What is the annual percentage rate (APR)?
The APR is the total cost of borrowing over a year, including the interest rate and any additional fees, such as arrangement fees. It is used to compare the cost of loans across different lenders.
Can I pay off my loan early?
In most cases, yes, you can pay off your loan early, either in part or in full. Depending on the terms of your loan, there may be an early repayment charge.
Can I make extra payments?
Yes, most banks allow you to make extra payments. These can help you reduce the loan balance faster and pay less interest overall.
Can I change my repayment date?
It is often possible to change your monthly repayment date, but you may need to contact your bank's support team to arrange this.
What happens if I miss a payment?
Missing a payment can negatively affect your credit file and lead to additional charges. If you anticipate having difficulty making a payment, you should contact your bank as soon as possible to discuss your options.
What is the difference between a secured and an unsecured loan?
A loan where you use an asset, such as your home or car, as collateral. This can allow you to borrow a larger sum at a lower interest rate, but you risk losing the asset if you fail to make payments.