Q & As - Future Finance

1. How much can I borrow?

This depends on your circumstances and financial position. We can loan as little as £1000 up to millions. It all depends on your affordability (hyperlink to financial glossary). Unlike the banks we do not use rigid and inflexible criteria to determine how much you can borrow. We listen your needs and work with you to find an appropriate solution.

2. What happens if I miss a repayment?

Missing a payment is serious but we can work with you to find the quickest and easiest way to catch up on your loan.

3. How long will it take to get the money I need?

If all the paperwork is completed correctly and we have the relevant ‘Know Your Client’ (KYC) documentation (photo identification and bank statements) hyperlink to financial glossary – then there is no reason why you can’t get the money on the same day as the approval.

4. What would stop me from getting a loan?

A bad credit history could stop you from being successful at gaining a loan. However, this is not always the case and it is worth talking to Future Finance as they are more likely to be able to help you than the conventional lenders.

5. How are loans secured?

Secured lending is when the borrower pledges an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor (hyperlink to financial glossary). The debt is then secured against the collateral. In the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some, or all, of the amount originally loaned to the borrower, for example, a property.

6. What is unsecured lending?

An unsecured loan is a loan that is given without securing property, or other assets, as collateral. It is usually issued and supported by the borrower's creditworthiness. Borrowers generally must have high credit ratings to be approved for an unsecured loan. 

7. What is responsible lending?

Responsible lending refers to lenders who take steps to ensure that clients are able to meet their financial responsibilities and avoid falling into bad debt.  Future Finance is a responsible lender that has appropriate lending policies and practices in place, and prides itself on getting to know the client and their affordability (hyperlink to financial glossary) status.  We are open and transparent about fees and actively encourage customers to discuss their financial difficulties to best prepare them to meet their credit obligations. 

8. What is a debt consolidation loan?

Debt consolidation means rolling multiple debts into a single monthly payment, making your debt easier to manage. It can help you to effectively manage and reduce your debt over time. Streamlining your debt obligations in this way can take a lot of the hassle out of managing your money. In addition, if the new rate of borrowing is lower than your original debt you could reduce the overall amount you have to pay back.

9. What is a bridging loan? 

They are a short-term funding option, used to 'bridge' a gap between a debt becoming due and the credit becoming available. Or, they can simply act as a short-term loan in pressing circumstances.

10. Will my chances of getting a loan approved be impacted if I have a bad credit rating?

Not necessarily. There are many reasons why you might have a bad credit rating, from having failed to keep up with payments on a previous credit agreement, to having a County Court Judgement (CCJ) against you. In some cases, even if you’ve never had any debt, you could end up with a poor credit rating. This is because lenders can’t find any information on you borrowing and making repayments successfully. Unlike mainstream providers, Future Finance can help people with poor credit records. Contact a Relationship Manager in your location hyperlink to Relationship Managers to find out more.

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