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If you are looking for some information about secured loans, then why not give Nemo a call or submit an application? We’ll talk through your borrowing requirements and will answer any questions you may have regarding your secured loan application. Alternatively, read on for more information which is typically requested about secured loans.
What happens when Nemo calls me about my loan application?
If you think a secured loan is the right option for you, when you make an application, your lender will run through some basic details with you, and will then run a credit search with your permission. Provided that Nemo has a secured loan that fits you, your dedicated loan officer will then ask you a few more questions to clarify what credit you would like to consolidate or what home improvements you would like to make.
Will Nemo provide me with a loan quote?
Once these questions have been dealt with, your loan officer will then take you through a full quote, and will ask if you require payment protection. If we are able to offer you a loan based on the information you have provided, you’ll then have what is known as an Acceptance in Principal. If you’re happy with the secured loan Nemo is able to make available to you, we’ll then send out an application pack to you which will include all the documents you need to apply for your loan including a direct debit mandate and consolidation form. You’ll also receive a credit agreement which at this stage is just for you to read.
What does the Credit Consumer Act 1974 mean to me?
Under the Consumer Credit Act, which will regulate your Nemo loan, we are required to give you a period of time to consider your loan. This period of up to 16 days will begin when we send you an Advance Copy of your credit agreement for you to read. During this time we are not able to contact you, although you are able to contact us. After 8 days you will receive the credit agreement for your signature. The consideration period will end either 16 days after we sent the Advance Copy of the credit agreement to you or when we receive your signed credit agreement, whichever happens first.
What comes in my Nemo application pack?
Your application pack will contain everything you need to apply for your Nemo loan, starting off with an Application Form which we will have pre populated for you. You should check that all the details are correct and then fill in anything that is missing. There is also an Advance Copy of your Loan Agreement which is for reference only. It will also contain a mortgage deed, or if you live in Scotland, a Standard Security. This will need to be signed by all applicants and witnessed by a non family member who does not live at your address.
A Direct Debit Mandate and Sole Cheque letter will also be in the pack. The Sole Cheque letter is for joint applicants who do not have a joint account – we need to know that you are happy for your secured loan to be paid into one account.
You’ll also find in your application pack, a Mortgage Authority and Consolidation form. The Mortgage Authority is required as we may need to speak to your mortgage company and will require your permission to do so. The bottom of this form provides you with somewhere to list all the existing credit you’d like to consolidate with your secured loan.
Don’t forget, you’ll also receive a signable credit agreement 8 days in to your consideration period. If you are unsure about what to do with any of the information in your secured loan application pack, your loan officer will be on hand to help if you’d like to call them.
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