FAQs*

What will it cost?

When you take out a loan you are borrowing money from someone else. To allow you to do this, the organisation making the loan will charge you a sum of money for this service. This charge is called interest and the amount that it totals to depends on a number of factors. You will have to pay back the amount you borrowed plus the interest incurred in the time you have taken to repay the amount.

Lenders will lend you money with a term from 5 years with the maximum repayment period usually 25 years, sometimes expressed as 300 months.

Sometimes the interest will appear to be only a small fraction of the amount you are repaying monthly. But remember, the longer the time period of the loan the more interest you are likely to be paying.

You should also check for any extra charges that may be incurred if you miss a payment, or pay the wrong amount or even if you pay too much. There may even be charges for paying the loan off early. Always read the terms and conditions of any loan application form before you sign.

Generally, the cost of your loan will be determined by how much you borrow, how long you plan to take to repay the loan and the interest charged by the lender over that period.

*Nothing in these FAQs constitutes advice and is intended for general information purposes only. For qualified advice, please speak with UK Personal Loans Limited 08000 196 777.