Unsecured Personal Loans

Questions & Answers

Borrow any amount from £1,000 to £15,000 with a fixed interest rate unsecured personal loan so you know what your monthly payments will be. It’s ideal for a car loan, debt consolidation loan, taking a holiday or making home improvements. Let Ocean Money guide you through our easy loan application process to get you the money you need fast.

You are able to spread your monthly loan repayments over one to five years to suit your needs.

APPLYING FOR A LOAN

1. Do I need to be a homeowner to apply for a loan ?

   Yes. Ocean Money unsecured personal loans are only available to home owners, however we can still accept loan applications from tenants these will be processed by a 3rd party unsecured loans broker we have partnered with.

2. I have been declined elsewhere, can you help ?

   We can consider all circumstances, and will do our utmost to help if possible. With the plans we have available, we can occasionally get an offer for you even if you have been refused elsewhere. If we are unable to help for whatever reason, we will try to give you alternative options.
   
   
3. How much can I borrow ?
   
   We currently are able to offer unsecured personal finance of between £1,000 and £15,000 over periods ranging from 1 year to 5 years. The maximum loan amount you may be offered will be assessed by a number of factors, not least the affordability of the loan to you. As a responsible lender, we have an obligation to ensure that you are in a position to repay any monies borrowed, therefore if you do not qualify for the amount you requested, we will try to give you an alternative amount or if possible point you in a direction better suited to your circumstances
   
   
4. Can I use my loan for any purpose?

   You are able to use your money for any reasonable legal purpose. Most people will consider a loan for consolidating other debts, buying a newer car, home improvements, putting towards a special occasion such as a wedding, or even going on a dream holiday.

5. How do I apply on the internet ?

   Simply click this link and fill in the short application enquiry form online within 5 minutes. Once we receive your application, our experienced underwriters will assess your application, responding to you as soon as possible. At any time, you can call us on 0800 916 9168, and our UK based staff will help with any queries. Once we have an offer for you, we will respond by telephone, usually within 48 hours, to give you the details and allow you to ask any questions.

6. How do I apply on the telephone ?

   There are a few things that we need to help progress your application

   1. Your home address including postcode (+ any other addresses you have lived in over the last 4 years)
   2. Your home & mobile telephone numbers and your email address if available
   3. Your employment details, including income
   4. Rent or Mortgage payments (if applicable) and brief details of any other monthly outgoings

   There is no confusing or complicated paperwork to fill in, we can take your details over the phone & will send you the documents already filled in for you to read, sign and return. Our highly experienced, UK based staff are on hand from 8.30am until 10.30pm Monday to Friday and from 9am until 9pm Saturday and Sundays. Call us now and within 10 minutes, we can start to assess your application

   Call us Free anytime on 0800 916 9168

NEXT STEPS

1. How long will it take to assess my application ?
   
   Once we have received your application, your loan will be assessed by one of our highly trained, experienced underwriters. We will find the best options for you based on your individual circumstances, and will endeavor to get back to you with your no obligation offer within hours.
   
   
2. When I have been accepted, how long will it take to get my money ?
   
   When you have accepted our offer, we will send you the relevant documentation required to progress your application. Depending on your individual circumstances, we may need to see some other documentation from you; ie payslips, proof of ID, utility bill etc to help protect you from fraud, but this will all be explained to you in your offer pack. On receipt of your fully completed application pack, we will check your application and issue the funds within days.
   
   
3. I have received my loan application pack via the post, what do I do now ?
   
   Fully read through the documents you have received to ensure you are entirely happy and fully understand them. If you have any questions at this stage, call us anytime on 0800 916 9168, and we will explain everything to you. Once you are happy to proceed, simply return to us the requested documents in the prepaid envelope provided.
   
   
4. Can I receive my money by bank transfer rather than cheque ?
   
   We do have an option to transfer funds directly to your account if you prefer, if this option is taken a small administration charge may be applied. Please note however, some bank accounts cannot accept bank transfers.

LOANS AND RATES

1. What does APR mean ?
   
   APR is an abbreviation of Annual Percentage Rate. This shows the overall cost of your loan taking into account the term, interest rate and other costs. This is a standard calculation that is used throughout the finance industry in the UK, and allows you, the consumer, to compare different credit offers. Where a Typical APR is quoted, this is the highest rate that at least 66% of customers will receive, the majority of customers will get a lower rate.
   
   
2. What is the difference between fixed and variable rates?
   
   A variable rate is exactly what it says. The rate you are charged is able to change, and therefore if interest rates go up, a variable rate can go up too. A fixed rate is a guarantee that your payment will remain constant for a period of time. Fixed rates can run for any period, many lenders will only offer a fixed rate for a short period of your loan, at Ocean Money we can fix the rate for the full loan term, ensuring you are able to budget without the worry of increased payments.
   
   
3. What  rate will I be offered?
   
   The rate that you are offered depends on your individual personal circumstances and the loan amount you are applying for. To enable us to assess what rate you qualify for, we may use a process known as credit scoring. This may involve using the information you have provided us with during your application, details received from any credit reference agencies along with any information we currently hold about you. Credit scoring allocates a ‘score’ to numerous pieces of information about you, the higher the score you achieve, the less risk is deemed to be attached, and therefore the better the rate you may qualify for.
   
   
4. The rate I have been offered is different to the one advertised, why?
   
   The rate that you are offered will depend on your personal circumstances and the loan amount you are applying for. To enable us to assess what rate you qualify for, we may use a process known as credit scoring. This may involve using the information you have provided us with during your application, details received from any credit reference agencies along with any information we currently hold about you. Credit scoring allocates a ‘score’ to numerous pieces of information about you, the higher the score you achieve, the less risk is deemed to be attached, and therefore the better the rate you may qualify for. The typical APR that is advertised is the highest rate that at least 66% of our customers will pay. Therefore some people will qualify for a higher rate although most people will qualify for a lower rate.
   
   
5. Can I repay my loan early?
   
   Yes. You can clear your loan at any point during the term. Simply contact us on 0870 916 9168, and we will provide you with a settlement figure. You will need to pay the capital balance and depending on the original term of your loan, you can be charged up to 2 months interest. We are not able to accept lump sum capital repayments, or monthly overpayments due to the fixed term nature of your loan.
   
   
6. What set up fees and charges do you make?
   
   There are no fees or charges made with setting up your loan. All of the offers we make are without obligation, you have the choice at any point during the process to cancel your application, and again no fees will be charged to do this.
   
   
7. Protecting my repayments
   
   Optional payment protection is available (subject to eligibility). We will be happy to discuss your needs on approval of your offer.
   
   
8. I wanted more money than you are able to offer, what do you suggest?
   
   Ocean Money is part of Ocean Finance and Mortgages Limited. Over the last 15 years, the group have helped in excess of 250,000 people obtain finance, from all walks of life, and in all circumstances. If you are a homeowner or mortgage payer, we may be able to look at other secured loan or remortgage offers for you. If this is something that may be of interest, call us free on 0800 916 9168 and we can look into the options best suited for you without any obligation. You are also able to make a no obligation enquiry via www.oceanfinance.co.uk

All offers are made with Absolutely no obligation so apply online today!

OUR TYPICAL RATE IS 24.9% APR FIXED
MOST PEOPLE WILL RECEIVE A LOWER RATE THAN THIS