Below we have outlined the most common questions asked about loans.
Please click on a question to get the relevant answer.

How can OnlyFinance help you?
What are the different types of loans?
What lending criteria is considered?
What happens if I have been refused credit?
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How much can I borrow?
What is the difference between secured and unsecured loans?
How do I pay it back?
Where do I get a loan?
What is an annual percentage rate (APR)?
If I apply for a loan, are any checks made on my financial history?
If I have a bad financial history can I still get a loan?
Can I repay my loan early?
What happens if I’m late or can’t make a repayment

What are the different types of loan?

Loans are typically offered for a variable term at a fixed rate of interest, and are used mainly for home improvements, car purchases, holidays & debt consolidation. Unsecured personal loans generally have the best rates (£5,000 - £25,000), but also have the narrowest lending criteria, so that only a minority of those who apply are approved, or receive the rate they applied for.

Secured personal loans are very similar to unsecured loans, but because the loan is secured against your property, you can often borrow greater amounts of money, up to £100,000 in some cases. As such, secured loans are very popular for debt consolidation. But they are also the best type of loans for homeowners who have been refused credit in the past, because additional security in the form of the property has been provided as part of the agreement.

A specialist type of secured loan exists for car purchases where the individual has a poor credit history. With a secured car loan, the car replaces the individual’s home as security against the loan.

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