What documentation is typically required for business finance?

Typically the last 3-6 months business bank statements, your most recent set of accounts or management information and possibly your last 5 quarters VAT returns. Apply Here

What documentation is typically required for property finance?

Typically the last 3-6 months business bank statements, your most recent set of accounts or management information and possibly your last 5 quarters VAT returns. Apply Here

I don’t have good credit history, can you help?

Yes, unlike a lot of brokers, we can assist by providing a range of finance solutions from our extensive panel of lenders. We take into consideration all aspects of your proposal and it’s potential.

Can I repay the borrowing?

Yes, depending on the product you choose, there is always the option to repay the finance early.

I’m a sole trader, can you help me?

Yes, we sure can.

What areas do you cover?

We cover the whole of the UK.

Can you help startup companies?

Yes, we have access to a range of product for startup companies.

Do I need to have 3 years of audited accounts?

No. They don't have to be audited, but if you can provide up to 3 years, this would be great.

How quick is the process?

Very fast. Once you have completed the application, you should get a response within 48 hours. Our normal business hours Monday to Friday 9am - 5pm.

Is it possible to receive more than one loan offer?

Yes

Do I need to upload any supporting documents?

Yes, you will see what you need to upload when you start your applicaton.

How much can my business borrow?

We have a wide range of unsecured and secured financial solutions that can lend £5,000 up to £5 million.

How long can I borrow for?

It's up to you how long you want to borrow for, but loans can be from from 1 month up to 180 months+

Will my business qualify for finance?

It depends on what finance solution you require as each of our funding partners have their own lending criteria. We'll do our best to find you the best solution.

What can I spend the funds on?

It's up to you what you spend it on!

How can I apply?

You can apply online. Simply select the funding solution you need, fill in the details required and submit the application - it's that simple!

How much can be borrowed on an unsecured basis?

There are lenders and providers that can in theory provide unsecured loans well into the millions of pounds bracket.

How much can I borrow?

How much you can borrow depends on a number of factors relating to your company and you the director. The factors can include (but not limited to) trading history, transactional behaviour, business profitability, revenue, company growth, credit history, sector experience, purpose of borrowing, term of repayment, serviceability, track record, experience and many other variables. If you are looking to explore how much you could potentially raise via a business loan for your company, please apply online and we will be able to confirm this.

How quickly can I get an approval?

Approvals can usually be sought on the same day or a few days providing the required documentation is available. This may include you having to hassle your accountant or FD to get documents ready fast!

Is Sardison Capital a lender?

No. Sardison Capital is a finance broker. We provide a range of services which include helping clients finding the most appropriate lender and product for their business needs. We work with a panel of lenders and will package the clients’ application to then obtain the lender offer and eventual completion.

What is Mezzanine Finance?

Mezzanine financing is a hybrid of debt and equity financing that gives the lender the right to convert to an equity interest in the company in case of default, generally, after other senior lenders are paid. Mezzanine finance is often used as a ‘top up’ in addition to the amount provided by the main lender. For example, if the main lender provides 65% LTV, mezzanine finance might provide a further 20%, leaving just 15% for the business to put in.

What is Senior Debt?

Senior debt is borrowed money that a company must repay first if it goes out of business. Senior debt is a company’s first tier of liabilities, typically secured against some type of collateral, in our case, property.

What locations do you consider?

Whole of the UK.

Do you charge any fees?

Yes, we are a business and feel the service and advice we provide tom our clients warrants the fees that we charge.

Do you charge a success fee?

Yes, if we get you the finance you want, we will charge you a success fee. Our success fee is between 1% and 3% depending on the products you require.

Do you charge an admin fee?

Yes, this is to cover all the administration work involved in dealing with your case. You can select the admin fee you want to pay here.

What are the possibilities of refinancing?

Yes – this is very common

Can I refer people I know to Sardison Capital?

Yes, we appreciate all recommendations and will also give you a guesture of goodwill for doing so.

Will my personal credit rating be taken into consideration when applying for a business loan?

Yes. In most cases, as a director of a limited company, or a self-employed sole trader, for example, a lender will take your credit rating into consideration when deciding whether to approve your loan application. Other company directors or partners should also expect to have their credit rating examined.

Are there bad credit business loans?

You may have a better chance of securing certain types of business loan if you have bad credit, such as cash advances or invoice financing as they are less risky for lenders. Some alternative online lenders will also be more open-minded to businesses and directors with poor credit, particularly if the business can demonstrate a promising financial performance.

