What Happens if I Cannot Repay My Loan?
Failing to keep up with loan repayments will often result in follow-up emails, calls and messages from your creditors. Over time, this will incur late fees and negatively impact your credit score, making it harder to access finance and credit in the future.
For mortgages or others loans secured against your property, your house or property may be repossessed if you do not keep up repayments. However, this is a last resort and the lender will take a number of measures in line with FCA regulation to recover their funds.
Does Applying to Borrow Money Impact My Credit Score?
No, making a loan application through our website will not affect your credit rating. There may be a soft search on your credit file and this is a way of checking your credit score and finding the loan most suitable for you. Soft searches are not visible to companies – so they have no impact on your credit score or any future credit applications you might make.
Can I Borrow Money Without a Guarantor?
Yes, you do not require a guarantor to be eligible, we have a number of secured loan options which you can apply for directly and you do not require any co-signers or other parties involved.
Will I Be Charged Any Fees for Applying?
No, there are no upfront fees for the customer or any fees for just making an application. The Proper Finance website is free to use and always will be. We may receive a commission from the lender if your application is successfully funded or approved, but this will not incur a charge to you.
The only fees to be aware of are lender fees which will be the interest you are charged each month and any broker or arrangement fees which will be clearly presented to you before you proceed.
Is Proper Finance a Direct Lender?
Proper Finance is not a direct lender, we are a price comparison website working with one of the UK’s best brokers. We have access to more than 100 regulated lenders across the UK for secured loans, mortgages, equity release and more.
By working with a whole of market broker, you are saving huge amounts of time and effort. We save you the energy of having to go to each lender one-by-one and face possible rejection and we always aim to do what is best for you to help you get your loan and secure the most affordable rates.