Best Loan Brokers?
If you are looking for a loan broker to help you find a great deal then our approved experts can help. Our recommended loan brokers and lenders for both tenants and homeowners are compared and listed below. They will search their panel of lenders to find you the best loans that match your requirements and credit profile.
Do I have to pay any upfront fees when using a broker?
No. There are no upfront fees. However, you may pay the broker a fee upon a successful completion of the loan. Any fees and costs associated with the loan will be fully explained prior to you making any committments.
Why use a broker instead of going direct to the lender?
A broker can search the lenders and help find the best deal that suits your needs and credit profile. If you wish to take out a homeowner loan then many of these second charge lenders are not available direct, and you will be required to use a broker to package the loan on behalf of the lender.
A brokers role is to save you both time and money and to ensure you get the best deal using their market knowledge and expertise.
Using a broker is especially valuable if you have a complicated case or a history of bad credit and need specialist advice to successfully complete the loan application. Brokers have an in-depth knowledge of what the lender is looking for, and their lending requirements.
Do I have to have proof of income?
Yes. Showing proof of your income is essential to demonstrate that you can afford to meet the loan repayments. You may need to provide the broker or lender with your past 3 months pay slips if employed, or 2 years worth of SA 302 figures if self employed or a company director. Some lenders will may also require business acounts.
Can I get a loan if self employed?
Yes. If you can demonstrate and show proof of your income then being self employed isn't a problem for most lenders. Your broker will be able to advise on what you require.
Will I need a credit check?
Yes. All lenders, apart from some logbook lenders will require a credit check so they can investigate any loans you have or any previous credit you may have taken out. The lender may use your credit score to evaluate your creditworthiness.
I have some adverse credit history, what options do I have?
If you have some adverse or poor credit management on your file then there a range of lenders who will be willing to borrow. However, you will have to be prepared to pay a far higher rate of interest on your loan. There is also the option of a guarantor loan which means you may be able to get a lower rate loan with the help of someone who can guarantor the loan with you.
I am a pensioner over 65 can I still get a loan?
Yes. There are plenty of lenders who offer loans to older borrowers. Loans are available to retired people over 65,70 who have income either via pension benefits or part time employment. Your loan broker will be best placed to advise you on what options are available to you.
Can I use a loan broker for business?
Yes. Many people choose to use the help of a broker when searching for business finance.