The Loan Process
The
loan process depends on the type of loan you take out, loans which are
secured to your property are regulated when under £25,500 and are subject to
the laws of the consumer credit act
in the U.K. (Tenant loans are slightly
different) When you apply for a loan through our site, we will guide you
through the procedures with regards to your loan. The general process is
outlined below.
1)We call you by phone at a convenient
time and help you decide if the loan is the right way to go for you. Once
this is confirmed, Advance Docs are issued to you which include an
Application Form, DDM, a Copy of the Credit Agreement and sundry other
docs dependent on case.
2)8 days later, taking into account the
mandatory cooling period, signable documents are issued – these include the
Legal Charge ( enabling us to place our charge on the property ) and the
master Credit Agreement which the customer has to sign.
3) Once we have received a signed
application we are able to order a Mortgage Reference ( which is required in
almost all cases ) from the mortgage lender, order Legal Searched on the
property etc. Once the cooling off period is over, we can arrange for a
Valuation of the property ( required in most cases )
4) Other docs we require from the customer
usually include Buildings Insurance, Payslips/Accounts/Self Dec Form, Proof
Of Residence if not on voters role, Mortgage Statement
5) Once all docs are received and provided
the case still fits the criteria, the deal will be submitted to the lender
who, if they like everything, will issue the cheque in 1-2 days. The cheque
will go direct to the customer, made payable to the customer
1st Personal loans.co.uk offers written quotations on request.
We are licensed credit brokers.
Secured
loans: your property
is at risk if you do not keep up
payments on a mortgage or other
loans secured on it.
Typical amounts repayable example:
Example £15,000 over 120 months @ £209.42 per month = £25,130.40 Total
amount repayable (11.9% APR Variable)
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