Can you get business loans for new companies?

Many lenders will require a minimum number of months’ trading history, but there are some that will consider lending to start-ups.

Are business loans regulated?

Lenders who are offering business loans to sole traders may do so without regulation, while those lending to limited companies are regulated.

How long will it take to process a secured loan?

Applications can be completed fairly quickly if you can provide all the information efficiently and accurately. After you’ve made your secured loan application, you’ll normally receive a quotation that needs to be validated and confirmed by your lender. If you decide to take the next step, then your lender will assess your credit report. If the loan you want is secured against your property, then the lender will want to know its value. They’ll need to be reassured that the amount of equity (another word for ‘worth’ or ‘value’) you have in your home covers the amount of the loan. You may also need to supply your banking details and other financial information. This process varies from lender to lender but can take several weeks. You could ask for an estimated time at the point you apply for the loan.

How quickly will I get the money?

The time it takes to receive the money for an unsecured loan is different from lender to lender. That’s because each lender is different when it comes to looking at your loan or credit application and making their decision. If you’ve applied for a secured loan that’s tied to your house, the process can take a little longer – typically four to five weeks. A secured lender also needs to get information from your mortgage company to value the property. Your lender will also need proof of your identity and your income before agreeing to go ahead with the loan.

What does APR % mean?

This stands for Annual Percentage Rate – which is the cost of borrowing money over the course of a year. Having it as a percentage figure allows people to compare the cost they’ll face when taking out a loan or credit card. Lenders also use something called ‘Representative APR’. This is the APR that 51% or more of successful applicants will get. But that rate may not be available to the other 49% of applicants, who are likely to be offered a higher rate. This is why it’s so important to pay attention to the APR% of any loan you are applying for, as it gives you a good idea of just how much you will be paying each year for borrowing money from lenders.

What is Representative APR %?

Typical APR % (Annual Percentage Rate) is used by lenders so you can easily compare rates before you apply for a loan. Lenders use the term to describe the amount of interest you’ll pay annually on money you want to borrow. Typical APR %must reflect at least 66% of secured loan business expected to result from advertising the rate.

What can I use a loan for?

With some loans, it’s your choice how you use it. But other loans, such as a car loan or a debt consolidation loan, they’re more clearly intended for a specific purpose. The amount you can borrow on a secured loan is usually much larger than an unsecured loan. Popular ways to spend a secured loan include large-scale home improvements, legal purposes, and debt consolidation. Unsecured loans, on the other hand, have a much smaller loan limit and are better suited to smaller value purchases such as essential home improvements and vital car repairs.

Is there a maximum age on taking out a loan?

Not really. Well, there’s no official maximum age limit. You do, however, always need to be over 18 years old. Each lender has their own set of criteria which have different upper and lower age limits, so it’s worth shopping around to find one that suits you. The fact is, what most lenders will look at is your credit report. That is why it is important to check it yourself and report any inaccuracies.

Can I pay off a loan early?

Yes, if you can afford to, you can pay off a loan earlier. The benefit of this is that it can help save you money in interest repayments in the long run. However, what might come as a surprise it that paying off a loan earlier than expected may mean you have to pay an early repayment charge (or something similar). How much this charge is, and how it works varies from lender to lender, but you might find it’s approximately the equivalent to one or two months’ loan interest. So it’s definitely best to check with the individual loan company before you pay off the loan entirely.

What is a guarantor loan?

A guarantor loan is a type of unsecured loan where someone else, usually a friend or family member, agrees to pay the loan if you can’t afford to make the repayments. Your friend or family member will have to co-sign the credit agreement in order for the guarantor loan to be accepted. This means that if you fall behind with repayments, the lender can ask the guarantor to make the repayments instead. How it works is a guarantor loan is initially paid into yours or the guarantor’s bank account, then you will need to make each repayment directly to the lender. If your application for an unsecured loan is turned down because of a low credit score, a guarantor loan is an option you could take. However, you must be confident that you can repay the loan back, because if you struggle to make repayments it would have serious financial consequences for your friends and family members.

What is the difference between a secured loan and an unsecured loan?

