Loan Broker Frequently Asked Questions
Who are Central Trust?
Central Trust was formed in 1987 by Managing Director, Andrew Turner. They are still a family run business, but now employ over 450 staff. Central Trust PLC have recently been recognised by both the Independent on Sunday and the Sunday Times newspaper as one of the fastest growing companies in the UK.
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What is a loan broker?
A loan broker is a company that specialises in getting better rates for borrowers, and can be a great alternative to a loan offered by your current bank. A broker will search a range of options for you, and try to negotiate a better APR.
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Why use a loan broker?
A loan broker gives you far more flexibility in how much you can borrow and the repayment period. For example Central Trust can provide loans from £5,000 to £250,000 which can be paid off over a 30 year period.
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Who should use loan broker?
A loan broker can only help homeowners (if you are not a home owner click here). You will benefit from using if you are self employed, have Count Court judgements (CCJs) or a poor credit history. If you’ve got defaulted payments, bankruptcy or county court judgements on your record, you might want to explain the situation to a loan broker and see what they can do for you.
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What if I have a no adverse credit problems?
If you’ve never been in debt and think that your credit rating is spotless, you could still be offered a higher APR or even be rejected for a loan, as the following factors contribute towards your credit rating:
- Have you moved house without informing your bank or lender straight away?
- Have you forgotten to register to vote?
- Have you changed jobs in the last year?
- Have you only recently built up a credit history, or have you never borrowed before?
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How can a loan broker improve my credit history?
Completing a form on a lender’s website is quick and convenient, but it only asks for certain information. This is great for people who will pass a credit check easily, but if you are not approved then this will leave a black mark on your credit score. Therefore you should speak to someone over the phone to get the best deal possible.
A new low-rate loan can help you build up a history of making your repayments on time. Your credit rating will improve, and all thanks to using a loan broker.
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