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 is the difference between secured and unsecured loan?

The main difference between these loans is whether you are putting any of your possessions, usually your house or car, us as collateral against your loan.

Unsecured loans are ones in which you take out a loan without offering any form of collateral. The annual percentage rates are usually higher on this type of loan.

With a secured loan you offer up a possession of significant value to replace repayments in case you are unable to pay back your loan. This possession is usually your house but could be your car or any other item that has enough value. Loans of this type are usually larger in amount and term and usually come with a lower annual percentage rate.

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