FAQ

I’m a homeowner. Which loan is best for me?

A secured loan is just for home owners and offers lower interest rates and a greater likelihood of approval. You need to offer your home as collateral for this type of loan, which means that our company can legally take possession of it in the event you default on your loan terms. If you are not comfortable with that risk, you may want to consider refinancing your current home loan or getting a loan based on your home’s equity.

I’m a tenant. What are my loan options?

You can apply for any type of unsecured loan. This is a loan that is not tied to a form of collateral, and as such has a higher rate of interest to compensate for our higher level of risk. An unsecured loan can also be more difficult to get approved for this reason. However, the rate of interest is likely to be lower than a credit card and your payments will remain stable throughout the repayment of your loan.

Does it cost anything?

Yes. There will be interest added on to your original loan amount, which varies depending on several factors. These include your past credit history, the amount of your loan and how long you need to finance the money. The total amount of interest you are charged is called annual percentage rate (APR). It makes sense to shop for a loan which offers the lowest APR possible.

Is this a guaranteed loan?

No. In order to get approved for either a loan with us, we look at your credit history as well as several other factors. We can not approve every loan application, but we will let you know why if this affects you. If your credit is bad, you may need to look for other loan types or take steps to improve it and apply again.

What is a debt consolidation loan? Do you offer them?

Yes. We do not place a limit on how you use the proceeds of your personal loan. With a debt consolidation loan, you can use the funds to pay off all other debt and have just one monthly payment instead of trying to keep track of several credit card or other types of debt payments. In most cases, you will also enjoy a lower interest rate and lower monthly payments.

What if I lose my job and can’t make payments?

We ask that you call us immediately if circumstances arise that will prevent you from meeting your repayment obligation. We will take your situation into consideration and may be able to offer you alternative arrangements until you have the ability to make full payments. It is advisable to contact us rather than allowing your account to go into default.

I’ve heard about flexible repayment terms, but I don’t understand them.

This is a service we offer our customers to allow them the opportunity to take a break from repaying their loan without penalty. We also offer reduced redemption charges, so you can pay the loan off early without penalty. Please advise us when applying for your loan if you are interested in this.

What’s a sub-prime lender?

A financial center that is not a bank or finance company which offers no credit check loans to consumers at high interest rates.