Bright Loans frequently asked questions

Homeowner loans for those with good credit for any purpose. £3,000 to £100,000

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Answers to Frequently Asked Questions

How much can I borrow?

You can borrow any amount from £3000 to £100,000, depending on your circumstances. Back to top...

What is the maximum value of the secured loans I can have in relation to the value of my property (LTV ratio)?

Typically the maximum LTV is 125% of the value of your property. Back to top...

What can I use the loan for?

You can use your loan for any (legal) purpose. For example, you may be thinking of clearing all of your loans and credit cards to reduce your monthly outgoings and just have one, affordable payment to remember each month. You may be thinking about carrying out some home improvements or treating your family to the holiday of a lifetime. Whatever you decide you will receive a cash loan to spend as you wish. Back to top...

How long can I take to repay the loan?

Generally you can select any repayment term between 5 and 25 years. You choose the specific repayment period you require. You may want to extend the loan term to minimise your outgoings on a monthly basis or, alternatively, take a loan over a short period to allow you to clear the loan facility at the earliest opportunity. Back to top...

Can I repay the loan early if I want to?

You can repay the loan at any time. The method of calculating the amount of money required to repay the loan early will be detailed in your Loan Agreement, which takes into consideration the detail within the Consumer Credit Act 1974. When you apply for your loan and documents are issued to you, you will be sent a FISA Borrower Information Guide, which provides detailed information concerning this subject. Back to top...

Can I insure my payments?

Optional insurance schemes are available to cover your monthly payments if you are unable to work due to accident, sickness or unemployment. Different levels of cover are available to suit your individual needs. Back to top...

Can I have a fixed rate loan?

Yes, you can. We have access to a number of lenders which allows us to source the best deal for you, whether this be on a fixed or variable rate option. Back to top...

Can I cancel my application if I decide not to go ahead for any reason?

Yes, you can. You may cancel your loan at any time prior to completion without penalty. Back to top...

Do I have to pay any upfront fees?

We will not charge any upfront fees. However, in some specific circumstances we will ask for a fee to be paid once the loan application has been funded. This fee will be included within the loan advance and will be quite clearly detailed on the loan documentation. If you choose not to take the loan, no fees will be payable. Back to top...

How long will it take to process my application?

Once you have filled out the enquiry form, one of our licensed credit brokers will contact you to introduce themselves, explain how the application process works and to understand your needs. You will have to complete and sign some loan documentation and once you have returned it for processing we provide a service standard of 7 to 10 working days to be in a position where your funds will be available to you. Back to top...

THINK CAREFULLY BEFORE SECURING OTHER DEBTS ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. All loans and mortgages subject to status, secured on property and available to UK residents aged 18 or over.