Taking out a loan questions

[P675]

Hi all,

I've never had a loan before, I want to take one out for home improvements.

When I'm applying for one online, with say HSBC, is there going to be a choice about when I receive the money, and when I have to start paying it back? I'd like to know I'll have the money ready when the work starts, but I don't want to make a repayment too soon either.

When I've got credit cards in the past I thought I was 'applying' and then the next click tells you it's in the post without even telling you what the limit will be.

Thanks.

[skyebear]

The lender should issue you the loan offer with all terms and you'll be asked to either return paperwork or sign Docusign or similar to accept the offer.

Looking at paperwork from a loan I took last year I had 30 days in which to sign and return the agreement. The lender would then transfer funds within 2 hours of confirming all was in order.

Edited by skyebear on Tuesday 24th September 14:44

[WelshRich]

Some lenders allow you to choose a repayment date each month but with others it is fixed - If you’re keen to have the repayments go out just after you’ve been paid, it might be worth waiting until that time of the month to take out the loan in case you’re not able to move the repayment date later…