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.

Our loan comparison service is designed to help you make the best possible choice for your individual needs and circumstances. We want you to be confident in whichever loan you choose, which is why we will always try to provide you with an eligibility percentage for each offer.

An eligibility percentage highlights the likelihood of you being accepted for that specific loan; the higher the percentage, the higher the likelihood of your application being accepted. This means that you can apply for loans that you are sure to be accepted for, without wasting your time or facing disappointment. In some cases you will receive a Guaranteed Rate, which means you are guaranteed to get the rate listed in the offer.

When applying for a loan, it’s not always clear whether your application will be accepted, or what deal you will be offered. Luckily, when using Monva, you have Mo. Mo can make sure that you have all the information that you need to make the decision to apply. 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.

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