GENERAL
> What is a personal loan?
> Can anybody apply for finance?
> How much can I borrow?
> Are there any conditions on how much I can borrow?
> What can I borrow for?
> What are your repayment terms?
> What will a loan cost me?
> Are your rates competitive?
> I have a poor credit history, can you help?
> Can you help me reduce my monthly outgoings?
> Who can I speak to for more information?
APPLYING
> How do I apply?
> What happens to my application?
> When I apply for finance what checks do you make?
> When will I receive a response to my application?
> Once approved, when will I receive the money?
> How are the funds transferred?
> Can I receive the funds sooner?
REPAYING THE FINANCE
> How are repayments made?
> Will my monthly repayment amount ever change?
> When is my first payment due?
> Can I choose a repayment date?
> Can I change my repayment date?
> Can I repay my loan early?
> What happens if I miss or am late with a repayment?
> What happens if an incorrect payment is made by my bank?
GENERAL
What is a personal loan?
A personal loan is a way of borrowing money from a bank or building society or some other financial services provider. Typically you receive a lump sum and agree to pay back the loan over a fixed period with agreed monthly payments. Back to top
Can anybody apply for finance?
Any Channel Island resident aged between 18 and 65 years can apply for finance. Back to top
How much can I borrow?
The minimum you can borrow is £1,000; there is no limit to the amount you can borrow although it is subject to status and security available. Contact Us at the Jersey or Guernsey office for a free no-obligation quote.
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Are there any conditions on how much I can borrow?
Every application is unique, so we will look at your current financial status on its own merits, there are no fixed rules regarding how much an individual can borrow. Depending on the value of the loan required, we may ask for additional security in the form of Guarantor, or if you own your own Freehold property; a first or second charge on a property
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What can I borrow for?
How you choose to spend your personal loan is up to you. Use it to buy a new car, make home improvements, repay outstanding debts on credit cards that have high rates of interest, or even purchase a fleet of vehicles for your business – it’s entirely up to you. The only limit is your imagination!
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What are your repayment terms?
You can choose any monthly term from 6 to 60 months.
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What will a loan cost me?
You will have to pay interest at a fixed rate on the amount you borrow and are spread throughout the term of the loan and the repayment of the amount borrowed are added together and then divided into equal monthly payments. Back to top
Are your rates competitive?
Yes! We’re a local, independent finance house, so we can be extremely flexible where rates are concerned. Most lenders will compete, so shop around to make sure you get the best rate. Ask for the flat rate as it makes comparing quotes easier. Back to top
I have a poor credit history, can you help?
We understand that it is easy to get into financial difficulty and we don’t discriminate against people who have experienced problems in the past. We may ask for a Guarantor to guarantee your finance agreement or seek alternative forms of security, in the form of a first or second charge on a property. Back to top
Can you help me reduce my monthly outgoings?
If you’re repaying debts to several lenders and credit or store cards then you may be paying more than you need to. We can combine all your outstanding debts including any regular monthly bills and transform them into one loan where you pay just one monthly repayment each month. Rather than paying several varying rates of interest to different lenders, you could pay just one lower rate of interest to a lender that’s local – contact us for more information. Back to top
Who can I speak to for more information?
To speak to one of our helpful team simply click on contact us for further details. Lines are open Monday to Friday 09:00 to 17:00 and Saturday from 09:00 to 13:00 (Jersey office only). If you are an existing customer and would like to talk about a current agreement, please have your agreement number handy, as it will help us deal with your enquiry more quickly. Back to top
APPLYING
How do I apply?
Once you’ve worked out how much you need, or how much you can afford to borrow, you can apply online. The application form takes just seconds to complete. Alternatively you can also request a call back and we can provide a free no obligation quote instantly. You can also Contact Us by email, phone or fax or visit our local branch. Back to top
What happens to my application?
Once we receive your application, we will contact you either by phone or email, with a free no obligation quote. If you would like to proceed with the application we may invite you to visit our offices to meet your dedicated contact. We will ask you to provide KYC documentation, such as a copy of your ID and a recent copy proving your address. If you have finance elsewhere, we may ask you to provide details of any other loans or credit cards you have, a recent statement would suffice. Back to top
When I apply for finance what checks do you make?
