Loans nationwide
The interest rate taken on the loans nationwide is charged on a fixed rate.
The interest is calculated on a daily basis.
The rate of interest varies from loan amount to loan amount. ie. if a person has availed multiple loans the rate of interest could be different for the same person.
The rate of interest is not fixed on the individual's credit rating.
It is a misconception that the rate of interest is low if it is availed online.
The rate of interest is the same for new and existing borrowers.
RATE OF INTEREST
The following table will illustrate the rate of interest for different loan amounts.
from 1000 gbp to 2999 gbp interest rate will be 14.4%
from 3000 gbp to 4999 gbp interest rate will be 12.9%
from 5000 gbp to 7499 gbp interest rate will be 6.7%
from 7500 gbp to 14999 gbp interest rate will be 6.4%
from 15000 gbp to 19999 gbp interest rate will be 6.4%
from 20000 gbp to 25000 gbp interest rate will be 6.4%
THE FOLLOWING ARE THE FEATURES OF THE LOAN
Minimum loan amount will be GBP 1000.
Maximum loan amount will be GBP 25000.
Minimum loan term will be 1 year.
Maximum loan term will be 7 year.
We are allowed to over pay upto GBP 100 above our equated monthly instalments.
Taking payment holiday from personal loan is not permitted.
Deferring payments at the start of the loan is not permitted.
Interest amount becomes due after one month of loan disbursment.
Generally there is no application fee collected.
For premature closure 28 days interest is charged for loans upto 12 months.
For loans loans exceeding 12 months 58 days interest is charged for premature closure.
Late payment charges are not collected.
There is an insurance coverage for loan repayments.
This unique policy protects repayment against accident sickness and unemployment.
In the event of death the policy undertakes to pay back the loans nationwide amount in full.
LEGAL AGREEMENT
There is a legal agreement binding the lending company and the borrower.
The lending company has the right to demand an early payment if the amount is overdue for more than fourteen days or if any statement is misrepresented in the agreement.
If the amount is overdue the matter will be referred to a Credit reference agency.
Credit reference agencies publish this information which will be seen by other companies, which in turn affects the borrower's prospects of availing fresh credit.
APPROPRIATION
The lending company can adjust the payments received for any old dues even though the borrower has paid it for the current loan.
Any change of address must be intimated within seven days.
Unless specified all the communications will be in English.
The borrower has the right to cancel the loan agreement. This cancellation can effected within 14 days of the agreement. The cancellation has to be intimated through a form along with a cheque for the full loan amount.
The lending company is expected to be transparent in their agreement. They have to give an undertaking that the details on personal information loans nationwide will be kept confidential, provide periodical statements, the staff at the contact point are well trained etc.
The agreement will state as to how to lodge a complaint. If the complaint is not handled to the satisfaction it will mention the alternate contact.
The agreement will vouch that it is carried according to the prevelant government regulations.
There is another category of loan termed as MORTGAGE LOAN. The following are the various type of MORTGAGE LOAN.
NEW PURCHASE, REFINANCE, HOME EQUITY, DEBT CONSOLIDATATION, BAD CREDIT LOAN AND SECOND MORTGAGE.
It is recommended to ask the following questions to a bank, broker or a lender. Mortgage and Refinance Questions:
What is the pattern you follow to determine the best suited loan
How much I am eligible to borrow
What are the discounts offered
What is the interest rate and its validity What will it cost me and what is my equated monthly instalment
Clarify about adjustable rate mortgages. Why do the companies loans nationwide follow adjustable rate mortgages
When will the credit report be checked
How will you advise someone not to refinance
What are the rights of a borrower
What are the most sought after loan programs
What is the fees charged
Can you explain the fees and compare it with your competitors
Please put yourself in my shoe's and suggest me a suitable loan program.
If such questions are asked the borrower is more likely to make a well informed decision. He can compare it with his friends and relatives and go in for a suitable mortgage.
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