Frequently Asked Questions.

1. Why are we different to other Loan Brokers ?
Use our unique 'Do you Qualify' feature to find out if you qualify before you actually apply
Our 'Do you Qualify ?' feature will help determine the best loan and lender available to you based on you previous credit history, employment status, and equity in your property.
By answering 10 quick question, you will be able to find out straight way which loan product fits your current status, and the interest rate available to you.

This information is available for you before you have to made an actual application, so no unnecessary credit searches trying to find what is available to you, and no nasty surprises after you apply !

Find out if what you qualify for right now ! Click here….

Decision within 1 hour
No hanging about waiting 24,48hrs or even 7days ! for a decision on your application.
Once you have applied, One of our Loan Advisors will contact you by telephone or email within 1 hour to tell you what is exactly available to you.
You will then receive the loan forms in the post to you within 24hrs
(note: subject to post office collection and delivery times)

We don't just make you an offer at the best rate there is; We make you an offer at the best rate available to you
Unlike some other loan companies, we will not mis-lead you to applying for a loan at our best interest rate. Our 'Do You Qualify ?' feature allows you to find out exactly what interest rate is available to you.

So no applying for a loan at 7.7% and receiving a loan offer at 23.5% !

We know this just frustrates and mis-leads you and causes can cause long delays in you receiving your money.

Find out what interest rate and loan terms are available to you by clicking here to find out immediately.

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2. Adverse credit - CCJ's, Defaults, Arrears

What is a CCJ ?
A County Court Judgement is registered against you if a person or a company you owe money to take you to court to recover such money or goods.

What is a Default ?
A default is something a company will register against you id you have broken a credit agreement you have with them. Theses may be accounts you have that have gone into arrears, or accounts, which you have disputed paying for.

What is classed as payment arrears ?
When an account you have which has fallen two or more months in arrears. Accounts are Mortgage, Secured loans, Unsecured loans, Car loans, and Credit Cards

If I am approved and I take out the loan, is there any charge if I am late with my payments ?
The majority of all lenders charge fees for late or missed payments. Fees vary between lenders.
Before you take out the loan agreement, you will be notified of the current rates of such charges.

I have been turned down for a secured loan in the past. Is it likely you can help me now ?
You may have been turned down in the past for a secured loan for a number of different reasons. This does not however mean that you will not be approved for one in the future.
We have a range of lenders who consider application, which do not fit normal loan qualifying terms, and also lenders who accepted both previous & current credit problems.

Can you help repair my credit rating ?
Yes, by taking a loan out, and subject to you making all payments on time, this will help improve your credit rating for the future.

I have current mortgage and other loan arrears. Can you still help ?
Yes, many of our lenders accept and lend to people who have or are currently having payment difficulties.
As long as the loan will improve your situation and you can show good intention and that you can afford the payments on the loan, if is highly likely we can help.

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3. Our Loan Products
I don't want a secured loan
A secured loan is by way of security on your property. This protects a company who lend money to you, and is usually required when you are lending a large amount of money, have had credit problems in the past, or when you have a poor credit history. The last thing a lender wishes to do is commence repossession proceeding for non-payment.

How does the 'Do You Qualify ?' loan selector work ?
By answering some general questions, we are able to match the answers you have given to our panel of lenders, and the 'Do I Qualify ?' loan selector will find the best rate available.
It is important you answer the questions as accurately as you can, as if say you have more CCJ's then you have said in the 'Do you Qualify ?' qualify answers, this will mean the terms of what is available to you will change.

I am not sure if I should apply for a secured loan or a re-mortgage. I don't know what to do.
Both a secured loan and a re-mortgage offer different benefits. The best one for you depends on your present situation and credit profile.

Email us now and we will call you to discuss, and will ask you questions so advice can be given to your.

I have lived in my property for less than 1 year. Can you still help me ?
Yes. Many of our lenders now are able to help people who are looking for finance but have only been in their property for a short length of time.

Can I make overpayments to my loan account to clear it early ?
Yes. On certain loan plans this is allowed. This depends on the loan plans available to you after you apply.

How do I make payments to my loan ?
Repayments are usually by the method of direct debit, and most finance companies insist this is how payments are made.
If you are unable to make payments using this method, we can discuss this with you, and on certain occasions we can make special arrangements with lenders for you to pay by alternative methods.

