact us via the form below or phone 01162 912 478 for advice as to how this all works and how to avoid possible pitfalls

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.