When you apply for a personal loan it’s important to be open with the lender and tell them exactly what the loan is for. In most cases this won’t affect the success of your application, and it protects you from problems further down the line.
Personal loans are taken out for many different reasons - from wedding expenses to paying for a special holiday – but if you’re not honest on the application you run the risk of the loan being called in at a later date.
Consolidating existing debts, such as those on your credit cards and store cards, can be a good idea in many cases but it’s advisable to seek professional advice on this before applying.
Scotland Debt Solutions specialises in helping Scottish people to escape debt, and can let you know whether it’s the best option in your circumstances.
There are certain reasons for a personal loan application that won’t be accepted by a lender. These include, but are not limited to:
If you’re not completely truthful with the bank on your personal loan application, it can have serious consequences if they later discover that you’ve been dishonest. They’re likely to demand the outstanding amount in full, which could leave you at risk of serious financial difficulty if you can’t repay.
A personal loan offers several benefits depending on your circumstances, and although you’re taking out more borrowing it can sometimes help you deal with a difficult financial situation by regulating repayment and helping you budget.
If you’re considering applying for a personal loan, our experts at Scotland Debt Solutions can help. We specialise in helping Scottish residents out of debt and can provide the reliable advice you need. Please contact one of our experts - we offer free same-day meetings at our network of offices around Scotland.
Our Scottish based team can help advise you on your debt problems.
Our personalised debt report will help you better understand your financial position and see where your money is going.
Arrange a call with an expert advisor at a time to suit you.
We have five offices located across Scotland. Find your nearest one here.
Sequestration is the Scottish version of bankruptcy and may be suitable for you if you do not have the money to pay back your debts
A Trust Deed involves making a monthly contribution to your debts for up to four years. After this time any remaining debt will be wiped out.
A Debt Arrangement Scheme (DAS) lets you pay off your debt through a series of manageable instalments over a reasonable length of time.
Whether you are a sole trader or a limited company director, we can help you work through your current financial problems including money owed to HMRC