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Frequently Asked Questions
General FAQ's
What's this site about?
Reset Loans goal is to provide a variety of loan products, which help people who have money problems, and who would otherwise have difficulty finding a product to suit their needs.
Common problems include:
- Bad credit history
- No previous credit history
- Arrears on your mortgage
- CCJ's or county court judgements
- Recently moved to the UK
- Being made redundant
- Facing bankruptcy
I have a bad credit history, can I still apply?
Yes, all our products have been hand picked to help people with credit problems.
I don't live in the UK, can I still apply?
Please check with individual providers, some may be able to help.
What does APR mean?
APR means anual percentage rate, and it is the amount of interest you will pay on your loan, over a 12 month period.
APRs are a good way of comparing similar products, over a similar time period, but are not so useful when comparing different products.
The following table demonstrates this:
| Installment Loan | Installment Loan | Payday Loan | |
|---|---|---|---|
| Loan Amount | £2000 | £2000 | £500 |
| Months | 36 | 60 | 1 |
| Total Repayment | £2973.96 | £3875.40 | £625 |
| APR | 16.9% | 16.9% | 1355% |
| Actual Interest | 49% | 94% | 25% |
The APR for the two installment loans are the same but the actual interest repaid as a percentage of the loan is very different.
The important point to remember is APR is good at comparing similar products, and only similar products.
Loan FAQ's
Which loans can I apply for with a bad credit history?
All our loans are available to people with a bad credit history.
I need a loan today!
Both payday loans, and logbook loans can give you a loan today. With payday loans, the application is done online and money is then deposited into your bank account, up to £750. With logbook loans, your car logbook is held as security and you are given a cash loan up to £25,000.
Which loan is best for me?
Take a look at our loan comparison page for more information. You can view different types of loans side by side, get a simple summary of each type of loan and answers to common questions.