What Are the Benefits of Small Loans?
Fund Ourselves will always carry out a series of checks to determine a customer’s eligibility for a loan. As part of our commitment to responsible lending and being an authorised firm, we must carry out checks to ensure that an individual can afford to repay the right loan amount without falling into financial difficulty.
The checks we carry out include:
- Basic criteria
- Employment checks
- Credit checks
- Affordability checks
- Repeat customer checks
What is our basic criteria?
We ask a number of simple questions during the online application stage and this allows us to check if you meet the basic criteria, including:
- Over 18 years old
- Full-time UK resident
- Valid UK Bank account
- Valid email address and mobile phone
- Must be employed – a lot of our customers are on benefits and are unemployed? Perhaps we can change this to must have regular income?
To confirm this information, we will ask for information such as your date of birth, full-time address, contact details, bank details and employment information.
We require customers to be over 18 years old and a fulltime UK resident. We request your email address and mobile phone number which you will need to authorise your loan application and also as contact information in case we have any more questions.
We ask for your bank details so we can confirm that the bank account is registered in your name, so we know where to send the funds to upon completion, and where to collect repayments from.
Fund Ourselves requires every customer that applies to be in employment and earning a regular salary each month. This ensures that you have a regular income and can afford to repay your loan.
We ask you to confirm your monthly income and we will use this information to calculate how much you can borrow and afford to repay.
We will not call up your employer, but in some cases, we may request a copy of your recent payslip or bank statement to confirm your employment and your monthly salary.
You can also confirm your pay date each month and then set up your repayments to be on a certain date.
Fund Ourselves carries out credit checks for every customer to see if they have any other debts outstanding and whether a short term loan
is suitable. A credit check will not impact your credit score in any way, but it is an important metric to see if you have recently repaid or defaulted on similar financial commitments such as loans and credit cards.
We are willing to consider applications from customers with a bad credit history, but it is useful for us to see how you have performed on other recent financial products and how our products can help you
We carry out a series of internal affordability checks to match the amount you have requested to borrow with the amount you can afford to repay.
Fund Ourselves offers small loans
from £100 to £500 and depending on what the customer has applied for, we need to look at their monthly income and expenses and think about how much they can repay each month without falling into financial difficulty.
Rather than always offering the highest amount, we want to find the right balance so that you can get the loan you need which puts you into a better financial position.
To confirm your affordability, we may request a copy of your pay-slip or bank statement which can be scanned and sent to our customer service team via email.
Repeat customer checks
For any repeat customers, we want to ensure that their financial position is getting better and not worse – and we will carry out a number of similar checks to reflect this.
If you have previously had a loan with Fund Ourselves and repaid it on time, this will be taken into consideration when it comes to approving your loan and the amount you can borrow.
However, we want to ensure that your financial situation is improving and not becoming over-reliant on short term loans – and we will run various checks to find the best option for you.