We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker, not a lender. OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly.
Monday 26th of June 2017
Everyone struggles with money from time-to-time and loans can be a good way to cover those essential living costs when funds are tight. Though some types of borrowing have a bad reputation, they can be really useful if you know what you're agreeing to. The time of repayments will differ considerably depending on the type of loan and when it was taken out so it’s important to read this information before you take out a loan.
Those that have taken out a secured loan have secured property into your loan. This means if you are unable to repay your loan in full or miss a payment, your property can be repossessed or sold to pay the lender what you owe. The most common form of secured loan is a mortgage.
If you are struggling to repay your secured loan or have fallen behind on payments, you may be able to apply for a Time Order from the courts, allowing you time to find the money you owe before your house is repossessed.
If you find that you are falling behind with your secured loan payments then you should get in touch with an advisor as soon as possible. They will be able to offer advice and how to manage the loan repayments. You can contact Citizens Advice Bureau.
Personal loans are also known as unsecured loans. This kind of loan is usually the cheapest way to borrow money for expensive items. Usually, these type of loans are repaid on a monthly basis and include an agreed price a month along with interest. Interest and APR on personal loans tend to be cheapest when borrowing between £7,000 and £15,000.
It’s important to note that if you want to pay your personal loan back early, then you may be charged extra money to do so. Though this may seem like a bad idea, it can actually be cheaper than continuing to pay because of interest. You will need to work out how much you will be spending in total to view your options. There are also lots of loan companies that don’t charge anything extra for those that repay their loan early.
It’s important to check with your specific lender for information about repayment of your personal loan.
Payday loans are known as short term loans and are usually only given out to borrowers for around two weeks. These loans are suited to those that require a loan for a short while until payday. These loans tend to have higher rates of interest than other types of loans and can be given to those that have a poor or lower credit rating and may not be eligible to receive a loan from anywhere else.
Payday loans tend to be repaid when you receive your next paycheck, though it can be scheduled for a day that is convenient for you. Once you reach the day of repayment, your lender will attempt to take the loan amount out of your bank account along with the agreed amount of interest.
If you do not have enough money in your account then you will need to block your lender from taking the money out of your account. You can do this by contacting your bank or building society and telling them to reject any withdrawal from your lender. At this point, you will need to arrange another way to repay your loan and you may be hit with late payment and interest fees on top of what you already owe.
Depending on the type of loan you have taken out, there is a number of different payment options to consider when repaying your loan. Make sure that you find out about repayment options for your type of loan and from your lender.
Always remember to contact the Citizens Advice Bureau and your loans company if you are struggling to repay your loan on time for any reason. They will be able to help and advise you on the next steps to take.
If you have taken out a loan and would like to repay your loan early then sometimes there are extra charges and interest added to your original cost of your loan. Though this sounds like you will be paying more for your loan, this may not actually be true.
Those that pay their loan back early may actually save money on their loan because of interest charges. If you are considering to pay your loan early then it may be a good idea to find out how much your loan will cost in the long term and which option will be the best for you.
Other companies may not have any restriction on paying your loan back early and so this may be easy to do. If you are unsure about paying your loan back early then contact your lender to find out.
If you are finding it very difficult to keep up with your loan repayments then you will need to take action as soon as you know you're struggling. Loans are a hard and fast way to get into debt for life if left unpaid. Check our Frequently Asked Questions section for more specific advice, or consult your lender directly.
The first thing you should do if you are struggling to keep up with payments for your loan is to contact your loans company or the bank to discuss why you are struggling to pay and come to an arrangement to make payments easier to keep up with. If you are unable to come up with an arrangement with your loans company then you will need to contact the Citizens Advice Bureau to discuss your payment options further.
Taking out a loan to help you in financial hard spots is a great solution to get you back on your feet. When taking out a loan always find out how repayment of the loan will work and what that means for you.
OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly. We do not make short term loan or credit decisions.
We do not charge any fees. If you are contacted by anyone saying they are calling from Oink Money requesting you make them a payment, you should report this to www.actionfraud.police.uk immediately. We will never contact you asking for a payment.
*The loan amount and interest rate you are offered are subject to lenders requirements and approval. If accepted by a lender, a full credit check will be carried out. If Monevo are unable to find you a loan, they may offer you an alternative product. The time it takes for the funds to appear in your account may take longer, and will depend on your bank and the lender's own policies and procedures.