Loan Chain Advantages

• Choose an interest rate between 2.5%-22.75% on your investment

• Choose your risk category
– High Risk – 17%-22.75% return on your money
– Medium Risk – 7%-16.75% return on your money
– Low Risk – 2.5%-6.75% return on your money

• Decide on what contract to accept depending on risk factor

• Guaranteed to get your principal sum back

What can I borrow money for?

You can borrow money for anything you need, from wanting to consolidate your debts, acquiring a small business loan or capital for a start-up, paying for medical bills, or paying for your children’s education or a wedding, to making home improvements, paying for a luxury item, like a car or a holiday home, or simply to have more spending money in order to enjoy an upcoming holiday. What you need the money for does not affect the loan application.

Will applying for a loan more than once affect my credit rating?

No, it doesn’t matter how many times you apply for a loan. Each time you apply, our advanced Loan-Chain User Credit Rating System assesses you in the same way. However if you receive and accept a loan from a lender then this is registered and will have an impact on future credit rating assessments.

Why has my loan application been rejected?

There are a number of reasons why a loan application may be rejected. Our advanced Loan-Chain User Credit Rating System uses a variety of different criteria in assessing your affordability and credit rating, as well as doing in-depth searches in order to verify your identity and in order to look for any cases of fraud against your name. The reasons for a loan application being rejected will vary from a lack of verifiable proof of identity, not enough financial guarantees or inadequate cash flow, lack of or limited collateral, lack of or weak credit history, too much debt already accumulated. In the event of your loan application being denied, we will not be able to explain to you the reason but we recommend instead that you conduct your own independent personal credit search with an outside agency to find out why your credit rating is low and to find out what you can do in order to improve it.

What does Annual Percentage Rate (APR) mean?

This is term used to define how much a loan will actually cost you and it includes all the interest that you will pay over the term of your loan. It is a quick and easy way to compare your loan agreement in comparison to other lenders.

Can I change my repayment plan at any time?

Yes you can change your repayment plan at any time providing your lender has no objections. You need to follow the specific instructions set out within your personalized loan agreement. You will be asked what changes you would like to make, whether you would like to change the length of the tenure of your repayment plan, the amount you pay each time, or the date you make payments. You will then be issued with further instructions.

What happens if I miss a repayment?

If you miss a payment, you have 3 working days in which to make the payment with no extra charges. If you fail to make the payment within that time then you will be liable for additional charges and a late payment fee, as set out in your loan agreement. We will be in touch as soon as possible via email and we will send you a form to complete where you will have a chance to explain the reasons for the late payment, as well as letting us know about any change in personal circumstances which may affect your future repayments. We will then be in touch personally in order to discuss your personal circumstances and to try to help you to be able to adhere to the loan agreement specification in the future.
If you are unable to make any more of the repayments then we may be forced to pass your account on to a Debt Collection Agency. This is extremely adverse for your credit history and it will have a negative impact on any future loan applications. You will also incur additional charges and fees from the Debt Collection Agency.

It is possible to cancel my loan agreement?

Of course, we understand that your circumstances and your objectives may change and we always look to help you to achieve your goals, not be a hindrance.
You can cancel your loan agreement within 14 days of your loan application being approved without any charges. You will then have a further 14 days from the time notifying us of cancellation to repay the funds that you have been given.
If you wish to cancel your loan agreement after the first 14 days then you will need to request a repayment figure from your lender which will include the total amount still owed and will incur a certain amount of interest. Once you have paid back the full loan repayment figure then you will receive notification from us to inform you that your loan is now repaid.

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