All reputable companies that offer loans use a credit reference agency (CRA) to carry out a credit search. We will add the basic details of your application to the CRA, which will be seen by other organisations that make credit searches. The search looks at your current and past financial status, including people with whom you have financial links like a spouse or partner. These financial details will be taken into account whenever you apply for credit. If you would like to know what details are held about you by the credit reference agency, write to:
Experian
Consumer Help Service
PO Box 8000
Nottingham NG80 7WF
You can also contact them by telephone on: 0844 481 8000
Or by visiting their website: www.experian.com
Call Credit
Consumer Services Team
PO Box 491
Leeds
LS3 1WZ
You can also contact them by telephone on: 0870 060 1414
Equifax PLC
Credit File Advice Centre
PO Box 3011
Bradford
BD1 5US
Or by visiting their website: www.myequifax.co.uk
Please note, the credit reference agency will charge you £2.00 for this service and you’ll need to include this payment, together with details of the addresses you have lived at for the past four years when you contact them. Back to top
When will I receive a response to my application?
Once we are in receipt of all the requested documentation and information, we aim to respond to your loan application within 24 hours. Back to top
Once approved, when will I receive the money?
We will invite you to visit our office to complete your application. Once completed, the funds will be transferred into your chosen bank account; this usually takes three working days. This process may be delayed if the documents aren’t complete, so if there is a problem, we will contact you. After allowing three working days, contact your bank to check that the loan advance has been credited into your account. If there is any delay, please contact us. Back to top
How are the funds transferred?
Funds are transferred directly into your bank account via BACS (Banks Automated Clearing System). This usually takes three working days from receipt of your signed documentation.
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Can I receive the funds sooner?
Yes. You can choose to have the funds transferred on the same day that you sign the loan document - using a CHAPS payment. For this optional service a charge of £25 applies, which can be paid to us direct or can be added to your loan amount. Back to top
REPAYING THE FINANCE
How are repayments made?
Your repayments will be made automatically by monthly Direct Debit from your bank account. Back to top
Will my monthly repayment amount ever change?
Our standard fixed rate loans mean that your repayments will remain the same for the term of your loan. If however you fail to meet one or more of your payments, you may be charged late payment interest, which will become due at the end of the agreement. For all other collections correspondence charges, please contact our Collections Department on (01534) 879201.
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When is my first payment due?
You have up to thirty days to make your first payment i.e. your agreement date is 01 June – you must make your first repayment by 01 July. Back to top
Can I choose a repayment date?
Yes, so long as the first payment is received within thirty days of you signing the loan agreement. If you are paid on a monthly basis, we recommend that you choose a repayment date close to your pay day. Subsequent payments will be expected on the same date i.e. the 25th of each month. Back to top
Can I change my repayment date?
Yes, if you would like to change the date that you make the payment, please let us know. Depending on the difference between the new date and the current repayment date, a small charge may apply. Back to top
Can I repay my loan early?
Of course, you can repay the full outstanding balance of the loan at any time, although early settlement charges will apply. Back to top
What happens if I miss or am late with a repayment?
You should Contact Us and ask for the Collections Department as soon as possible to avoid being charged late payment fees. If you find you are getting into difficulty, please don’t be afraid to contact us, we are here to help.
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What happens if an incorrect payment is made by my bank?
If you think an error has been made and your bank has paid us an incorrect amount you can recall the payment if it has been made by Direct Debit within the first 48 hours of the funds being debited from your account. Alternatively, please contact us providing a copy of your bank statement showing the payment(s) and we will deal with your complaint immediately. Should it be proved that an amount has been debited from your account in error, we guarantee a full refund of the amount paid. Please note that the refund can only be paid by cheque and will only be provided once the funds have shown as cleared in our account.
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Can’t find the answer to your question?
If you haven’t found the answer to your question, please don’t hesitate to Contact Us and we’ll try our very best to help.
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