Frequently asked questions

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Personal loan FAQs

To ensure we’re not lending you more than you can afford, we base the amount you can borrow on your income, allowing you to apply for up to twice your monthly earnings. The minimum we can lend is £1,000 and the maximum is £5,000.

When calculating your monthly income, we can include earnings from employment, self-employment, pensions, and rental income. If your sole source of income is benefits, unfortunately, we wouldn’t be able to lend to you. You need to be earning at least £1,300 a month.

To apply you will need to be: –

– Aged between 21 and 75 (at the term of the loan)
– Live and work in the UK
– Earn over £1,300 per month
– Be able to login online to your bank account your income is paid into

Before you apply, please make sure that the loan is affordable for you and will not negatively impact your financial situation. For us to be able to lend to you, you must first pass a thorough creditworthiness and affordability assessment.

Our Annual Percentage Rate (APR) ranges from 23.6% to 92.4%, determined by factors such as your credit score, loan amount, and chosen repayment term. The rate presented to you will be tailored to reflect your specific financial situation.

We make loan pay outs regularly throughout the day so you should receive the funds in your bank within a few hours of your application being approved. This time can vary depending on your bank, but should never be more than 24 business hours.

Open Banking is a secure method of sharing your financial information. It’s the digital equivalent of giving us your printed bank statement. It is completely safe and won’t affect your credit rating in any way. We only have access to the last 90-days, we can’t see any transactions beyond your application date. While this service is now widely adopted by UK banks, we understand it might be a new concept for some. If you have any questions, feel free to call a member of our team on 01202 122699.

As part of our application process, we will carry out an initial ‘Soft credit check’. This entails a quick and non-impactful examination of your credit report. Only you can see these soft inquiries.

Should your loan application be successful and your loan paid out, we would report a ‘Hard credit check’ and the issuing of the loan to the Credit Reference Agencies. A hard enquiry will appear on your credit file and can lower your credit score, though it is one of the less influential credit score factors. Repaying your loan on time will benefit both your credit rating and the financial options available to you in the future.

We would always recommend customers complete their own research into the difference between a soft and hard enquiry and only apply for a loan if they’re happy with any potential impact these searches can have.

As a responsible lender, if we believe that taking out our loan is going to cause you any financial hardship or distress then we will make the decision to decline your application.

Declining an application is never an easy decision and the only reason we do this is if we believe it is the right thing to do for you.

Below are some of the factors that influence our lending decisions. It’s important to note that the list is to give you an idea of the type of reasons we decline customers. The exact reason your application was declined may not be listed:-

• Could taking out our loan leave a customer in a worse financial position?
• Could new credit taken from other providers mean a customer is over committed?
• Are repayments to existing debts leaving a customer short of disposable income?
• Is there a reliance on overdraft facilities?
• Is there gambling or high-risk trading?
• Are there returned direct debits in recent months?

Your monthly repayment will be paid via Direct Debit using the account details you provide during your application. We will also securely capture debit card details as a back-up payment method.

Yes. You can settle your loan at any time by contacting us for a final settlement figure and paying off the amount you owe. You can also make part payments at any time in the same way. There are no early settlement fees.

You can contact us to settle by phone on 01202 138850, by email at [email protected], or by text at 07984 352847.

Each customer is only able to have one loan at a time. If you’re looking to borrow more than the original amount we lent you, you would need to settle your existing loan in full first. If you’re wanting to borrow more because you’re having trouble managing your payments, it’s important you contact our support team using one of the methods below.

Call: 01202 138850

Email: [email protected]

SMS: 07984 352847

We understand that circumstances can change, so we’ll do everything we can to support you if the time comes. If you’re ever in difficulty, you just need to reach out and let us know. Ignoring the problem will only make the matter worse. Just contact us using one of the methods below.

Call: 01202 138850

Email: [email protected]

SMS: 07984 352847

You can also always seek independent and impartial advice from a free organisation such as StepChange or MoneyHelper.

StepChange: 0800 138 1111 (www.stepchange.org)

MoneyHelper: 0800 138 7777 (www.moneyhelper.org.uk/debt-advice-locator)

If you can’t find the answer to your question, contact our friendly team who will be happy to help.