What is aPersonal Loan?
Sometimes, a loan can help you to finance life's more costly outgoings. Whether it's for a holiday, home improvements or a life-changing moment like a new baby, our personal loans can help you pay for it.
Alternatively, if you are looking to consolidate your existing credit cards, overdrafts and other loans, you could take out a loan and use this to pay back all your debts. This will allow you to simplify your finances and could cut your interest payments. If you refinance existing debts, you may pay a higher rate of interest or make repayments for a longer term with a debt consolidation loan. This means that you pay more interest overall.
As long as you can make regular repayments, this type of finance could be an option for you. You just need to decide how much you want to pay back and for how long.
Start by asking yourself how much money you need. Our loans can be for any amount up to £50,000 depending on your circumstances. We offer terms of up to five years, and for homeowners we can offer terms up to seven years.
Your Black Horse branch will help you work out what you can afford to pay back on a monthly basis. The whole process, from application to the money being paid into your account, is usually completed within 24 hours.
Your monthly payment
Your loan will be worked out based on a fixed interest rate.
Your first payment will be made a month after the loan has been agreed (unless you have opted for a deferred start - of up to 90 days). Interest will be charged if you choose to defer your first payment, so you’ll pay more interest overall and your original term will be extended.
With a competitive rate of interest and flexible monthly repayments over a fixed term, this type of finance option can be very attractive. And it means you can do what you want to do, without having to save up first.
Here's what else you need to think about:
- You'll always know exactly what you have to pay each month, so there are no surprises, so make sure you choose an amount that's comfortable and affordable.
- A payment break may be included in your loan terms if you meet certain conditions. Interest will be charged if you take a payment break, so you’ll pay more interest overall and it will extend the term if you choose to keep the repayment amount the same.
- You can make loan overpayments at any time, with no extra charge. This may reduce the amount of interest you pay.
A Personal Loan can give you the freedom to fund life's big moments when you want to. Our competitive loan rates can make this product an affordable option.
When you apply for a loan, you'll be talking directly to your local branch rather than a stranger in a call centre. So, you'll have one point of contact while your loan is being determined. Being local means we're able to react quicker to give fast decisions.
To find out more, get in touch with your local Black Horse branch today.