Frequently asked questions
If you have or are thinking about finance with us, you may have questions.
V12 Personal Finance is a trading name of V12 Retail Finance Limited, one of the UK’s leading retail finance providers. Both V12 Personal Finance and V12 Retail Finance are part of the Secure Trust Bank Group which has been around for over 70 years and provide savings accounts and lending services to over a million customers.
V12 Retail Finance Ltd trading as V12 Personal Finance is a Credit Broker who introduces consumers to a carefully selected panel of lenders and brokers, details of which can be found here, for which we will receive a fee or a commission. The amount of the fee or the commission will vary depending on the product chosen and the amount of credit taken out.
With an unsecured loan, you may be able to borrow up to £35,000 subject to your individual circumstances and meeting the lenders criteria. With a secured loan, you may be able to borrow up to £500,000 depending on your personal circumstances, lender criteria and available equity in your property.
An unsecured loan is a way to borrow money for a variety of purposes, that you are required to pay back with interest over an agreed period of time. An unsecured loan does not require any security, however, failure to maintain payments may have consequences such as harming your credit score which may make it more difficult to get finance in the future.
A secured loan is a where a lender will use your home as security for the loan. In many instances, a secured loan can be used to borrow larger sums of money, for home improvement projects for example. Also, because of the extra security the lenders may offer lower interest rates and longer terms than you may qualify for with an unsecured loan. However, your home may be repossessed if you do not keep up repayments on a mortgage or other debts secured on it.
Unsecured and secured loans can be used for a range of purposes such as debt consolidation, home improvements, a car purchase, that dream holiday or a wedding.
If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the term of your debt and increasing the total amount you repay.
Your credit score is just one factor that a lender will use to assess your eligibility for a loan. Lending is subject to individual circumstances, status and the lenders criteria.
Your personalised APR is the rate of interest the lender is prepared to offer you for the loan amount and term you have requested, subject to additional checks such as affordability and identification. You can see what your personalised APR will be by completing an eligibility check. If you are offered a loan your personalised APR will be displayed alongside the offer.
The APR or interest rate you will be offered is dependent on your individual circumstances and the lenders criteria.
No. You can complete multiple eligibility checks without harming your credit score. This is because a soft credit search is completed by the lenders to check your eligibility for a product. A hard search may be applied by the lender if you subsequently apply for a loan product following an eligibility check.
A soft credit search is a search that is carried out by a lender when you complete an eligibility check. A soft credit search cannot be seen by other lenders and does not harm your credit score. If you then decide to apply for a loan product following an eligibility check, the lender you apply with may then complete a hard credit search to review your full credit report as part of their decision-making process. A hard credit search will be visible by other lenders.
If you choose to complete an eligibility check we will share your data with our carefully selected panel of lenders and brokers details of which can be found here. For further information please refer to our privacy policy.
If you have any further questions please don’t hesitate to contact us. You can speak to one of our team on 0333 1221109 or you can email us using