Loans FAQ
1. What is Ask4loan?
Ask4loan is a trading style of the parent company Shakespeare Finance Limited. A bouquet of financial services is being offered on ask4loan.co.uk under the patronage of Shakespeare Finance Limited, which in turn, acts as an intermediary between the lenders and the borrowers.
2. What types of loans are available?
We, at ask4loan, take care of all your financial requirements. You can apply for personal loans, home improvement loans, secured loans, bad credit loans and debt consolidation loans.
3. What services do you offer?
We offer debt management services and try to make repayments easier for you. The debt consolidation loans help you in merging your debts and lowering the monthly instalments.
4. Who can use your financial services?
Any person who is a UK resident and above 18 years of age can use our financial products and services.
5. For what purposes can you arrange loans for me?
Personal loans do not require any purpose. You can use them for whatever reason you deem fit. Some of the uses to which our loans are put to include: car purchase, home improvement, holiday, business, wedding, Christmas, etc.
6. How much do you charge?
We do not charge any fee for providing you loan quotations. Only once you decide to take a loan through us that we charge a brokerage fee from you.
7. How long does it take to avail a loan?
Normally, we provide you the loan quotes on the same day you apply with us. The entire loan process may depend on whether it is an unsecured loan or a secured loan. Secured loan may require more time to materialise.
8. How can I apply for a loan?
You can use our online application form or call us at 0800 097 3653.
9. How many loans can I borrow at one time?
It is not the number of loans but the amount of loans that matter. In case of secured loans, it depends on the unencumbered value of your home. In case of unsecured loans, your income must support the amount of loan that you wish to take.
10. For how long can I take a loan?
Loans are available for a period starting from 6 months to 25 years. It depends upon which loan plan you choose.
11. What is the difference between an unsecured and a secured loan?
The difference lies in the pledging of your home. In case of secured loans, you have to pledge your home, but unsecured loans do not require this.
12. Am I eligible for a secured loan if I'm not a homeowner?
No, it is just not possible. You can apply for unsecured loan only.
13. Can I still get a secured loan despite bad credit history?
Yes, there are many lenders who may be willing to give you loans. We can arrange such a deal for you.
14. Where can I find a glossary of secured loan terms?
On our website, a separate section has been devoted to glossary. You can find terms related to all types of loans explained there.
15. How do I apply for a secured loan?
Call us at our toll free number 0800 097 3653 or fill our online application form. We will soon get in touch with you.
16. What will happen after I apply for a secured loan?
We will assess your requirement and recommend some loan plans to you. The loan quotes will be provided to you free of cost. Once you choose any plan, the loan process will take little time.
17. Do you offer debt consolidation loans also?
Yes, these loans are offered to people so that they can manage their debts in an efficient manner.
18. If I fear bankruptcy, what is the alternative available to me?
To reduce the chances for bankruptcy, you can refinance your existing loans. You can take debt consolidation loans and repay your existing lenders. Another alternative is to look for individual voluntary arrangements (IVAs) with your lenders.
19. Do you offer loan comparison facilities?
Our loan executives recommend different loan plans to you after assessing your requirements and financial circumstances. You can compare these loan offers and select the best loan.
20. Do you charge early repayment penalty?
It depends upon plan to plan. Some plans have provision for early repayment penalty.
21. What is credit rating and how it affects my loan prospects?
Credit rating is a numerical score provided by credit rating agencies like Experian and Equifax. Low credit score makes it difficult to get low rate loans. In extreme cases of bad credit history, lenders refuse you loans altogether.
22. Can I access my credit record?
Yes, you can apply for a copy of your credit score with any credit reference agency. These agencies provide you all the details on your credit file after charging a nominal fee for it.
23. How the loan repayment is made?
The lenders require you to pay EMIs (Equated monthly instalments) that include a part of principal amount and a part of interest amount. At the end of the loan period, the entire loan amount is repaid.
24. Is it necessary to take loan insurance with secured loans?
No. You have a right to refuse if some lender forces you to take insurance as well. The payment protection insurance is a matter of your discretion and choice.
25. How can I increase my loan eligibility?
If you apply jointly with your spouse then his/her income will also be considered for calculating the loan eligibility. This way you can get a larger loan amount.
26. How safe is the personal information that I provide you at the time of loan application?
We do not pass your personal information to any agency. It is used solely for assessing your loan requirements.