FAQs*

How do I repay my loan?

You can repay your loan in a number of ways; the most convenient way for you is usually via direct debit from your bank account over a predetermined number of months, ie the period of the loan.

Alternatively, some lenders will supply you with a paying in book.

The most common form any repayment takes is a monthly payment covering both interest on the outstanding loan and a repayment of capital. On top of that may be cover for payment protection if you choose to take that option out.

Certain loans can comprise of interest only payments during the term of the loan and full capital repayment at the end of the loan period. In this case as you do not repay any of the actual capital each month, you need to save separately to repay that amount at the end of the loan's term.

The duration of the loan, i.e. the amount of time and repayments that you need to manage in order to pay the loan off will vary depending on how much money you earn and your circumstances. Often with substantial loans that are likely to make a big difference to you such as a loan to invest in a business, it may be in your best interest to increase the term of the loan in order to reduce payments. However if you have a comfortable margin of error for repayment, you may consider a shorter term of loan, as ultimately this will reduce any interest payments.

*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.