FAQs*

How long can I take the loan over?

Most lenders offer loans for a period of between 5 and 25 years subject to a maximum age. This is usually aged 70 although some lenders are prepared to arrange loans for people who will be older than this at the completion of their loan repayment.

There are no hard and fast rules as to the ideal duration of a loan. Mortgages are stretched out over many years but personal loans are mostly shorter. You need to take into account your personal circumstances and the rates of interest that are part of the loan agreement.

Please be aware that if you pay off the loan earlier or later than originally agreed then there will be financial implications in terms of the amount of interest owed. If there is a chance that you can pay back a loan quicker than the period in which you are thinking of stretching the loan over, then you must seek advice as some loans and lenders will allow you to do this whilst others will not.

Notes for elderly borrowers;
The lender will take into account your age and any prospects for retirement or other circumstances (such as the death of a partner) that might affect your ability to make the loan repayments. Elderly borrowers are advised to seek independent legal advice before they sign any document.

*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.