Are you eligible?
Our basic eligibility terms are:
- You must be 20 years of age on the day of the application’s submission
- You must be a UK resident and have a National Insurance number
- Your income must be above £9000 a year
On top of this we would advise the following, however we consider all applications that fulfil the aforementioned terms:
- You have not defaulted on a mortgage or personal loan in the past 3 years
- You have not been previously declared bankrupt or a currently subject to a CCJ
- Your monthly income is above £1000 per calendar month
- Evidence of overall good financial conduct. For more information about your credit score MSN Money provides a credit score approximation service here. Please be advised their calculator uses USD.
Good financial conduct is the best way to make sure you’re approved for not only our loans, but also for everyday services like mobile phone contracts.
General advice for improving your credit score and overall financial health will not only increase the likelihood of being approved for one of our flexible Debit Card loans but also day to day credit agreements like your car insurance or a mobile phone contract.
These are our top tips:
- Pay all of your bills on time. Including any credit agreements. If you’re struggling perhaps it’s time to re-evaluate your financial situation. Do you really need Sky TV, unlimited Internet or a brand new phone? Often those in spiralling debts don’t find themselves there because of necessity but because of poor decision-making.
- Stop using credit accounts. Start paying them off. If this means that you have to cut the amount you’re spending each week then there are excellent ways to keep your weekly bill down: from value ranges to cutting out alcohol and cigarettes.
- Stop applying for credit accounts. You don’t need another credit card. If you keep applying and getting rejected, then no one will ever approve lending you money. Limit your applications to one every three months, including payday loans or a loan from us.
- Consider restructuring your debts. Over a six month period be very strict with your finances: no credit card spending, pay everything on time, keep your bills as low as possible and don’t spend money unless you have to. After a six-month period of wise financial decisions, your credit rating may have improved enough for you to apply for a personal loan. Use this personal loan to pay off all your debts and nothing else. This loan should be far more manageable than all your debts, make sure to shop around if you’re doing this.
- If you get into financial difficulty contact every credit provider you have. Cancel things that aren’t necessary, for example Sky TV. If you’re tied down into a contract discuss lowering your package to the minimum possible for the lowest possible price. Contact any providers with whom you have loans, credit cards or other debts and explain your situation to them immediately. Often they can organise payment plans. These plans will be detrimental to your credit score but not on the scale that defaulting on a credit agreement would be.
- Seek help. The Citizen’s Advice Bureau and other government services are designated to help those in need. They will give you sound, impartial advice to help you out of your financial predicament.