Can I take repayment holidays ?
Yes. On certain loan plans this is allowed. This depends on the loan plans available to you after you apply.

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4. Our Loan Service
Tell me more about Loans4
We are a national UK loan broker and are able to arrange the finance that you are looking for from a wide range of lenders whose lending criteria you qualify for.
Instead of having to apply with many different companies, which would mean many credit searches against you, our experience allows us to match your details to a variety of lenders so no unnecessary credit searches are carried out with lenders who's criteria you do not match.
Identifying the lenders who can help you means the whole process of applying for your loan is made much simpler and quicker.
By using our unique 'Do you Qualify ?' loan selector, this allows us to identify the loan plans that are available to you and the interest rate and repayment amount, rather than you having to fill out many different application forms, and applying for loans that you do not qualify for.

How do I know I am dealing with a reputable company ?
With over 10years experience in the finance industry helping people in a wide variety of situations, we have a wealth of knowledge and experience to best arrange the finance you require quickly for you.
We are a national UK loan broker and pride ourselves on our high level of customer service.
All the lenders we use are members of the Finance Industry standards association which means you will only deal with lenders who operate to high standards.

Is Loans4 tied to one particular lender, or part of another organisation ?
No. We are a national independent finance broker, unlike many of the larger loan brokers who are owned by finance companies which can lead them to offer you the loan that is best for them rather than best offer to you.

Other brokers have offered me loans in the past and then it has been withdrawn. Why ?
This could be for a variety of different reasons.
If broker you have applied to in the past has selected the best loan on the market without regard to how your particular details match to a lenders criteria, this means you are led to applying for loans that are not available to you.
Also poor underwriting of your application will lead to you receiving loan offers which you do not qualify for.
We believe in qualifying and underwriting your application before an offer is made to you, which save lengthy delays when offers need to be withdrawn or terms of the offer changed.

I need a consolidation loan but also need an extra amount for another reason. Can you help ?
Yes. Provided the additional amount you require is within your maximum borrowing limit, we can add any additional amount onto the amount of money you need to clear all of your existing credit, and because a our homeowner consolidation loans are the lowest interest rates available to you, this means often your new single payment amount will be lower than all your existing credit payments added together, plus giving you the extra money you are looking for without having to take on an extra loan commitment.

How quickly can you process my loan and get the money to me ?
We will give you a decision for you loan application within 1 hour.
We will post the offer out to you within 24hrs
For your own benefit, all our homeowner secured loans are regulated by the consumer credit act. This mean your have a 'Cooling off' or also known as a 'Consideration period' after you have received the loan offer to make sure you have time to look at the loan offer and make sure you don't have second thoughts.
Due to this period, which is 8 - 14 days, we are not able to pay out the loan to you until this period has expired.
We can complete the loan and have the funds to you in as little as 10days time.
Any time is addition to this, which could either be due to you requiring extra time to consider the loan offer, or if we are waiting for you to provide information we have already requested.

Will you have to carry out a valuation on my property ?
A property valuation is dependent on the particular lender who you are approved with.

Most lenders now use factoring tables to calculate how much your property value has risen since you bought it, based on the purchase price.
Other lenders will require a 'drive by' valuation which is when the value of your house is assessed externally and in conjunction with the prices similar houses are selling for in the area.
If a full valuation is required, a valuer will be instructed to contact you and arrange a mutually convenient time for this to take place.

Valuations are done whilst your loan documentation is being process and cooling off periods are taking place so it will not cause a delay in completing your loan and getting your money to you.

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5. Interest Rates and loan Amounts

If mortgage interest rates go up, Will the interest rate and my loan payments go up ?

Only in very rare situations will your interest rate and loan repayments go up.
Obviously if you qualify for a loan product which includes a fixed rate, your interest rate and payments will not go up in the term of your loan if the Bank of England rates go up.
If you loan is on a variable rate, slight changes in the interest rate do not mean your payments go up and down.
A variable rate is a safeguard for lenders which means they can increase (or decrease) the loan interest rate if they need to.
This is only exercised though is cases of extreme fluctuation in the Bank of England base rate.
For example. If the current base rate rose by say 10%, this would mean the lender would be charging you less than they are actually borrowing the money themselves form the Bank of England and hence they would be operating at a loss.
In extreme cases like this, a variable rate means that a lender can increase the interest being charged on your loan to reflect the rise in interest rates.
Any increase (or decrease) is at the particular lenders discretion.

