Nemo Loans
- Typical APR: 11.4%
- Min: £7,000
- Max: 85% Loan-to-Value
- Term: 3 - 25 Years
- Bad Credit: No
Summary
Nemo Personal Finance is a financial group that is based in the UK. They are part of the Principality Building Society Group and are located in Cardiff, Wales. Nemo was built in 2005 and is led by Managing Directors Phil Jones and Sam Marshall. The company provides secured loans for homeowners in the UK who already have an existing mortgage.
When Nemo first began they were a company of only 30 employees, but they have since grown to over 100 employees. It has a network of 100 brokers that are located all throughout the UK. Their company motto is “We believe in simple and straightforward communication” and this simple approach is how they are committed to handling their clients. This philosophy is what has led to explosive growth from the onset of the company.
Practices
Nemo Personal Finance group believes in keeping things simple. The company keeps all procedures for applying for a loan as forthright as possible, and they assign a personal loan officer to each client applying for a loan so the process will not be a struggle. In addition, someone from the company will call you at each stage of the application process in order to let you know how everything is progressing, and their representative will inform you if you need to submit any supplemental documentation.
The company prides itself on viewing every client as an individual. Nemo takes your individual circumstance and offers a loan that will suit your specific needs. The company also pays for any valuation of your property if required, as well as for any correspondence that may be necessary from third parties.
Services
Nemo Personal Finance group provides secured homeowner loans in the UK. A loan against your home can be a fantastic option for you for many reasons. For instance, you can lower your monthly mortgage payments by spreading the repayment out for a longer term. You can also use the loan for that big home improvement project that you need to finance. If you have a lot of credit cards, store charge cards, or personal loans that you need to consolidate, you can use a secured loan for those things as well.
The company takes affordability into consideration when they are assessing the value of your property. It believes in responsible lending, and they look at your personal income situation in order to make sure that the loan they provide will be affordable for you throughout the lifetime of repayment.
Nemo Personal Finance also believes in giving back to the community. The company’s employees vote for an annual charity that they will support each year. The charity of choice for 2011 is the Juvenile Diabetes Research Foundation. In 2010, the company supported the Wales Air Ambulance charity, and raised over £3,000 for them alone. The company has risen over £18,000 for several charities that they have chosen to provide for since the company began.
Clients and Customers
Nemo provides loans for ordinary people. As long as you own a home and have a job, then you have an opportunity to take out a loan with them. If you are married, then you and your spouse must be joint borrowers on the loan. You can take out a secured loan with Nemo as long as your property is worth at least £80,000. You must be employed and at least 21 years of age to qualify for a loan.
However, if you are self-employed, you must be at least 25 years old. In addition, in order to qualify for a loan you must be younger than 60 years old at the time of application and no more than 70 years old by the time your loan is set to expire. The company also has a network of over 100 leading brokers throughout the UK.
Interest Rates
The interest rates that apply are the “standard variable rate.” This means that Nemo can change your interest rate at any time based on market fluctuations. If you apply for a loan with the company, you may qualify for a lower rate if market conditions are favorable.
The interest rate on your statements may differ from the APR that you agreed upon when you signed for the loan. This may be the case for several reasons. One reason may be that you paid a broker fee at the time of the signing for the loan. When your APR is formulated, it takes into account the total cost of the loan and not just the interest rate. Therefore, the interest rate that appears on your statement is the current rate you are charged, and is usually lower than the APR.
Nemo is a great company to consider if you are thinking about a homeowner loan. Their belief in fair business practices and transparency in lending is a refreshing change from subprime companies that refuse to disclose the terms of your loan. Fill out a free quote to find out if you qualify for a loan and get the money you need to take care of important things in your life sooner rather than later.