Secured loans are used to borrow large sums of money against something you own and are usually used for major expenses, such as large-scale house improvements or debt consolidation. Just like the name suggests, ‘secured’ means that a lender asks to secure the loan against a major asset. They do this as a form of security in case you can’t pay them back. This is usually your property – your home – so it means that you agree that if you can’t make the loan repayments, you may have to sell your home to repay the debt owed. Likewise, if you used your car as an asset, it may be repossessed if you don’t keep up repayments. Lenders may see secured loans as lower risk because they know they can collect the money you owe from your assets (your home or even your car) if you don’t make the repayments. Because of this security, secured loans may come with better interest rates and longer repayment terms, which means lower monthly repayments compared to unsecured loans, which are not secured against any kind of property. Unsecured loans, on the other hand, are usually used to pay for smaller expenses, such as car repairs. If you don’t make repayments, it will show on your credit score. The downside of this is that a bad credit score may lead to difficulties if you want to borrow in the future. Unsecured loans also come with a much shorter repayment term, typically up to 7 years, compared to longer repayment periods on secured loans.

What gives you a bad credit score?

The main thing that can lower your credit score is when your credit report shows you’ve missed or made late repayments on loans and credit cards. Your credit score could also be low if you’ve only ever made the minimum repayments on your credit card. But a low credit score can be caused by other things too. Things that don’t even seem like anything to do with your finances. A very common reason might be if your name’s not on the Electoral Register – because lenders favour people who’ve been registered at an address for a few years. This is something you can sort out by registering to vote. If you’ve ever filed for bankruptcy against your name, or you’ve been issued a County Court Judgement, these things can lower your credit score.

How is Sardison Capital different?

With over 15 years experience, we have built relationships with over 300 lenders and funders across the UK. We have helped over 3000 clients to raise finance for their business and provide a One-Stop-Servie to our clients. We have built our reputation on building strong relationships with our clients which is why we continue to finance our clinets years-on-year. See how you can become a client with us here.

Does my business qualify?

We provide loans to UK businesses of all types, from startups to well-established companies. If you’re unsure about your eligibility, fill in our application form, and we’ll let you know.

How long can I take the loan out for?

You can choose from a number of repayment options, ranging from 3 months to 30 years, depending on your business needs, and the amount borrowed.

What is a personal guarantee?

If there is no security, the lender might ask for a personal guarantee aka PG. This is a written promise from a Director or Shareholder that guarantees repayment if the business is unable to pay.

What information will I eventually be asked to supply?

Different lenders have different requirements, but you can expect to be asked for some of most of the below: Business Bank Statements (usually 6 months) Personal Bank Statements (usually 6 months) might be required Most recent Filed Accounts VAT returns for the last 5 quarters Trading accounts for the last 3 years Credit details of the directors Business plan

Still have questions?

We are happy to have a chat with you over the phone and answer any questions you may have, please call us on 020 3086 8030 or email us at info@sardison.com.

How long does it take to organise an unsecured business loan?

This depends on a number of factors, but the shortest possible time would be same day funding and the longest period could be upto 6 months for complicated deals. On average, we find that successful funding tends to take around 2 - 4 weeks for unsecured business loans.

Can you help me get a Business loan?

Yes, please click here.

Can you help me get a Invoice Finance?

Yes, please click here.

Can you help me get Asset Finance?

Yes, please click here.

Can you help me get Growth Capital?

Yes, please click here.

What business finance do you provide?

We have a selection of business finance solutions available. Please click here to view.

What can I use a business loan for?

Common uses include:

• Buying new equipment/machinery/stock
• Meeting costs involved in expansion
• Paying bills
• Paying off other debts
• Investing in premises/staff
• Regulating cashflow

How much equity is required from the developer?

Typically, we would expect a minimum equity contribution of 20% of the total project costs except where we also procure equity participation in which case equity contribution can be as low as 5%.

What type of projects do you consider?

Multi-unit residential, PRS, mixed-use, student accommodation, care home, healthcare, commercial and hotel are all considered.

Is bridging finance available?

We are able to provide short-term bridging finance where there is a defined exit possibility at the end of a bridge. For example, a developer has a site on which he is improving the existing planning permission and will develop the site once the enhanced permission is achieved. Hambros would consider providing a first charge facility for the bridge period, reverting to a second-charge mezzanine facility once the development begins and the senior funding has been arranged.

What property finance do you provide?

We have a selection of property finance solutions available. Please click here to view.

What is the minimum purchase price?

There is not really a minimum as we have over 200 lenders on our panel. But most will start lending from 25k.

What is the interest rate I might get?

