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’m late or can’t make a repayment

If you fear you will be late for a repayment you should contact your lender immediately, as it might affect your credit rating.

In the event that you are no longer able to make your repayments you should contact the lender immediately. If you have taken out a loan payment protection plan, then your repayments are covered in the event of sickness, death or unemployment.

However, if you do not have a loan payment protection plan and you have a secured loan then whatever possession you used as collateral could be repossessed. If you have an unsecured loan your credit rating could be badly damaged.

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