FAQs

How can I save money when searching for a loan?
You are unlikely to find the right loan for you straight away so you should look at all the available options before choosing a loan. YourHomeBills.com compares the UK loans market and helps you to make an informed decision.

How does the YourHomeBills.com loan calculator work?
We ask you a few standard questions about the amount you wish to borrow and over how long a period you wish to pay it back over. The YourHomeBills.com loan calculator will compare the available options and give you a list of the most appropriate deals. Its then up to you to make a choice and start the application process.

Is it difficult to apply for a loan?
Choosing a loan can be the most difficult part of the application process and this is why the YourHomeBills.com loan calculator is so useful. You are able to see a range of lenders and types of loan rather than just those present in your local high street. We ask you a few standard questions, such as your address and bank details, and the loan company will then perform a credit check. Once the credit check is complete you will be given a decision on whether your application has been successful.

What if my application is turned down?
Some loan applications are turned down by lenders because your financial circumstances have found your credit rating to be poor. However, a credit check is made against several key items which can have an impact on the decision:

• Are you on the electoral register?

• Have you made any late payments on credit cards or store cards?

• Have you been declined for any recent loan applications?

• Are there any County Court Judgements recorded against you?

If you have answered yes to the any of the last three on the above list then you should make sure these details are entered in to your loan  application as YourHomeBills.com will be able to search those deals which are better suited to your circumstances.

Am I still eligible for a loan if I am experiencing financial difficulty?
If you have a bad credit rating then you may find lenders are only prepared to offer more expensive loans. You can find out if your credit rating has been affected by contacting a credit reference agency who can supply you with a report for a small fee.

Why are internet loan companies cheaper than the high street banks?
Internet-based lenders typically have lower overheads and are therefore able to pass these substantial savings over to the customer. However, you may find that the high street banks offer rates that are just as competitive, particularly if you have a good credit rating.

What steps can I take to improve my credit rating?

• Take out a debt consolidation loan to reduce the number of payments you are making and also to lower the interest amount.

• Check that you have registered your details on the electoral register.

• Ask for a credit report from a credit reference agency and look into any bad marks against your record.

• Stop spending money on credit cards and store cards.

• Ensure that all your bills are paid for by Direct Debit – you’ll never miss a payment.

What is a debt consolidation loan?
With a debt consolidation loan the new lender will pay off your current debts and transfer the overall amount owed to them. You will then pay the new lender a single and affordable monthly payment for however long it takes to repay the outstanding amount. Typically the loaned amount is repaid on a lower rate of interest and may be provided over a longer repayment period.