Ther are great rates available on the market from 1.79% up to 7.9%. We will get you the best deal.

Is this a fixed rate and for how long?

You will be able to choose if you wanty a fixed or variable rate, but most tend to go for fixed rates.

What is the loan to value (LTV) I can get?

LTV can go up to 70% on average, but can also go up to 75% or 80%.

Is there a early redemption penalty? and what is the percentage?

This depends on the lender and the product you go for.

What security will I need to provie to the lender?

Property types which are suitable as security for the lender include residential, semi commercial and commercial property. The lender will normally require a legal charge over the property that the finance is being raised for. Lenders will consider additional security where required in support of the loan - this means that you may be able to borrow up to 100% of the purchase price of the property.

How much do you think I can borrow?

Dependent on the type of property being purchased, but as a guide, you can borrow up to 90% of the purchase price or valuation for residential properties, and up to 80% for commercial properties.

What deposit will I need for a commercial mortgage?

One of the main things to consider is how much deposit is required in order to secure your new property. You'll often find that the deposit required varies between residential properties and businesses. Don't be put off by this, there are some great reasons for buying, rather than renting a business premises. Stability is a key factor, along with the certainty of being in control of your monthly repayments. This means that you are not vulnerable to any sudden rent increases. A big benefit is if your property increases in value, then your business assets will increase too. It is highly likely that you will be paying a similar amount as you would on rent. Unlike rental properties, once you've settled your mortgage in full, you will own the property. LTV values vary, however you can typically expect the following amounts: Houses of Multiple Occupancy (HMO) - 75% LTV Hotels and Bed and Breakfasts - 70% LTV Holiday lets - 70% LTV Nursing homes - 70% LTV Pubs - 70% LTV Land - 50% LTV Self-build properties - 55% of the end value The LTV's provided are to be taken as a guide, as circumstances will determine the maximum LTV and actual deposit required. Lenders can offer different amounts and will also vary their offerings dependent on the borrowers’ business and financial position.

Can I get a mortgage for a leasehold property?

Yes, but the options are very limited and usually a remaining lease of 99 years will be required on the commercial property. If this is not the case, then additional security maybe required. Some lenders will consider loans on less years but may charge a higher interest rate.

Loan amounts and terms available

Commercial mortgages are usually for amounts in excess of £50,000 and can have terms of between 1 and 30 years. Shorter business finance can be arranged where required. Variable rate loans as well as fixed rate loans are available. Dependent on the lender, they may also quote an interest margin over either Bank of England Base Rate, or Bank LIBOR. Interest rates are not always pre-determined, and some lenders will assess the application on a case-by-case basis to establish a suitable interest rate. Generally speaking, the less risk the lender perceives, and the lower the loan to value (LTV), the better the rate of interest will be. Interest only loan commercial mortgages are also available.

How is the mortgage repayment calculated?

When it comes to repaying, business mortgages work in the same way as residential mortgages. There are a number of factors to be considered, depending on the mortgage you agree to, which include: Interest only or capital & interest Your loan amount The term of your mortgage The agreed interest rate Repayments on your mortgage will be made over the agreed term of your mortgage, which is typically repaid by Direct Debit in monthly instalments. The amount you will repay per month will be calculated based on the loan amount and interest applied. To find out how much your repayments would be, compare business mortgages online. Be sure to keep up repayments on your mortgage, as falling into arrears will put your property at risk, which may be repossessed.

What is a buy to let mortgage?

A buy to let mortgage is a mortgage on a property which you rent out to a tenant rather than live in yourself.

Are buy to let mortgages more expensive than residential mortgages?

Yes. Buy to let mortgages tend to have a higher rate than residential mortgages.

What criteria must I meet to take out a buy to let mortgage?

Along with the general criteria all mortgage lenders require, including having a good credit score and being within the lender's age limits, to take out a buy to let mortgage you'll usually need at least a 25% deposit. A number of lenders will also require you to own your own home (or have a residential mortgage on a property).

How much can I borrow with a buy to let mortgage?

The amount you can borrow will depend largely upon how much you're able to rent the property out for. As such, it's essential that you research the rental market in the area in which you're buying before making a purchase. Lenders will also look at your credit score and your outgoings.

Do I need a larger deposit to take out a buy to let mortgage?

Most mortgage lenders will require a deposit of at least 20% to 30% of the property value to take out a buy to let mortgage.

Do I need to own my home to take out a buy to let mortgage?

