Entries by Mairead Finlay

What are budgeting loans?

A budgeting loan helps people on low incomes to pay for an unexpected expense or essential items. This type of loan is only available to people who meet a certain criteria, which we discuss below. A budgeting loan is interest-free, making it a much cheaper payday loan alternative for those on low incomes.   What […]

What are the regulations for the payday loans industry in the UK?

The regulatory watchdog for the payday loans sector, the Financial Conduct Authority, implemented a wave of new regulation from 1st January 2015. In fact, it is estimated that the FCA’s new rules have saved payday loan borrowers approximately £150 million so far. Prior to 2014, the payday loans industry was  self-regulated and many companies were […]

What loans are available for the self-employed?

Applying for a loan is made trickier when you are self-employed. This is because one of the main things lenders will ask for from you is evidence of income in the form of payslips. As you are not employed by someone, you will not be able to provide these. In addition, the fluctuation of income […]

What loans are available if you are unemployed?

If you do not currently have a job, you will find it difficult to get access to many loans available on the market. This is because lenders will be looking for evidence to ensure that you would be able to afford to not only take out the loan, but have enough to make loan repayments […]

Can I get a loan without a job?

No, it is usually not possible to obtain a loan without some form of employment with the vast majority of UK lenders. This also includes people who are currently recipients of benefits or receiving a pension. There are a small number of providers who do provide loans for those who are unemployed, but remember that […]

What is a CCJ?

A CCJ, otherwise known as a County Court Judgement, is a court order that can be ordered against you if you fail to make repayments on credit. This type of credit could be a loan, credit card or mortgage. CCJs are granted when failing to pay loans and other bills, including mortgages, phone bills, lawsuits, […]

What is a Credit Limit?

A credit limit refers to the total amount you can spend on your credit card each month and this can go up or down depending on your spending patterns and the provider’s criteria. If you spend over your credit limit, you will usually be charged fees. Credit limit example: if you have a credit limit of […]