Frequently Asked Questions
How much can I reduce my monthly payments by?
This will depend on how much you are paying at the moment and how long you want to take to repay the loan, but reductions in monthly payments can be as much as 75%.
How much can I borrow?
There are a variety of factors which dictate how much you can borrow.
Whilst your income and, for secured loans, the equity available in your property are key, the main one is that you can afford to make the monthly repayments. We can arrange loans from £100 up to £25,000.
Over what length of time can I spread my repayments?
This is entirely up to you and will depend on how much you can afford each month.
Our loans are usually available over 3 to 25 years, though some mortgages can be spread over 47 years.
Can I use the loan for more than debt consolidation?
Consolidating your existing credit allows you to free up money for other things. You can borrow extra for that new car, boat or caravan, to pay for your dream holiday or so you can have the new windows or conservatory put in. The choice is yours, as long as you do not over-borrow.
What if I have an accident, am ill or get made redundant?
We can arrange optional accident, sickness and unemployment cover if you want the added peace of mind this brings.
Life assurance is also available.
Can I move house if I want?
If your consolidation loan is secured against your house then you can use the proceeds of the sale to pay the outstanding balance of the loan or, where you are moving to another property, you may be able to transfer it to your new home. Either way, contact us and we'll help you decide on the route which is most suitable for you.
What is a payday loan?
A payday loan is a short term cash advance to be repaid on your next payday. In effect it works like an emergency loan when you are short on cash and require a quick solution.
What can I use a payday loan for?
With the majority of providers you will not need to justify what you need a payday loan for - it could be to pay off bills, to cover for an unexpected event. As long as you can cover the loan with your next pay packet, you are likely to be approved.
What do I need to qualify for a payday loan?
All you require is a regular income and an active bank account with a debit card. Some providers may require a chequebook as well.
How old do I have to be to get a payday loan
You must be at least 18 years old to apply for any type of finance including payday loans.
Will a credit check be done
Yes, Payday lenders, in most cases, will perform a credit check.
How much can I borrow?
This varies between providers. Minimum loans are usually £80 and the maximum is usually £800-£1,000.
How much do I have to pay back?
On top of paying for the money you have borrowed, you must pay a set interest fee. In the majority of cases this is £20 for every £80 you loan, though this can vary between providers.
Can I receive a payday loan if I have a poor credit history?
Yes - however, you must be able to prove that you have an adequate income to pay back the loan and interest. In most cases a credit check will be run.
How do I repay the loan?
By debit card or cheque. Payment methods can vary between providers, but debit card is the most common.
Does it matter if I am paid weekly?
Most providers make the cash advance payable after the fourth payday.
Does it matter if I do not own a home?
No. It doesn't matter if you are a tenant or homeowner as long as you can supply details of your address.
Can I apply if I am self employed?
No, you will need to be employed by a company or business.
Will my employer be contacted?
A payday loan is completely confidential and no personal information can be passed on without your agreement.
How long does it take to get the money?
This varies between providers. The majority of providers will put cash into your bank account on the same day, though with some you might have to wait for up to 3 working days if you are not eligible for faster payments.
Can I roll over the loan to my next payday?
Most providers will insist that you pay the interest for the first month and may charge an additional fee for rolling. Others will insist that you start reducing the balance after a set period of time. However, you should contact the lender if you need to defer payment and/or have difficulties paying your loan.
Note: Extending your loan by deferring repayment of capital will cost you more and mean it will take longer to repay your loan. We discourage you from extending, please try and repay your debt as quickly as possible to reduce charges. If you are in financial difficulties, you should let your payday loan lender know as soon as possible and so they can explore new arrangements for you paying off your debt.
What happends if I'm late with my loan payment?
The implications of late payment vary from lender to lender. Typically a customer will be charged a late payment fee and will accrue interest on the outstanding balance. Often a lender will make further attempts to collect money owed from the customer in either one payment or in several amounts on a continuous basis. Unsecured Loans For You work with a number of payday lenders and it is important that a customer reads the terms and conditions of the lender they take a loan with. If a customer is late paying back their loan it may affect their credit rating and their ability to obtain credit in the future.
What happends if I don't pay my loan on time?
Payday Loan companies do understand that people’s circumstances can change. If this is the case, you must let your lender know as soon as possible and they will do there best to help.
The most important things to note are:
- Don’t borrow money you don’t think you can pay back
- Talk to us and we will help as much as possible
Please be aware that non repayment by you will result in your lender reporting this to the Credit Reference Agencies which may have a negative effect on your credit score. If you default, they may charge you a collection charge and interest on the balance outstanding at the interest rate payable under the agreement.
Can I take out more than one payday loan at once?
No - all payday loans must be resolved before another can be taken out.
What is your code of practice and policy on responsible lending?
Unsecured Loans For You Ltd work with a selected panel of payday lenders who all abide to an ethical code of practice and operate responsible lending. The code of practice and policy on responsible lending is available from all lenders for the customer’s information.
What is your renewal policy?
Unsecured Loans For You Ltd is a broker, not a lender. We accept repeat applications from customers after 30 days. The renewal policy of the lender is independent of Unsecured Loans For You Ltd and this information will be provided to the customer by the lender.
Unsecured Loans For You Ltd operate with lenders who abide by the regulations of the Consumer Credit Act, the European Consumer Directive, the Office of Fair Trading and the Information Commissioner's Office.
Unsecured Loans For You Ltd earn a small commission from loan providers when you receive a payday loan from them.