Frequently Asked Questions
Can I still get a loan even if my recent financial history is poor?
You will still be able to get a loan with us.
- We have a wide range of specialist lenders who offer a range of available products, even if you have a low score.
- The products we offer require you to find someone to guarantee your repayments; they become your backer and our lenders look at their file rather than yours.
- Our products are significantly cheaper than many of the current available options. To find out how much you can afford to borrow, go to our Loan Calculator
Under what circumstances will my application be accepted?
Quite simply, as long as you can meet our lenders criteria you will be eligible for a number of poor credit loans:
- Eligibility criteria No 1 is that your credit score does not matter!
- There is lender criteria that you need to meet, such as being over 18, having UK residency / bank account & debit card, plus not being in an IVA, Trust Deed or Bankrupt
- You also need a friend, colleague or family member; to be your guarantor.
How much can I borrow and what can I use the money for?
(1) £50 to £750 for typically up to 30 days and
(2) £750 to £10,000 from 1 year to 5 years
- To specifically find out how much our lenders will lend you will need to apply and you will be send a number of offers.
- In terms of what the money can be used for, whilst we do encourage people to only borrow for absolute necessities, in reality as long as you meet the lending criteria you will be able to borrow the funds for any purpose.
Are you just another expensive type of payday-loan?
- Payday finance are extremely expensive, with APR’s as high as 5,000% APR!
- Our lenders products are typically APR 49.4% for loans up to £10,000 and 630% for loans below £750
- Our poor credit are much more affordable and better value than payday loans
How do I find someone to guarantee my borrowing?
There are lots of people who could be your guarantor and back your application. Friends, family members, work colleges, plus anyone else whom you have a relationship with, someone who trusts you.
- They will need to have a clean (or very marginally imperfect) credit rating plus meet the criteria
- Remember that it is you who will be paying the money back, all they are doing is providing the lender another way of getting paid just in case you were to default on the payments
- Step one we recommend making a list of all the people whom you think could be suitable guarantors
- Then prepare well so you can answer all their potential questions before they ask them
- Why do you need the money, how much will you be borrowing and for how long?
- Can you afford your repayment?
How can I make someone comfortable about being my guarantor?
Before asking someone to guarantee you loan we recommend preparing for all the questions that they may ask you:
- How much you will be borrowing and why you are borrowing the money?
People will just need to be comfortable that you are borrowing the money for the right reasons
- How much your repayments will be and over how long?
Not only do you need to be very comfortable with your repayments; but the person guaranteeing you loan needs know that you can afford the financial commitment. If necessary you may need to be quite open with them, just to make them confident that you will and can repay the money.
To find out how much the repayments when borrowing differing amounts over different periods of time please see out Calculator.
What are the fees and charges?
Make an application is absolutely free and there is no obligation once you have received a number of offers.
- To find out the costs use our calculator as this will give you the approximate costs over all our lenders
- Though to get the exact and most up to date fees and interest rates apply and you will be send a number of offers from our lenders
- There are no early repayment charges
Can I pay off the loan early or make lump sum payment so it’s paid off quicker?
You can both pay of the balance early and make lump sum payments so it is paid off quicker:
- All interest is calculated on a daily basis, so as soon as you make extra payments your interest charges will reduce
- Also if you want to pay the balance off completely, you are able to at any time and you will not be penalised for this.