Implications of Non Payment
Lenders follow their own principles and policies regarding fees and interest if you don’t pay on time. While most of them will contact you by phone or letter to rearrange payment, remember that non-payment can lead to extra charges and increased interest rate which eventually affects your credit score. It’s important that you read the lender’s website’s charges section before finalising the loan.
Lenders usually contact you by phone, email or letter to arrange payment as non-payment can lead to charges and higher interest rates affecting your credit score. There is the possibility of your debt being passed on to a collection agency and consequent further charges with continued non-payment.
Make sure you contact your lender well before your repayment date if you plan to renew your loan. You will most probably be charged the same rate of interest and fees for the next month on the entire loan amount. The loan renewal/extension is automatic and leads to more interest and charges to your account in the event of a non-payment.
Frequently Asked Questions
How much will I be able to borrow?
The lending amounts will vary depending on the lender and their requirements. Lenders tend to judge this based on your employment, and credit card history. Our personal loans range from £1,000 to £20,000.
How long will it take to repay the loan?
This will all depend on the amount you have lended. We offer loans that can be repaid from 12 – 72 months, but you may be able to negotiate this depending on the lender.
What is a Representative APR?
APR stands for 'annual percentage rate'. Representative rate, however, is an example of what you can expect to spend on interest for the year.
What information will I need to apply?
In order to receive a loan from Top Rated Personal Loan, you are required to have the following details:
Your home telephone number
Your accomodation/ residence details
Employer details, such as name and address