How can I apply?
It's easy to apply for a loan either online or by phone.
If you apply online, we are likely to give you a call to confirm some of the information you provided. We will also give you a call to go through the key terms of the loan contract if you are approved.
If you apply by phone, provided we have all the right information, you can complete the whole process in one go with the help of a friendly Personal Loans Officer.
What is a Hard Search/Hard Credit Check?
A Hard Credit Check occurs when a company carries out a complete check of your credit report in order to understand your financial behaviour with other creditors. Each hard credit check is recorded on your credit report as a Hard Search, so any company reviewing your report will be able to see that you have applied for credit. If you apply for a loan with Fair Finance, we will carry out a hard credit check to assess your suitability.
What documents do I need?
Our aim is to make applying for a loan as easy and convenient as possible. We'll use electronic identity and credit checks, as well as bank statements to assess your application. In most cases, this is all we’ll need.
However, if we can’t verify certain information this way we may ask you for more documents such as payslips or benefits letters, a proof of ID or proof of address.
How do you make a decision?
At Fair Personal Loans, we pride ourselves in not looking at people as “numbers”, and we don’t rely on a simple credit score to make a decision.
During the assessment, we go through your income and expenditure and what debt you may already have, to work out an affordable loan for you. We may also look at things like your bank account management and your credit history to see how you've been managing your finances.
Why is your interest rate above 99%?
We charge an interest rate to cover the costs of running our business. We do not make any profit from the interest that is charged, any profits made are re-invested in the business to improve our services to customers.
Our interest rate and APR are competitive compared to other loan providers who provide loans with APRs above 1000%. However, our loans are more expensive than a loan from a bank or a credit union. Always shop around to find what is best for you!
I have defaults, CCJs or other issues with my credit file. Can I still get a loan?
We do lend to individuals who have CCJs and defaults. Don’t worry if you have a bad credit history. The most important thing for us is less the past and more the present, and in particular if you are up to date with your current commitments.
I have arrived recently in the UK and don’t have any credit history. Can I still get a loan?
Yes, we do lend to clients with no history in the UK. We will look at your current situation and work out an affordable loan for you.
I receive benefits. Can I still apply for a loan?
Yes. Many of our clients receive benefits. The most important factor for us is to make sure you are on top of your finances and can afford our loan.
How long does it take to get the money in my account?
After you have completed your online application form and submitted your bank statements, our team gets back to you with a decision within one working day or 24 hours. Remember, if we don’t have your bank statements, we won’t assess your application.
In some cases, we may need to require extra documents such as a proof of ID or address.
Once all documents are provided, the loan contract can be signed. Once it is signed, we deposit the money in your account on the same day during week day, and on Monday if you sign your contract on the weekend.
Do I have to pay an administration fee?
If you take out a loan, then you need to pay an administration fee. This fee is deducted from the loan amount, so you don’t have to pay it before getting the loan.
We charge administrative fees to cover some of the costs in administering your loan. These include bank administration and processing fees.
The Administration Fee is calculated as follows:
- 1st Loan - 6% of loan amount, with a minimum fee amount of £30.
- 2nd Loan - 4% of loan amount, with a minimum fee amount of £20.
- 3rd Loan - 2% of loan amount, with a minimum fee amount of £10.
- 4th loan and beyond - no admin fees are applied
How do I apply for a Top up loan?
To be eligible, you need to have repaid at least 66% of the total repayable loan amount, and be up to date with your loan repayments. Login to your My Account portal online to find out if you are currently eligible or give us a call on 0208 988 0627.
If you are eligible you can make the application either online or by phone.
What if I wish to make a complaint?
Please see our complaints page here