While most lenders would want you to have your own home before taking out a buy to let mortgage, it is possible to get a buy-to-let mortgage as a first-time buyer. Your choice of products will be reduced however and you may be deemed a higher risk and have to stump up a higher deposit as a result.

What fees will I pay for a buy to let mortgage?

Just like with residential mortgages, the main fees that apply to buy to let mortgages are booking fees, arrangement fees, valuation fees and legal fees - although not all fees apply to all products. Be warned however that some buy to let mortgages feature a higher arrangement fee than residential mortgages.

What is a rental yield?

The rental yield is the income you make from renting the property out and is presented as a percentage of your property value. For example, if the property costs £100,000 and you rent it out for £10,000 per annum, your rental yield is 10%.

What is a rental coverage requirement?

A rental coverage requirement is the minimum amount of rent you have to be able to achieve each month to obtain a mortgage. It is set as a percentage of the monthly mortgage repayments. Each lender will have their own rental coverage requirements but the industry average is between 125% and 145% meaning you have to be able to secure up to 45% more than your monthly mortgage repayment in rent to get the loan.

What are the benefits of a buy to let mortgage?

If you want to invest in property and can't afford to buy it outright, then a buy to let mortgage is your only option. Rental properties can provide an income and/or grow in value, but it is important to fully research the rental market and be prepared for long term investment.

What potential downsides should I be aware of?

Most mortgage lenders will require a deposit of at least 20% of the property value to take out a buy to let mortgage.

Stamp Duty

Higher tax charges can apply to rental properties, including higher Stamp Duty surcharges than those of residential homes. You should also consider what you will do if you struggle to rent out the property or have a long period with no tenants. When working out your budget be sure to factor in the costs involved with running a property, including letting agent costs, maintenance costs, etc.

How much can I borrow with a bridging loan?

This is all determined by the value of the security so the higher the value of the property the more you can borrow. There are options where you can put down between 20-25% deposit but 100% lending maybe available if you have additional property to secure against. The lenders main concern is how are they going to get their money back and this would normally be by you either re-financing the property in question or selling it to pay them back. The amount you can borrow is not affected by your personal income as you do not have to make any monthly payments. Learn more here

Can I get 100% bridging?

Yes, you can. If there is enough security available then the lenders can even offer you more than 100% of the purchase price of the property you want to buy. The lender would take a charge over both properties or even more if necessary. Learn more about Bridging Finance here.

What are the Bridging rates available?

Rates have come down a lot in the last few years. You can get lower rates depending on your equity or deposit. Some lenders offer bespoke rates and we can play lenders off against each other to get you the best deal. Apply here.

What are the Auction finance rates available?

Bridging is often used to purchase properties at auction either because it is much quicker than a standard mortgage or because the property is unmortgagable. Auction houses often insist on a 28 day exchange which unfortunately can mean that most mortgage options don’t work. Bridging lenders are far more flexible than standard mortgage lenders so properties in disrepair are not usually a problem. Apply for Auction Finance here.

What are my options for Development Finance?

This is a specialist area of financing but Sardison Capital has lots of experience in finding the most suitable options. Every lender is a little different but in general terms you would need to put down about 30% as a deposit on the plot/property purchase but you can get up to 100% of the development costs. If you have another property to use as security then it may be possible to get 100% funding. Lenders usually require the applicant to have experience but sometimes this is not necessary. There can be hidden costs so it is really important to get an independent adviser to find the best deal, for example some lenders have exit fees and sometimes these can be based on the GDV (gross development value) otherwise known as the end value rather than the amount borrowed. Apply for Development Finance here.

Can I get a finance to refurbish a property?

Some lenders can offer finance for light refurbishment deals where less structural work is being carried out, it means that the deal is can often be cheaper than standard property development finance and not as many site visits are required, even when these are required it often doesn’t have to be done by a qualified quantity surveyor meaning that fees are also cheaper. Each case is assessed on its own merits but Sardison Capital can help on the most competitive option for the individual deal. Apply for a Secured Loan here.

Will I get the best property development finance rates?

The rates and costs vary on property development finance between lenders, but are usually dictated by the amount being borrowed, the ratio of funding against future value and the clients experience. Sardison Capital will research the most suitable and competitive option based on your personal circumstances and scenario, they will also highlight all fees and risk areas as some lenders can charge additional fees that the client may not be aware of. Apply for Development Finance here.

