Can I change my mind about the loan, once I have applied?
You are entitled to cancel your application at any time during the application process by sending an e-mail or by phoning our office. Once you have received your cheque(s), you may still cancel the loan if none of the cheques have been banked and the loan is less than a month old.
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Are there any up front fees or set up costs?
As with most mortgages and secured loans there are costs associated with getting your loan started. Rather than increasing the interest rate throughout the term of your loan we prefer to include a one off fee. For example, we may require a reference from your mortgage lender or a valuation of your home, but these will be arranged and paid for by Paragon. Any fees will be clearly shown on your Credit Agreement.
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Can I repay the loan early?
All loans from Paragon can be settled at any point during the term of the loan. However, you should not use long term loans as bridging loans or for short term needs. You will not (unless the loan has only a few months to run) be required to pay all of the interest due over the remaining term of the agreement.

The redemption figure for your loan will be calculated in accordance with regulations made under the Consumer Credit Act 1974 and the Consumer Credit (Early Settlement) Regulations 2004. Remember that the rule calculates a rebate on the total charge you would have paid over the full lifetime of the loan.
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Can I make lump sum repayments towards my loan?
Unfortunately, unless there are exceptional circumstances, we are unable to accept lump sum repayments to your loan account.
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Can I borrow more later on?
Paragon are always happy to consider applications for further credit. Any application will be underwritten in the usual way however we can often use some of the information already provided to us making the process faster and easier.
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Can I extend the term of my loan?
Although we can't extend the term of your loan, we usually find that customers who wish to do this also have other debts that are adding up. In these instances we can offer a new loan to consolidate everything into one monthly payment and this can be spread over a longer term.
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What happens if I move house?
We are happy to consider moving your loan to a new property but it is important that you speak to us about this as soon as possible. You must be the owner of the new property and there must be sufficient equity to secure our loan. We have a dedicated team who will help you with your enquiry.
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What happens if I want to change my mortgage lender?
As your loan will be secured on your property it is important that you speak to us if you are considering remortgaging with a different lender or borrowing more money on your existing mortgage. We have a dedicated team who will help you with your enquiry.
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What will happen if I lose my job or suffer a long term illness?
We offer a range of payment protection options that will make your monthly loan repayments should you be unable to. Please refer to the Safe Payment Protection section for further details.
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If I borrow for consolidation, how will my other commitments be cleared?
To make life as simple as possible, we will make cheques payable to your other creditors and send them to you along with any balance made payable to you. This means you can forward the cheques together with the correct payment slips and keep control of the process.
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I bought my property from my Local Authority/Council, am I eligible for a loan?
Yes, we can still offer you a loan, although some of our terms may be restricted.
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Generally, how long does it take to process my application and release funds?
Your application can be completed in around 14 - 21 days. This includes a consideration period, required by the Consumer Credit Act, to allow you time to read the documentation and be sure that you wish to proceed.
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How will I receive my money?
Once the loan has been agreed, your cheque(s) will be despatched to your home address by 1st Class Post. Alternatively, your funds can be transferred directly into your bank account for a fee of £25.
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I am self-employed, is there a maximum I am allowed to borrow?
Provided you have a clean credit history, we are prepared to lend up to a maximum of £75,000 for self-employed persons. If you choose to protect your loan with Payment Protection in place of redundancy cover you will receive double your monthly payment should you be unable to work due to accident or sickness.
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Will I be considered, even with an imperfect credit history?
We can disregard small County Court Judgements and with the exception of self-employed persons, applications will be considered with a maximum of one County Court Judgement or payment default and one month's mortgage arrears.
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As an existing Paragon customer, can I borrow more?
Paragon are always happy to consider applications for further advances from existing customers. Any application will be underwritten in the usual way however as we already hold most of the information required the process is usually faster and easier than dealing with new customers.
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