Frequently Asked Questions
How can you offer me a loan when others won’t?
This is because our lenders do not make their decisions on your suitability based on your financial record but rather that of a guarantor; someone who is named on the application who is prepared to back your loan and, in the worst case scenario, make payments and clear the debt on your behalf.
As long as you have not been declared bankrupt or are subject to an IVA or Trust Deed we should be able to help.
Who should I ask to be my guarantor?
The person you ask could be a friend, colleague or family member who will need to be:
- At least 18 but no more than 75 years old for the duration of the loan.
- A UK resident.
- Not financially dependent on the applicant so not a spouse.
- Either a UK tenant or homeowner depending on the lender’s criteria.
- In possession of a good credit history.
It is very important that whoever you ask understands the implications of backing your loan and that they may, in certain circumstances, end up liable for the repayments and even clearing the debt completely.
How much can I borrow?
Our lenders can provide loans from very small amounts to see you though a difficult time right up to £10,000 that might be needed for a new car or home improvements. You can find out more about how much you can borrow and what you will need to pay back by using our loan calculator.
It is important that you never borrow more than you need because it will end up costing you more in the long term, you are better to take out a second loan once the original is paid off if you require more funds.
Can I use the money to consolidate other loans?
Yes, you can. There are no restrictions about how you spend the money although, as with all loans, we would advise you to think very carefully about how much you need to borrow and what you need it for.
If you have taken out an expensive payday loan that has subsequently spiralled out of control due to missing a couple of payments you might find that you are better off taking out a loan with one of our lenders in order to pay it off. The APR we can offer is very competitive in the small loans market but always check the figures extremely carefully.
What happens if I can’t afford the repayments?
All our lenders are very careful to ensure at the application stage that the loan repayments are affordable. However, they also understand that sometimes circumstances change for reasons outside our control. In the first instance it is very important that you notify them immediately when you think you are going to struggle with the repayments. They will then work with you to come up with an alternative repayment plan to make sure you don’t fall too far behind.
If this is not possible it will be down to your guarantor to make the repayments on your behalf and this is why it is extremely important that you keep them informed of any changes straight away.
I’d love to borrow more money, will this be possible in the future?
Yes! It will if you make you repayments on time and clear the loan in full as agreed. As you are making your payments throughout the course of the loan the companies will report back to the major credit agencies so your credit rating will actually improve over the term of the borrowing. This means that you will find it easier to take out a conventional loan or increase your borrowing when the time comes.
The most important thing is that repayments are made on time and the loan is cleared in the agreed term.
Is it possible to pay the loan back early?
Yes, it is. If you come into an unexpected sum of money you might choose to pay either a lump sum off or, if it’s enough, clear the debt entirely.
Interest is calculated on a daily basis so any lump sum will immediately reduce your loan repayments, allowing you to overpay in future months and clear the debt even faster.
I need the money quite quickly, how soon can I have it?
Smaller loans of between £100 and £500 are usually available within a couple of hours of your loan application being approved. Larger sums of up to £10,000 will take around 24 hours to be cleared depending on when your application was received.