Frequently Asked Questions

 

Here's our full FAQ:

 


FAQPayDayLoans What type of loans are available and how do they differ?
FAQPayDayLoans What can the loan be used for?
FAQPayDayLoans What amount can I borrow?
FAQPayDayLoans What is the criteria for applying for loan?
FAQPayDayLoans What is the process involved in applying for a loan?
FAQPayDayLoans How much will the loan cost?
FAQPayDayLoans If I have a poor credit history, can I still get a loan?
FAQPayDayLoans Does it matter if I am not a homeowner?
FAQPayDayLoans What if I don't have a debit card?
FAQPayDayLoans Do you accept any nationality of applicant?
FAQPayDayLoans Will you contact my employer?
FAQPayDayLoans Can I get a loan if I am self-employed?
FAQPayDayLoans Can I get a loan if I'm part-time employed?
FAQPayDayLoans What if I don't have payslips?
FAQPayDayLoans What if I have lost my bank statements / don't have bank statements?
FAQPayDayLoans What if I?ve just moved house and don't yet have a bill in my name?
FAQPayDayLoans Can I be accepted for a loan if I am in overdraft?
FAQPayDayLoans Can I be approved for a loan if I am not employed but receive regular tax credits, benefits or other income?
FAQPayDayLoans How is the loan received?
FAQPayDayLoans Is money transferred on a Saturday?
FAQPayDayLoans How are repayments made?
FAQPayDayLoans What if I don't want to borrow as much money as I'm approved for?
FAQPayDayLoans What if I want the loan for a longer period of time?
FAQPayDayLoans Do you require copies or originals of documents when applying manually?
FAQPayDayLoans Any other queries?

FAQs - answers to all your questions...

 

What types of loans are available and how do they differ?

We can arrange unsecured loans for tenants and homeowners, secured loans and remortgages for homeowners.

An unsecured loan is a loan that is provided without any security and is therefore ideal for tenants, private or council and those living with friends or family or anyone that does not own property they can offer as security. Interest payments on unsecured loans is generally higher than secured loans because the risk to the lender is greater.

 

A secured loan is one that is secured against property. As long as there is enough equity (the amount of money left after any mortgage or other loans charged against the property would be paid off) then you should be able to obtain a secured loan. As the lender has some collateral the interest payments on a secured loan are generally lower than with an unsecured loan.

A remortgage is where you raise money to pay off your existing mortgage lender and you receive the balance. A remortgage is usually the cheaper option as lenders offer better rates to new customers than to existing.

 

What can the loan be used for?

Anything you want! Generally speaking most loans available today are offered for virtually any purpose.

 

What amount can I borrow?

Usually between £500 - £30,000 unsecured, up to £250,000 secured or up to 80% of your property value for a remortgage.

 

What is the criteria for a loan?

General criteria (not exhaustive)

1) To be over 18 years old
2) To be a UK resident
3) To be in receipt of a regular income
4) To have sufficient equity in your property (for secured loans & remortgages)

 

What is the process involved in applying for a loan?

For most loan types this is the usual (abridged) procedure:

You complete the initial online application form, your details are then assessed and matched with the most suitable loan providers according to your circumstances and then you are informed of your options. When you have decided which plan to proceed with the agreement is sent out to you for signing. Once you return the signed agreement along with any documents requested completion of the loan is arranged and the money is transferred to your bank account.

 

How much does a loan cost?

We do not charge any fees to you for our services. If a broker arranges your loan they may charge a fee which is normally added to the loan amount.

 

Interest payments vary depending on loan type.. ie. remortgage , secured loan, unsecured loan. When you make an application you will be presented on the typical APR for the type of loan you have applied for.

 

If I have a poor credit history, can I still get a loan?

Yes ? even though credit checks may be carried (where permitted) lenders will still loan to customers with adverse credit history and with CCJs. They just need to be sure you can pay the loan back.

 

Does it matter if I am not a homeowner?

No ? it does not matter what your housing status is, loans are availble for to anyone with a permanent UK address.

 

What if I don't have a debit card?

Debit cards are not a requirement for taking out a loan. Most lenders offer better rates if you have a bank account that regular payments can be set up from.

 

Do you accept any nationality of applicant?

Some lenders will ? as long as you are living and working in the UK and your address documents and payslips prove as much. Some lenders however will only lend to UK nationals.

 

Will you contact my employer?

Lenders operate a strict confidentiality policy. They will not pass on customers? personal information to any third party without their prior agreement, or unless they are required to by law.

 

Can I get a loan if I am self-employed?

Yes ? as long as you have income going into a bank account or other proof of income.

You may be asked to provide certain other documentation.

Can I get a loan if I'm part-time employed?

Yes, this is possible, as long as you are deemed to have sufficient income to be able to pay off a loan.

 

What if I have lost my payslips / don't have payslips?

Some lenders do not require payslips and those that do may accept a letter from your employer, on letter headed paper, confirming that you are employed at the company, the amount you earn, and the bank account your wages will be paid into. (This letter does not need to be addressed or sent to a lender direct.)

 

What if I have lost my bank statements / don't have bank statements?

Not all lenders require bank statements. Some lenders may need to see bank statements in order to approve you for a loan. If you have bad credit the lender will not be relying on a credit check so the approval will be based on the incomings and outgoings in your bank account, in order to assess whether you will be able to repay the loan bank statements may be required by the lender. Therefore, if statements are requested and you don't have any, you would have to either print off bank statements from Internet banking or request reprints of the last 2 bank stamens from your bank branch.

 

What if I?ve just moved house and don't yet have a bill in my name?

If you are a tenant, you can provide a tenancy agreement, instead of a utility bill. If you are a homeowner, you can provide any mortgage or insurance documents detailing your new address.

 

Can I be accepted for a loan if I am in overdraft?

Yes ? this does not normally cause any problems for lenders. However, as most loans are paid into a bank account you will need to take into account the overdraft amount for your cleared/available balance.

 

Can I be approved for a loan if I am not employed but receive regular tax credits, benefits or other income?

Some lenders will accept people who are not in regular employment however, rates are generally higher for this type of loan ans some brokers may charge a small up front fee. We do not recommend this type of loan.

 

How is the loan received?

On completion of the loan or remortgage it is usually transferred directly into your bank account by same day priority payment (CHAPS). This means the money should be available the sameday or next working day. Sometimes payments are made by BACS in which case this can take 3-4 working days before the money is available in your account.

 

Is money transferred on a Saturday?

No - bank transfers do not clear on week-end days. If a customer?s loan completes after 14:30 on Friday or over the week-end, the money will clear in your account between 15:00 and 18:00 on the following Monday.

 

How are repayments made?

Usually by direct debit, bank transfer, debit card or cheque.Direct debit is usually the easiest and some lenders offer a small discount if you use this method.

 

What if I want to borrow more than is offered?

Lenders will only lend what they deem you can afford to pay back. When you are provisionally approved for a loan, this provisional loan value is sometimes subject to decrease or increase depending on the lenders final criteria.

 

What if I don't want to borrow as much money as I'm approved for?

If you are approved for more money than you want, you can choose to receive less than your full available balance. So, for example, if you are approved for 6000, you can elect to only borrow 300, if this is all you need.

 

What if I want the loan for a longer period of time?

Until you have signed an agreement you may be able to change the repayment period, however, once you have signed the agreement most lenders will not allow you to change the period.

 

Do you require copies or originals of documents when applying manually?

In most cases copies are acceptable. In some cases the lender may require/accept originals, take copies and return them to you. However, in most cases the recipient cannot accept responsibility for any original documents sent.

 

Any other queries?

Please email us with any other enquiries you may have.