Taking out a loan is a big commitment, so it makes sense to spend some time thinking about your options.
In this guide, we’ll explain the different types of loans, things to consider before you apply and the application process.
Choosing the right kind of loan for you
Debt consolidation: is it for you?
Using a loan for debt consolidation could help to condense your existing debts into one manageable monthly payment. This blog looks to answer some popular questions like: what types of debts can I pay off? and will my credit rating be affected?
A secured loan could be an appropriate type of loan for you, providing you’re a homeowner and are certain you’ll be able to afford the repayments. Everything you need to know about secured loans is covered in this blog post.
Things you should and shouldn’t use a personal loan for
If you’re considering taking out a personal loan, you should make sure you know what it is you want to spend the money on first. You may wish to put the money towards making home improvements or buying a car, but there are certain things you should never use any type of loan for…
A car can be one of the most expensive things you ever buy, and you might be exploring different routes to help you finance it. If you are, this guide should help as we discuss the many finance options that could be open to you.
It’s easy to forget about your credit report sometimes, but it really is important to keep on top of it and check it regularly – especially before you apply for a loan. When you do check your credit report, there are a few things you should watch out for…
If you’ve got a poor credit score, you may find it difficult to get accepted for a loan. However, there may still be options open to you, providing you know you’ll be able to afford the monthly repayments.
What happens to your credit rating when you apply for a loan?
When you apply for a loan, your provider will look at your credit history before they approve or reject you. From your credit report, they’ll be able to see your repayment history, any defaults and how much available credit you have currently.
Being denied for a loan can be really disheartening, and it can be tempting to try and apply for more – but we would strongly suggest you pause for a minute first. In this blog post, we discuss the reasons why a lender may have rejected your application and what you can do to help try and boost your chances of being approved in the future.