What are the rates for development finance?

Sardison Capital can search the market for the best options to suit your personal case. Rates and fees can vary dramatically between lenders. Some of the big banks can offer competitive rates but can be quite restrictive on criteria and lending amounts compared to some of the specialist lenders or challenger banks. Rates can be as low but you need to be aware of all potential fees including exit fees which some lenders charge. Apply for finance here.

I'm not a UK resident, can you help me to raise finance?

Yes, we help clients from all over the world.

I live in Australia, can you help me get finance for our UK investment properties?

Yes, we help clients from all over the world to raise finance to invest in UK properties.

I own a property in the UK outright, can I raise capital from it?

Yes, we can raise up to 75% of the property value.

Can I raise finance for my HMO property if I live overseas?

Yes, we have lots of lenders that lend to non-UK residents.

Can I raise finance for a Semi Commercial property if I live overseas?

Yes, we have lots of lenders that lend to non-UK residents.

Can I raise finance for my Development Project if I live overseas?

Yes, we have lots of lenders that lend to non-UK residents.

Can I raise finance from my property if I live overseas?

Yes, we have lots of lenders that lend to non-UK residents.

I'm a non-UK resident, what LTV am I likely to get?

This depends on a number of factors, but most lenders will offer an LTV between 60% and 70%.

I'm a non-UK resident, what interest rate am I likely to get on a Buy-To-Let Mortgage?

This depends on a number of factors, but as a guide, most lenders will offer a rate between 2.49% to 5.89%.

I'm a non-UK resident, what interest rate am I likely to get on a HMO Mortgage?

This depends on a number of factors, but as a guide, most lenders will offer a rate between 2.49% to 5.89%.

I'm a non-UK resident, what interest rate am I likely to get on a Bridging Loan?

This depends on a number of factors, but as a guide, most lenders will offer a rate between 0.79% to 1.89% per month.

As I'm a non-UK resident, will I have to come to the UK to complete my application for finance with the lender?

No, this is all done thorigh UK and Non-UK solicitors. However, if you was going to be in the Uk for any reason, this could save you some time and money.

I'm a non-UK resident, will I have to pay more?

Not necessarily, it depends on a number of factors. Legal costs may be a bit more and there is a little more risk, so the dela is always priced accordingly. However, we always get our clients the best deal.

Can I raise finance for a Commercial property if I live overseas?

Yes, we have lots of lenders that lend to non-UK residents.

I live in Singapore, can you help me get finance for our UK investment properties?

Yes, we help clients from all over the world to raise finance to invest in UK properties.

Can I raise finance for my Buy-To-Let property if I live overseas?

Yes, we have lots of lenders that lend to non-UK residents.

I live in New Zealand, can you help me get finance for our UK investment properties?

Yes, we help clients from all over the world to raise finance to invest in UK properties.

What documents will I need to provide?

You will have to provide the same documents as if you lived in the UK. Typical documents are: Colour copy of Passport Colour copy of Driving Licence Proof oif address ALIE Schedule of Property Assets Business and/or Personal bank statements Details of the property to be purchased or refinanced The more you provide the better your chances of getting a good deal.

What can I use a loan for?

With some loans, it’s your choice how you use it. But other loans, such as a car loan or a debt consolidation loan, they’re more clearly intended for a specific purpose. The amount you can borrow on a secured loan is usually much larger than an unsecured loan. Popular ways to spend a secured loan include large-scale home improvements, legal purposes, and debt consolidation. Unsecured loans, on the other hand, have a much smaller loan limit and are better suited to smaller value purchases such as essential home improvements and vital car repairs.

Is there a maximum age on taking out a loan?

Not really. Well, there’s no official maximum age limit. You do, however, always need to be over 18 years old. Each lender has their own set of criteria which have different upper and lower age limits, so it’s worth shopping around to find one that suits you. The fact is, what most lenders will look at is your credit report. That is why it is important to check it yourself and report any inaccuracies.

Can I pay off a loan early?

Yes, if you can afford to, you can pay off a loan earlier. The benefit of this is that it can help save you money in interest repayments in the long run. However, what might come as a surprise it that paying off a loan earlier than expected may mean you have to pay an early repayment charge (or something similar). How much this charge is, and how it works varies from lender to lender, but you might find it’s approximately the equivalent to one or two months’ loan interest. So it’s definitely best to check with the individual loan company before you pay off the loan entirely.