Please note: we are NOT a lender - we are a licensed broker working with the most popular direct lenders in the market place to find you a short-term loan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
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Reasons for a loan
There are many reasons why an individual may need to take out an installment with us. Here are a few reasons why people apply for a loan on our website:
- Simple easy online application
- Apply for £100-£2500
- Online loan request processing
- Pay unexpected bills
- Secure and confidential
- Same day payments
*subject to final checks and processing times
- One simple form
- Personalised quote
Once you have received your instalment loan amount, if for any reason you think you will be unable to meet any arranged repayments, or if you think there will be any difficulty repaying any part of your loan, then you must contact the provider of your loan directly as soon as you become aware.
Contacting your lender will provide you with the best opportunity to perhaps reschedule your loan repayments or discuss further options in more detail to avoid adverse action. Changing repayments of your loan amount could incur further charges or interest, the details of which can only be discussed directly with the lender of your instalment loan. If no attempt is made to contact your lender and update them on any circumstantial changes or make the lender aware of any difficulty in paying back what you owe; they reserve the right to pass on your details to third party debt collections agencies or organisations that will attempt to recover the debt.
Lenders usually reserve the right to utilise the Continuous Payment Authority to continue to attempt to take payment from your card up to 90 days past your due date. This is only done if it is in line with the terms of your agreement. Please check your own Terms and Conditions on your signed loan agreement for details.
Non Payment Implications
The implications of non-payment of your loan could include adverse details being included within your credit report. This could adversely affect future attempts at securing credit or finance, in addition to further charges potentially being added by the lender. Where you miss a payment entirely, you will often incur a charge/fee that will be added on to the total amount that you owe. Upon a missed payment, lenders will often try to contact you by telephone or letter in order to recover the funds and they may be able to arrange a new re-payment date with you. If you are struggling, or think there is a possibility that you will not be able to meet repayments, Lenders Combined strongly recommends that you contact the lender in the first instance.
Important things to remember:
- Don't borrow money if you know you will struggle to pay it back
- Don't ignore the situation, contact your lender as your first port of call
Please be aware that if do not repay your loan at the agreed date between yourself and your lender, this will result in your lender reporting your case to the Credit Reference Agencies; which may have a negative effect on your credit score. This may negatively impact your ability to obtain credit in the future for services such as car finance, mobile phone contracts or satellite TV subscriptions. If you default, you may be charged a collection fee (which varies from one lender to another), plus interest on the balance outstanding at the interest rate payable under the agreement. You must pay your lender any reasonable expenses and costs that may be incurred in taking steps to enforce (for example, via County Court Judgments), or attempt to enforce, the lenders rights against you under your agreement.
Instalment loan renewal policy
Your lender may be willing to renew your loan. If you wish to do this you should contact them as soon as you know. Our lenders generally charge the same or better rates for loans if you have successfully repaid a loan to them in the past. Remember our lenders have to check that you can afford any loan. Any decision you make regarding the renewal of a loan should be made with full consideration of all the costs and your situation at that time.
Late or non-payment could lead to further interest and/or charges being added to your account.