Important information – non-payment can influence your credit score.
Working with a broker can increase the chances of you being the victim of fraud, or of incurring excessive costs. We recommend that you contact direct lenders to ensure your security and quality of service.
No matter where you access your loan from, it is essential that you know in advance how much you will need to repay, and to have a plan for making your repayments. Loan agreements will be sent to you in advance of you formalising any deal, meaning that it will be difficult to claim that you were unaware of or unhappy about any of the terms of this contract. Failure to make your repayments on time may lead to additional costs, some of which can be significant. There can also be legal consequences for non-payment. Any collateral you provide may be at risk if you fail to make your repayment. If you are struggling to repay your loan, please ensure that you contact your lender as soon as possible. If you do so before the repayments are due, you may be able to arrange alternative repayment options.
Your credit score will suffer significantly if you make late payments, or if you miss payments without having an agreement in place with your lender. This could limit your ability to obtain further loans in the future.
If it will be difficult for you to make your repayment in a single, large payment, you may be able to opt for an instalment repayment plan. Again, it is better to agree this with your lender in advance of taking out the loan. One of the advantages of working with a direct lender is that they will have a strong incentive to ensure that you are able to repay the loan you are requesting. A broker may fail to mention alternative repayment options if it would mean that they receive a smaller commission.