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What is an unsecured loan?
An unsecured loan – also known as a personal loan - is where you borrow money without having to provide security against it such as your home or car. Unsecured loans are suitable when you want to borrow a smaller amount of money.With an unsecured loan, interest rates tend to be a bit higher than if you borrowed the money as a secured loan. This is because, with a secured loan, the lender has less of a risk of getting the money back should you default on payments.
What is a loan broker?
A loan broker is someone who searches the marketplace for the most suitable loan for an individual. A loan broker works as an intermediary between the customer and a loan provider. He will recommend and arranges the loan on behalf of the client. Some brokers charge an arrangement fee for this service.
What is an arrangement fee?
An arrangement fee is something that is charged by a lender or broker when you take out borrowing such as a loan or mortgage. It is to cover their costs in arranging the lending. Some lenders will offer this free of charge in order to attract new customers.
What is a credit record?
A credit record is basically a record of all the credit you have had in the last six years. It shows how much you have borrowed and whether you have missed any repayments etc. A credit record allows potential lenders to see your financial history so that they can decide whether to lend you money.The data on your file is complied by credit reference agencies such as Equifax and Experian. They use information from public records (e.g. electoral roll information, court judgments etc) and from lenders and financial institutions: e.g. credit accounts, credit applications).
What is a default?
A default is the term used to describe where you have failed to meet your contractual obligations. If you have missed a payment on a mail order account, for example, they may place a Notice of Default on to your credit record.This will reflect badly on your credit file in the future should you wish to apply for further borrowing.