Quick UK Loans. Apply online for Secured Loans, Personal Loans, Debt Consolidation Loans or Bad Credit Loans |
|
|
Frequently Asked Questions
How much can I borrow?
You can apply for between £1,000 and £250,000. After making your application experienced staff will discuss with you if you can borrow any more or less than your original application.
How long can I take to repay my Loan?
Secured Loan repayments can be spread from 3 to 25 years. Unsecured Loan repayments can be spread from 1 to 7 years.
I have Bad Credit (CCJs, Defaults, Mortgage Arrears) – can I get a Loan?
Loan Machine has access to Loan Brokers and Lenders that help people every single day who have Bad or Adverse Credit. We have a very high success rate in placing applications with Brokers or Lenders who can help.
My Bank cannot help me – is it worth applying?
Yes – definitely. A large percentage of our customers have been declined by a High Street Lender such as Halifax, HSBC, Barclays, Northern Rock. If you have been declined by a High Street Lender then it is definitely worth applying. You have nothing to lose.
I am a Discharged Bankrupt – can I get a Loan?
Yes. Although some lenders will not help if you have ever been bankrupt we have access to a wide range of Secured Loan Lenders who can.
I am Self Employed – can I get a Loan?
Yes. We have access to Secured Loan Lenders who can offer loans to the Self Employed whether you have proof of income or not.
I have Low Income – can I get a Loan?
Yes. Some lenders will allow you to use Disability Living Allowance, Working Family Tax Credit, Incapacity Benefit and many other forms of income to support your application. Lenders will only ever lend responsibly – so will not offer you the Loan if they feel it will be overstretching you.
Will I be charged a fee?
No - Loan Machine will not charge you a fee. Completing our 60 Second Application Form is free of charge. If any Broker or Lender you speak to charge fees then they will make this clear to you before you sign any paperwork. Remember – you are under no obligation.
I have completed the 60 Second Application form – what happens next?
You will contacted by friendly and professional staff who will discuss with you your options. Your details will instantly be sent to a carefully selected company and you will be contacted as soon as possible. We only choose Brokers and Lenders that match our desire for professional and efficient service.
How quickly can I get my Loan?
Secured Loans can be finalised in 10 to 14 days – although in some situations this can take longer. Unsecured Loans can take 1 to 4 days.
Secured Loan or Unsecured Loan?
Secured Loans require you to have a home. Your home is used as security much the same way as a Mortgage uses a home as security. Typically a Secured Loan allows you to borrow more than an Unsecured Loan and allows you to take it over a longer term – therefore reducing your monthly payments. Secured Loan Lenders typically have more relaxed lending criteria due to the security given from your home – therefore people with bad credit, mortgage arrears, low income or self-employed people tend to have a higher success rate with Secured Loans. Unsecured Loans are typically for smaller amounts over shorter terms and are often arranged quickly. Unsecured Loan Lenders sometimes have stricter criteria due to the lack of security in comparison to a Secured Loan.
I have been shopping around – will this decrease my chance of approval?
Some lenders do penalise for having multiple credit searches. However, the majority of Secured Loan Lenders do not penalise you for having shopped around. It is definitely worth applying.
I have only just bought my house – can I still get a Secured Loan?
Lenders will need you to have made at least 1 mortgage payment – then you can apply.
Can I pay my Loan off early?
Yes. Lenders have different terms and conditions regarding repaying a Loan early. These can be discussed and will be made clear with your Loan documentation.
Can I take Insurance with my Loan?
Yes. Lenders can offer you Accident, Sickness, Unemployment and Life Cover if you feel you require it.
I am a Tenant / Living with Parents – can you help?
Yes. If you are a Tenant or Living with Parents then we can take your application.
|
|
