1. How do I apply?
You can apply by filling the simple loan application form, available on our website. You can also call us at our toll free number or e-mail us.2. How much time will the processing of the loan take?
We, at loans-park, try to process your loan application at the earliest. You just need to apply and our loan officer will contact you as soon as possible.3. Do you charge borrowers for their home valuation?
loans-park does not charge any valuation fee from its customers.4. How much can I borrow?
Secured loans-£5000 to £100,000 (subject to the equity present in your home) Unsecured loans-£5,000 to £25,0005. What is the general pay back duration?
Secured loans- 5 to 25 years Unsecured loans- 6 months to 10 years.6. For what purposes can I use loans availed from loans-park?
loans-park does not put any restriction on the way you want to use your loan amount. You can use it for any lawful purpose.7. I can't pay the loan instalments for next five months. Will that be treated as a default?
In case of secured loans, many of our lenders offer the benefit of repayment holidays up to 6 months based on your personal circumstances. So, if you are unable to pay the instalments for the first six months from the start of the loan, non-payments will not be treated as defaults.8. I have a council house. Can I avail a secured loan on that?
Yes, you definitely can. We provide loans on council houses provided you have the authority to buy that house from the council.9. I have a bad credit history. Can I get a loan from loans-park?
Yes, you may be able to avail a loan from our panel of sub-prime lenders who offer funding solutions to those with extreme bad credit history.10. What if I want to refinance my loan?
Our lenders offer refinancing of loans and you may get an attractive loan deal with low APR and added benefits.11. What is the difference between deferred payments and repayment holidays?
In case of deferred payments, the borrower has the option of not paying his instalment for a particular month without it being considered as a missed payment. He can pay the amount along with the next instalment in the following month.Repayment holidays allow you to skip loans monthly instalments without penalty in event of illness, monetary dearth or any other situation.
12. What choices in regard to rate of interest do I have in case of secured loans?
You can opt for any of the following-- Fixed interest rate- Under this, your rate of interest and monthly instalments won't change, irrespective of the fluctuations in the base rate, decided by the Bank of England.
- Variable interest rate- Your interest rate will keep on increasing and decreasing in accordance to the changes in the base rate.
- Capped interest rate- Under this type, the lender offers you a rate of interest, say 7% at the starting of the loan. If the base rate decreases, your interest rate will decrease in accordance but won't go over 7% in any case.
