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 loan?
What lending criteria is considered?
What happens if I have been refused credit?
Top Tip for using OnlyFinance
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 happens if I have been refused credit?

Refused credit is a lot more widespread than many people believe, and that’s often because of the stigma attached to it. No-one wants to admit to having been refused credit.

The reality is that Banks and financial institutions typically decline more than half the applications they receive. Following advertising regulation changes imposed by the Office of Fair Trading in recent years, banks must promote their typical rate, which is the rate that most of their customers receive. In the past they may have been able to approve an application at higher rate, but now some banks with the best rates would rather decline it in order to preserve their typical rate.

Fortunately, there are a number of financial institutions which cater for customers who have been refused credit, and they offer secured loans to homeowners at rates very close to those offered by the more familiar high-street names.

Furthermore, there are specialist car loans offered by other financial institutions which cater for customers looking to buy a car who have been refused credit.

Often the rate offered by these financial institutions will reflect the extent of your credit history, so the odd discrepancy should get the best rate available, whereas several months of mortgage arrears or County Court Judgements (CCJs) will attract a less favourable rate to balance the additional risk for the lender. That said, many customers are often surprised at how favourable some of the rates can be given their past credit history.