Frequently Asked Questions
How can you help me?
PowerMoney can help by using its very clever software to take all of your
details and compare and contrast them with the lending criteria of the 100's of
lenders on our panel. Finding a product and a lender is more difficult now than
ever before. PowerMoney has been designed to educate its members about the
products and lenders in all sections of the lending market. From Payday Loans to
Guarantor Loans, from Unsecured Personal Loans to Loans secured on your Car, we
can ensure you are matched with the lender that suits your profile and requirements.
We will save you days or even weeks of research and you will still not have access
to the lenders we have as well as saving you £100's if you take advantage of the
offers we have negotiated on behalf of our members.
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Will I always get a loan?
Yes. We will provide you a vast array of different types of lender to suit your
circumstances. The only circumstances were we cannot find you a product are if you
are a bankrupt, under 18 or living outside of the UK. For everyone else whether
or not you choose to accept the loan and follow it through to completion is entirely
up to you. Many customers have many options available and often take up more than
one of the offers.
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When I apply to PowerMoney what do I get?
You get access to one of the biggest lender panels in the UK and an education as
to which of these lenders and their products you are best suited to. As well as
sourcing your loan and continually presenting you with other loan options you will
benefit from £1,000's of discounts in your 'Offers' section and from even more offers
we will send to you as a fully paid up member. We aim to educate customers on the
products available and to help you understand your credit rating and more details
about how to borrow money.
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Can you explain the different types of
loans available?
Yes, please click here
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How much can I borrow?
PowerMoney is mainly focussed on customers who wish to borrow between £100
and £10,000 although we can introduce you to lenders who will lend up to £15,000.
The maximum loan depends on the type of loan you apply for and your particular circumstance.
Many lenders will offer you an initial borrowing amount with a view to increasing
it if you maintain a good payment record with them.
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How long will the decision take?
This depends on which type of loan you apply for. Some loans such as Payday Loans
can be accepted and you can have your money within an hour. Other loans such as
Guarantor loans require the signature of a third party. The speed at which loans
are paid out generally rests with you. Most lenders once they have accepted you
want to get you your money as fast as they can. If you are in a hurry for your money,
providing the lender with everything they need is the fastest way to pay out.
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What is the Interest Rate (APR), how much are the
monthly repayments and how much will I pay in total?
We will show you representative APRs and an example of the repayment you may have.
The actual figures will depend on the specific type of your loan, the term of your
loan, the lender and your individual personal circumstances.
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What is a Payday Loan?
A payday loan is a short term financial solution for a short term cash flow problem.
The money can be used for anything from a home emergency to a weekend away. If you
need the money now and don't get paid until later in the month Payday Loans are
the most transparent, easy to understand and fastest was to borrow the money you
need instantly. Payday Loans are available to people with all types of credit history
– good and bad. A typical loan is for 30 to 90 days for between £100 and £750.
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What is a Guarantor Loan?
It has become very difficult for anyone to borrow £1,000 or more. It is almost impossible
for anyone with a bad credit history or no credit history at all. Guarantor Loans
are a new and fast emerging type of loan which is the only option to many people.
All you need to do is get a homeowner to back your application. Practically anybody
you know could be your Guarantor, so even if there isn't a relative who could help,
you can still ask a friend, colleague or neighbour to help you. Typically Guarantor
Loans are set up over 12 to 36 months for up to £3,500.
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What is an Unsecured Personal Loan?
Unsecured Personal Loans are almost impossible to qualify for these days in the
mainstream lending community. Thankfully with the extensive panel of loan providers
available to PowerMoney we have a lot more chance of being successful. Typically
unsecured personal loans are for £5,000 over a 36 to 60 month period and as the
name suggests require no security.
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What is a Credit Card?
Maybe you're on a low income or retired? Perhaps you've run into difficulties and
been left with bad credit? You may simply have no credit history. These questions
are relevant to an increasing number of people and as a result it is almost impossible
to get a high street, mainstream credit card. There are certain niche credit cards
available, designed to help those people mentioned above and as you would expect
PowerMoney have them on their panel. Typical first borrowings on these non-
high street cards are up to £500 which increases with a proven track record.
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What is a Logbook Loan?
A Logbook loan is a loan secured on your vehicle. As a result there is no need for
a credit check. As long as you can prove you can afford the repayments and your
car is less than 11 years old with no finance on it you will qualify. Very often
the lender will lend you up to 50% of the value of your car. This is another short
term solution available to get money fast.
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What is a Prepaid Credit Card?
As long as your identification can be verified in the usual way with a passport,
driving licence or utility bill you will qualify for a Prepaid Credit Card. A prepaid
card is much like the gift cards available from most high street chains in the UK,
however, prepaid cards have a much wider acceptance, and can be used internationally.
They are the same as credit cards, but without the credit. If you cannot get hold
of a credit card for some reason a prepaid card can be the first step to repairing
a very badly damaged credit rating or starting a new one.
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What is a Secured Loan?
A Secured Loan, or Home Loan, is a loan secured on your property, which enables
lenders to offer a higher loan amount, usually at lower interest rates. You must
ensure that you can re-pay the loan as your property may be at risk if you cannot
repay the amount you borrow. A Secured Loan is often a good way of reducing your
outgoings by consolidating more expensive borrowings, such as credit cards, store
cards and higher rate unsecured loans. Like all ways lending products the availability
of secured loans has been severely restricted in the current market.
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Why do I have to pay a fee?
We work hard to find you a loan, saving you a huge amount of time and significantly
increasing your chances of being accepted for a loan, by searching 100's of different
lenders. We need to generate an income to ensure that we can maintain and grow our
panel of lenders, ensure we provide an excellent customer service to our members
and continue to present fantastic offers and discounts on a wide range of products.
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