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Loans Questions answered:
This page should hold the answers to any questions you may have about our loans.
If you still need further information , then please call us on 0800 032 3826
Please choose a question
- Who are Freedom Finance?
- What size loan can I have?
- Can I use the loan for any purpose?
- How long will it take to get my loan?
- How much will it cost me to enquire for a loan?
- Will you contact my employer at any time?
- What will my monthly repayment be?
- What interest rate will I get?
- Are there any hidden costs?
- Will my loan application be treated confidentially?
- Can I repay the loan at any time?
- If I have extra money one month, can I pay extra on my loan?
- Once I have taken out my loan, can I borrow more in the future?
- I have a poor credit history, can you still help?
- I have mortgage arrears, can you still help?
- I have CCJs, can you still help?
- I can't afford to make my monthly repayment this month, what should I do?
A: We are one of the UK's leading finance brokers, with our head office based in Cheshire. For more information, about Freedom finance.
A: You can borrow any amount from £5,000 - £100,000, dependent on your personal circumstances. Sometimes we process loans for larger amounts dependent on the individual situation. Our typical loans are between £5,000 - £100,000.
Q: Can I use the loan for any purpose?
A: Almost any purpose, it's your choice. A large proportion of our customers choose to clear some or all of their existing credit commitments in order to reduce their monthly outgoings. Some customers choose to make home improvements, buy a new car, take a holiday, or even have cosmetic surgery. It's your money, so it's up to you how you spend it. Debt consolidation may increase total costs in the long term.
Q: How long will it take to get my loan?
A: You could get your loan quicker than you imagine. We aim to secure initial approval of your loan within 24 hours of your enquiry. We attempt to have all loans completed within 16 days of the application being approved, but some cases may take longer depending on your circumstances. Our experience and close day-to-day contact with you and the lender means we can process your loan quicker than most.
Q: How much will it cost me to enquire for a loan?
A: It costs nothing, it's FREE whether you call us or enquire online. Simply call us FREE on 0800 032 3826 OR enquire online now. Either way, it could not be easier.
Q: Will you contact my employer at any time?
A: We won't ever contact them without your consent. If you provide us with pay slips and / or a P60, this won't be required. If you can't provide pay slips, we may ask for your permission to request a reference from your employer, asking them to confirm your position, length of time in employment and your annual salary. We will not disclose any of your loan enquiry details to them.
Q: What will my monthly repayment be?
A: This depends on how much you want to borrow, and how long you intend to borrow the money for. Your dedicated loan officer will tailor your loan to ensure your repayments suit your personal budget. We never encourage our customers to borrow any more than they can afford to repay comfortably.
Q: What interest rate will I get?
A: We have a panel of lenders that provide a variety of loan plans, so we can find an interest rate suitable for your individual circumstances.
Q: Are there any hidden costs?
A: No, with a Freedom Finance loan, all charges are highlighted on the credit agreement. A broker fee between 0% and 12.5% may be charged. On average this amount is £871.
Q: Will my loan application be treated confidentially?
A: Everything we do is strictly confidential. As registered members of the Association of Finance Brokers (AFB) and the Data Protection Act (DPA), we strictly follow the guidelines set out by both to ensure your business is your own.
Q: Can I repay the loan at any time?
A: Yes, you can pay back your loan at any time and you will benefit from a rebate of interest in accordance with The Consumer Credit (Early Settlement) Regulations 2004. This means you will not have to pay all the interest that would have been due to the end of your original loan term, so the total amount payable will be less. You will pay an early settlement charge of approxiamtely 1 month's interest.
Q: If I have extra money one month, can I pay extra on my loan?
A: Many of our loans allow you to pay extra on your standard repayment. This could be at the same time as your normal monthly repayment or at any other point in the month. The extra amounts you pay will reduce the outstanding balance of your loan accordingly. Therefore, you will be paying the same monthly interest, but on a smaller loan balance, and will be able to clear your loan in full sooner than the original term.
Q: Once I have taken out my loan, can I borrow more in the future?
A: You can apply for extra lending if the conduct of your loan account is to your lender's satisfaction. Many of our loan plans allow you to apply straight away for extra lending, the others may request that your original loan account be running for three or more months before they will consider your application for extra lending.
Q: I have a poor credit history, can you still help?
A: We have vast experience in helping people with a range of debt problems. Having a bad credit rating won't prevent you from taking out a loan. You might be considering clearing some or all of the credit you have to reduce your monthly credit bills with a single more affordable payment. Debt consolidation may increase total costs in the long term. Most customers pay less than 12.2% APR typical variable or less. Rates from 8.9% APR variable to 17.2% APR variable. Our highest rate is for customers with severe credit problems.
Q: I have mortgage arrears, can you still help?
A: Being in arrears on your mortgage does not prevent you getting a loan. If you have arrears on completion, all the arrears will be paid off with the proceeds of your loan. When applying, if you require a certain amount of spare cash, you must add this to the amount you need to clear the arrears. Debt consolidation may increase total costs in the long term.
Q: I have CCJs, can you still help?
A: If you have Count Court Judgements (CCJs) it does not restrict you from getting a loan. You might want to clear some or all of your CCJs with part or your entire loan. You don't have to clear any CCJs, it's entirely your choice. Debt consolidation may increase total costs in the long term.
Q: I can't afford to make my monthly repayment this month, what should I do?
A: Firstly, contact your lender immediately and let them know the situation. They would prefer to know beforehand. Your lender will explain the terms of your cover and do everything that they can to help you bring your account up to date.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT 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.
- Most customers pay 12.2%APR typical variable or less.
- Rates from 8.9% APR variable to 17.2% APR variable our highest rate is for customers with severe credit problems.
A broker fee between 0% and 12.5% may be charged. On average this amount is £871.
Freedom Finance Plc, Freedom House, Church Street, Wilmslow, Cheshire, SK9 1AX.Freedom Finance Plc registered in England and Wales (company number 1780977).
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