As a borrower, what are the risks?
You will have to make sure that you can afford to repay the loan you are taking. Since we refinance your debts without increasing your debt exposure, we generally offer you a loan with repayments at the same level or lower than what you currently pay. By doing this you should be able to afford your loan payments.
Since we offer refinancing loans, you are expected to repay the debts you have listed. Not doing so could affect your ability to afford the loan you are taking. As a borrower, you should be aware that taking on additional debt can negatively impact your ability to repay your debt.
As a borrower, not making repayments on time will negatively impact your credit score and might affect you ability to obtain loans in the future.
For more information regarding risks, please visit our FAQs.
If you have missed or are having difficulty with repayments
If you are struggling to keep up with your monthly loan repayments, or anticipate you will miss a payment in the near future the most important thing to do is contact us straight away explaining your situation. We can then try and find a solution that suits us both.
We cannot provide financial advice, however there are a number of organisations that can help if you are having financial difficulties. The following organisations provide this service free of charge:
StepChange Debt Charity: www.stepchange.org or 0800 138 1111
Citizens Advice Bureau: www.citizensadvise.org.uk
Money Advice Service: www.moneyadviceservice.org.uk or 0300 500 5000
Fees – our process
We charge a one-off administrative fee when setting up your loan.
We will also collect a monthly borrowing fee with your repayments, to cover our services.
We also charge a late payment fee for missed payments.
We aim to remain fair
We don’t charge any fees if you make overpayments on your loan, or settle your loan early.
Minimum borrower requirements
There are five things we’ll need to see, when you apply.
*No CCJs, defaults, IVAs, DROs in the last 6 years