Is interest charged daily or monthly?
Interest on your loan is accrued daily, though charged to your account on a monthly basis.

Our loans range from £3,000 to £100,000, and are repayable over 3 to 30yr periods
Our wide range of loan amounts and terms means you can choose the best loan available to you to fit your budget

How am I sure you will be able to offer me to payment amount and APR quoted ?
By using our unique 'Do you Qualify ?' loan selector, subject to the answers to the questions you have provided being correct and matching your credit search, you will be eligible for the payment amount and APR quoted.

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6. Data Protection and how we Use Your Information
Your confidentiality
Your information and your loan application are completely confidential.
We respect the fact that finance if personal to the individual, and we treat customer confidentiality seriously in line with the consumer credit and data protection acts.
We will not contact any other companies to obtain information to help us process you application without your consent.

How secure is my information ?
The security of the information you provide to us is highly important. All information you pass to us is encrypted to ensure it is safely sent to us via the internet.

Our Consumer Credit License and Data Protection details
Details of our registration number can be found at the bottom of each page on this website.

Click here to see…
Our terms and conditions for use of this site
Our data protection and privacy policy
Customer declaration

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7. Loan Purposes
What loan purposes can I use my loan for ?
You can use you loan for a majority of purposes and purchases. If you are in any doubt about what you can use the loan for, please ask us.

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8. Early Settlements and Redemption Penalties
What happens if I want to pay my loan off early ?
You can settle your loan in full at any time. The procedure is simple and straight forward. All you need to do is request a settlement figure from your lender who will write to you with the amount you need to pay and the date you need to settle in full by. The settlement figure will show any rebates you are eligible to receive.

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9. Self employed / No Accounts applications
I can't prove my income easily as I have no accountant. Can you still help ?
Yes. We have lenders who will allow you to self-declare your income is cases when you cannot provide proof.
You will need to sign a self-declaration form on which you will state how much you earn and that you are able to afford the payments on the loan.

I am waiting for my latest set of accounts. Can you still help ?
Yes. If your latest set of accounts are not available, either an accountants reference or a self-declaration form can be used to confirm your income.

I have been trading for less than 3 years. Can you still help ?
Yes. If you have been trading for less than 3 years, either an accountant's reference or a self-declaration form can be used to confirm your income.

I don't want my fellow partners or directors knowing. Can you still help ?
Yes. We will not need to contact any of your fellow partners or directors. You application if completely confidential.

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10. Your application
I am married but want the loan just in my name. Can you help ?
No. If you are married or you property deeds are held in joint names, the application must be a joint one.
However the payments for the loan can be paid from a bank account which is solely in your name if you so wish.

I do not have enough equity in my property. Can you still help ?
Yes. Some of our lenders allow you to use a figure in excess of 100% for your current property value to calculate the equity available.

I have no equity in my property. Can you still help ?
Yes. Some of our lenders allow you to use a figure in excess of 100% for your current property value to calculate the equity available.

Some of the companies I have dealt with in the past have not been very helpful. How do we know you are ?
We pride ourselves on the level and speed of our service and appreciate your needs.
We know that word of mouth is highly important to our reputation.
We want your business and value your future business.
We will treat you with respect and dignity at all times.

If other companies can't help me, how would you be able to ?
If companies you have applied to in the past have only a limited number of lenders available to use, your application may have been declined.
This does not mean you will not be able to get a loan to help you, but just that the particular company you applied to could not help you.
The decision you will have from a loan broker will depend on the number of lenders they arrange loans with, the number of loan plans available from these lenders, and the quality of underwriting when assessing your individual application.

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11. Your loan offer
Am I under any obligation once I have applied and I have received the offer ?
No. You are not under any obligation to accept the loan offered to you until you have signed the loan agreement.

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12. Other
I don't understand some of the terms used on this website
Click here to look at what all the jargon used actually means.

I have a question, but can't find the answer
Having read our FAQ section and you have a particular question you cannot find the answer to, please email questions@loans4.co.uk and we will answer your question directly.

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