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FAQs - About Credit Options

What type of Credit options do Citrus Loans find?


Unsecured Loans

Citrus Loans have a panel of lenders that offer unsecured loans up to £25,000 with a repayment period between 1-5 years.

Secured Loans

Citrus loans has a limited panel of lenders that provide secured loan options, loan amount and terms are dependent on your personal financial circumstances.

Credit Cards

Citrus loans has a limited panel of Credit Card companies that provide credit card options, credit amount and terms are dependent on your personal financial circumstances.

What is an unsecured loan?

An unsecured loan is a loan that is supported solely by the borrower's creditworthiness, it is not secured against an asset - for example a vehicle or house. As there is no collateral attached to an unsecured loan, loan providers may see you as a higher risk.

What is a secured loan?

A secured loan, also referred to as a second charge mortgage, is money you borrow that is secured against an asset you own, usually your home. Interest rates may be cheaper than with unsecured loans, but it can be a riskier option so it’s important to understand how secured loans work because the lender can repossess your home if you do not keep up repayments.

What is the difference between an unsecured personal loan and guarantor loan?

An unsecured personal loan is supported solely by the borrower's creditworthiness. If the Lenders on our panel are unable to offer you a financial solution based on your circumstances, you may be offered a guarantor loan. With a guarantor loan, the loan provider will request a person you know to agree to repay the loan should you default on the agreed repayments.

What is a Credit Card and how do they work?

A credit card lets you spend money on credit, essentially having a loan for the amount you spend using a credit card. A Credit card provider (Lender) will determine the total amount of credit limit it is willing to offer you based on your personal financial circumstances and your ability to repay the credit.

Ordinarily, if you pay your credit card bill in full each month, you won’t pay interest on what you’ve spent on your credit card. If you make cash withdrawals though, interest is usually charged on a daily basis from the day you take out your cash.

If you don’t pay off the monthly outstanding balance on your credit card bill then interest will be charged and increase the amount you owe.

Missing credit card payments could also damage your credit rating.

How much can I borrow?

No two customers are the same, the Lenders on our panel will assess your individual circumstances with a view to offering a personalised financial solution.

How long do I have to pay back my loan or credit card?

The loan and credit card terms are dependent on your individual circumstances and will vary depending on the product and lender.

Credit card providers will provide the Terms & Conditions associated with loans or credit cards before you decide which is the right type of credit for you.

What is an APR?

APR stands for Annual Percentage Rate and is used to describe the cost of borrowing money. All Lenders calculate APR in the same way which allows you to compare different lending products.

What is an APRC?

APRC stands for Annual Percentage Rate of Charge and is used to describe the cost of borrowing money within a secured loan. All Lenders calculate APRC in the same way which allows you to compare different lending products.

Who is eligible for a loan?

Citrus Loans welcome applications from all customers who are over 18 and currently resident in the UK. We process 1000s of applications each week from customers with a range of financial backgrounds and credit profiles. We pride ourselves in helping customers find a loan, who have previously been refused a loan elsewhere.