How to get a great loan deal with Monva

Loan details

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Loan FAQs

An unsecured loan is money you borrow money from a bank or another lender and agree to make regular payments until it’s paid in full. Unsecured loans are not secured against assets like your home. Interest rates tend to be higher unless you have an excellent credit score.

A secured loan is money you borrow that is secured against an asset you own, usually your home. Secured loans are often used to borrow large sums of money, typically more than £10,000. There are several names for secured loans, including home equity or homeowner loans, second mortgages or second charge mortgages.

A loan can be used for a range of purposes. Typically, they are used for spreading the cost of larger purchases like cars, home improvements, weddings and holidays but can also be used for education or consolidating other debts to reduce monthly payments and bring everything into one place.

Each lender will have their own lending criteria but typically an unsecured loan starts from £1,000 and goes up to £25,000. A few lenders may be willing to lend more than this, potentially up to £50,000.

Each lender will have their own lending criteria, but whether you qualify for the loan you are looking for is based on your personal details and credit history. Things like being on the voters roll, time at employment, time at address, your employment and income and how you have paid past and current credit commitments will make a difference to how lenders view.

When you compare loans with Monva, you can check your eligibility for a loan from a range of lenders without affecting your credit score. The offers you receive will often include the actual interest rate as well as being pre-approved for the loan.

Loan Guides

Loans for debt consolidation

Debt consolidation loans allow you to bring your debts together into one. By taking out a debt consolidation loan you are borrowing enough money to repay your existing debts and you end up owing money to a single lender. This can make your debt easier to keep track of and can lower your repayments.

What you should do if you’re struggling with loan repayments

When you’re struggling with loan repayments, taking positive action is always the best course. There’s plenty of help out there if you need it and seeking help sooner usually leads to a better outcome.

Credit checks, what are they?

There are two types of credit checks, soft credit checks and hard credit checks. The main difference between soft and hard credit checks is the impact they can have on your credit score.

Choosing the right type of loan

If you need a loan, choosing the right one can make borrowing cheaper, make it easier to manage and lower the risk

Does repaying a personal loan early affect your credit score?

Repaying a personal loan early can have an impact on your credit score. But that doesn't mean you shouldn’t consider it. Depending on what you are trying to achieve, repaying a personal loan sooner can be the right thing for you. It all depends on your personal circumstances.

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