Loan Alternatives
If you have been Refused A Loan in the past then you might want to consider your other options. As well as providing secured loans for bad credit rating and remortgages, Refused A Loan can also offer you a number of loan alternatives.
Loan alternatives are best suited to those who were looking for a loan to consolidate debt. If this debt is unaffordable to you then there are ways which you can reduce your monthly payments without the need to get into any further debt.
Refused A Loan? There are other Debt Solutions
- Debt Management: Debt Management is an informal arrangement between the debtor and their creditors.
This is most suited to those with lower levels of debt who struggle to make their monthly payments. You make one single lower payment to your creditors and some are willing to freeze additional interest or charges. - IVA (Individual Voluntary Arrangement): IVA legislation was introduced as an alternative to Bankruptcy.
It can offer the debtor a more realistic alternative to their paying back their debt. As part of the agreement, any debt that you cannot afford is automatically written off at the end of the IVA agreement.
What Loan Alternative is right for me?
If you are considering which loan alternative is right for you, you need to speak to one of our expert loan advisors. They will go through your finances and try and find the right debt solution for you, call free on 0800 048 1769.
Or take the Refused A Loan Test, which will show you what options are available for you.
LOANS MAY BE SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
Refused A Loan is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd. Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.