Frequently Asked Questions

A personal loan is an unsecured loan. It is a small borrowing of a fixed amount, usually between £1,000 and £50,000, which is set at a fixed interest rate across a fixed term.

Anyone who meets the below criteria can apply:

• Aged between 18-80
• A Jersey or Guernsey resident for a minimum of 3 years
• Minimum annual income of £15,000
• Have a UK or Channel Island bank account

You can borrow between £1,000 – £50,000

No, the personal loan product is also available to private tenants over the age of 18.

In most cases you could get a decision on the same working day after you have submitted your application. However in some cases we may need further information from you before we can give you a decision.

After you get a decision you will have the choice whether or not to accept it. You have 30 days to decide. Once you accept the decision you will be asked to sign your loan documents.

If your loan application is successful, funds will be transferred into your account within 24 Hours after we receive your signed loan documents.

Interest is calculated daily but applied monthly.

No, your loan is a fixed monthly repayment, which means that the interest rate is fixed for the term of your loan and your monthly repayments will not change.

You can repay all or part of the outstanding balance of your loan at any time. If you wish to repay all or part of the outstanding balance you should contact us and we will provide you with a settlement quotation, which will tell you the amount that you have to pay.

Yes, there is an early repayment charge. The early repayment charge will include 28 days’ notice and an up to an additional 5 months interest that we are entitled to charge.

When you apply to borrow money, we will use a credit score to help make a decision on whether to lend the money or not. When you apply to borrow from us, your score will be based on information from credit reference agencies. With a good credit history and payment record you’re likely to be given a good credit score. If you’ve had many credit cards and loans, have missed payments and made lots of lending applications you may get a lower score. A low score may mean you’re lent less money, given a higher interest rate or your application is turned down.

There could be a number of reasons why you have been declined as each decision is based on your personal circumstances and by reference to a credit reference agency. If you are experiencing financial difficulties, please visit our advice page.

We use Equifax, Callcredit and Integricheck as our reference agencies. Their details are as below:

Integricheck
www.integricheck.co.uk

Equifax Limited
www.equifax.co.uk
0800 014 2955
0333 321 4043

Callcredit Ltd
www.callcredit.co.uk
0870 060 1414

We use a “Soft Credit Search”, also known as a “Quotation search” to take a look at an individual’s credit report without leaving any footprints visible to other lenders when they look at your credit report (however you can still see them).

With soft search, we will let you know whether we are likely to approve you for a loan without leaving a mark on your credit score.