FREQUENTLY ASKED QUESTIONS

What is a Personal Loan?

A personal loan is an unsecured loan. It is a small borrowing of a fixed amount, usually between £1,000 and £25,000, which is set at a fixed interest rate across a fixed term.

Who can apply for a Personal Loan?

Anyone who meets the below criteria can apply:

  • Aged between 21-75
  • A UK resident for a minimum of 3 years
  • Minimum annual income of £15,000
  • Have a UK Personal Bank Account

How much can I borrow?

You can borrow between £1,000 - £25,000 in multiples of £1,000.

Do I have to be a home owner to apply for a loan?

No, the personal loan product is also available to private tenants over the age of 21.

How quickly can I get a decision?

In most cases you could get a decision immediately after you have submitted your application. However in some cases we may need further information from you before we can give you a decision.

What happens after I have a decision?

After you get a decision you will have the choice whether or not to accept it. You have 30 days to decide. Once you accept the decision you will be sent your e-signature pack to review and sign your loan documents.

What is e-signature?

E-signature is a way to sign your loan documents online – no need to post. 

How soon will I get my money?

If your loan application is successful, funds will be transferred into your account within 3 working days after we receive your signed loan documents.

What if I do not have an email address?

If you do not have an email address or would not like to correspond by email we can send you the pack in the post.

How is my interest rate calculated?

Interest is calculated daily but applied monthly.

What does Representative APR mean?

The “Representative APR” is the rate that most of our customers applying as a result of an advertisement are likely to receive. It's a way to compare the interest rates for different providers. Actual rates may vary depending on personal circumstances and we'll let you know your personal loan rate during the application process.

Do my payments change with the change in the Bank of England rates?

No, your loan is a fixed monthly repayment, which means that the interest rate is fixed for the term of your loan and your monthly repayments will not change.

Can I repay my loan early?

You can repay all or part of the outstanding balance of your loan at any time. If you wish to repay all or part of the outstanding balance you should contact us at P O Box 852, NEWPORT NP20 9LJ or alternatively by telephone on 0345 650 6290. We will provide you with a settlement quotation, which will tell you the amount that you have to pay.

Is there an early repayment charge?

Yes, there is an early repayment charge. The early repayment charge will include 28 days’ notice and an additional 30 days interest that we are entitled to charge.

How do you assess what rate to charge me?

When you apply to borrow money, we will use a credit score to help make a decision on whether to lend the money or not. When you apply to borrow from us, your score will be based on information from credit reference agencies. With a good credit history and payment record you're likely to be given a good credit score. If you've had many credit cards and loans, have missed payments and made lots of lending applications you may get a lower score. A low score may mean you're lent less money, given a higher interest rate or your application is turned down.

Why have I been declined?

There could be a number of reasons why you have been declined as each decision is based on your personal circumstances and by reference to a credit reference agency. The most common reasons for a decline decision are:

  • Information from Credit reference agencies
  • Your credit score
  • Our internal policy rules

Which Credit Reference Agencies do you use?

We use Equifax and Callcredit as our reference agencies. Their details are as below

Equifax Limited
www.equifax.co.uk
0800 014 2955
0333 321 4043

Callcredit Ltd
www.callcredit.co.uk
0870 060 1414

How does getting a quote from you not affect my Credit rating?

We use a “Soft Credit Search”, also known as a “Quotation search” to take a look at an individual’s credit report without leaving any footprints visible to other lenders when they look at your credit report (however you can still see them).

With soft search, we will let you know whether we are likely to approve you for a loan without leaving a mark on your credit score.

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