Loan FAQs

  1. Can I pay more than my agreed monthly repayments if I have the extra money?
    This is dependent upon your loan plan, some plans will allow you to pay more than your agreed monthly payments, others will not. If this is something that you feel you could do on a regular basis it may be worth talking to your lender to re-assess your agreement so that you can increase your monthly payments to pay off your loan faster.
  2. How long does it take to get a loan?
    Loanexplorer processes your application as soon as it is received. Your loan requirements will be assessed and your application will be sent to the lender offering the best deal. It will take a day or two for your loan to be approved by the lender while a credit check is performed. Upon acceptance the loan payment will be with you from as quickly as 2 weeks.
  3. What is the difference between a personal loan and a secured loan?
    A personal loan is based on your personal credit rating and is a smaller amount of finance, up to £25000, with a repayment period of up to 10 years. A secured loan is secured against your home and generally has lower interest rates than a personal loan for those with a poorer credit rating. With a secured loan, lenders allow you to borrow up to £100,000 with a repayment period of up to 25 years. You can usually get a secured loan even if your credit rating is poor.
  4. Can the loan be used for any purpose?
    Your loan can be used for any purpose as long as you keep within the terms and conditions of the loan lender; if these terms and conditions are not met you may incur additional charges.
  5. How much can I borrow?
    You can borrow from as little as £1,000 rising to £25,000 for a personal loan or up to £100,000 for a homeowner loan, dependent upon individual circumstances and loan lenders.
  6. Is my application confidential?
    Your application will remain confidential throughout the entire loan process. Your personal information is dealt with in the strictest confidence and will not be passed on to third parties unless permitted by you.
  7. How old do I need be to get a loan?
    You must be 18 to apply for a personal or secured loan.
  8. How much will my repayments be each month?
    You can use our online loan calculator to estimate your monthly repayments. The amount you repay each month is dependent upon the loan amount; this can be discussed with the loan lender to ensure your repayments will be affordable.
  9. Can I apply for a loan even if I have a bad credit history?
    Yes, we have loan lenders who have loan plans designed for people with a bad credit history, although you should expect to pay a higher rate of interest.
  10. How many months can I spread my loan repayments over?
    How much you repay each month depends upon how much you wish to borrow and how much you can afford to repay each month. You can generally spread a personal loan of £25,000 over 10 years and a homeowner loan of £25,000 or more across 25 years; this is defined by individual lenders and your circumstances.
  11. What types of loans are available?
    We have access to 100’s of loan plans such as personal loans, homeowner loans, fixed rate loans, and non status loans. Whatever your circumstances or credit status we have access to specialist loan plans.
  12. What does APR stand for?
    Annual Percentage Rate (APR) is the yearly interest rate a borrower will pay on a loan, including all compulsory fees. The APR changes from lender to lender and loan to loan and is a useful indicator for comparing loans. However it should be used as a basic guide only as it does not include optional fees such as Payment Protection Insurance (PPI).

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