How can I apply?
You can apply either online or in one of our branches in London.
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 come to a branch, 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.
You don’t have to come to a branch to complete the process. Accessing our fair and affordable loans is available wherever you live in the UK.
What documents do I need to bring?
You will need to bring in 4 different documents.
- Proof of identity (passport, driving license or biometric residence permit)
- Proof of address (tenancy agreement or utility bill)
- Proof of income (payslip, benefit letter, NI card/letter)
- Bank statements (from the most recent 3 months)
If you apply online and we manage to verify your identity and address electronically (via credit reference agencies), then the only documents required are the proof of income and bank statements.
The proof of income is only required for new clients.
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.
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 most of 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 figure out an affordable loan for you.
I receive benefits. Can I still get 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?
If you apply online, we commit to get back to you with a decision within one working day.
If you come to a branch, you get a decision immediately at your appointment.
After the whole process is completed and all required documents have been provided, the loan contract can be signed. Money is deposited in your account after contract signing within one working day.
In total, if we get the all the necessary documents, the process typically takes 24 to 48 hours.
Do I have to pay an administration fee?
Only if you are approved and you take 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 you’re loan. These include bank administrative and processing fees.
A fee of 6% of the loan amount applies for new clients, and 4% of the loan amount for all existing client.
Why is your interest rate 149%?
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!
How do I apply for a Top up loan?
To be eligible, you need to have repaid at least 50% of the total repayable loan amount, and be up to date with your loan repayments. You can give us a call on 0208 988 0627 to know about your balance and whether you are eligible or not.
If you are eligible you can make the application either online or in branch.
What if I wish to make a complaint?
Please see our complaints page here