You can use a personal loan for pretty much anything you like. Some common uses include:

  • Consolidating your debts into one manageable monthly repayment
  • Holidays
  • Home improvements
  • Buying a new car
  • Buying a new car
  • A wedding

There are some things you can’t use your personal loan for such as gambling, or frivolous and excessive spending.

Taking out a loan is a big commitment and one that should only be considered if you genuinely need to borrow the money.

The representative APR when applying for a loan with GMM financing loan is 49.9%APR but the interest rates you receive are usually based on your credit history. Lenders look at how well you’ve managed your money in the past to decide how much you can borrow, for how long and at what interest rate.

If you’ve been rejected for a personal loan, it’s more than likely because of your credit score or history. Some common causes include:

  • Missed or late payments in the past
  • Already having a lot of debt against your name
  • Multiple applications in a short space of time
  • A thin or non-existent credit history
  • CCJs, bankruptcy or insolvency etc

Non Collateral loans may be another option for people with a bad credit history. This is where a family member or friend agrees to back make your repayments if you are unable to. This will reduce the risk for the lender and increases your chances of being approved.

If you do find yourself struggling to meet your repayments or able to pay on time, here are your options:

  1. Short-term fix: if you’re struggling to make your payments on time or are unable to pay, get in touch with your lender straight away, let them know your situation, and see if they can do anything to support you - like giving you extra time to pay.
  2. If they wanted to, they’d be within their rights to refer you to a collection agency which failure to receive payment could mean the matter is taken to court.

Head Office:

East Devon District Council, Blackdown House, Border Road, Heathpark Industrial Estate, Honiton, EX14 1EJ

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You need an active bank account to allow the money to be transferred to you.


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