budgeting-loans

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 certain criteria, which we will go through later on in this post. A budgeting loan is interest-free, making it a much cheaper payday loan alternative for those […]

payday-loans

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 new far more stringent rules form 2014 onwards for the industry. 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 barely regulated and […]

mortgage-approval

Does a payday loan affect your chances of getting a mortgage?

No, a payday loan on file will not impact your ability to get a mortgage. It is a common concern that is raised amongst borrowers who fear that a payday loan on their credit record could be looked upon negatively when they want to apply for a mortgage at a later date. But it is […]

self-employed

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 you borrow money with no credit check?

There are a handful of lenders who can provide loans without a credit check, but they will usually have a specific criteria such as having a guarantor or needing collateral such as a car or property, otherwise known as secured loans. At The One Stop Money Shop, we will carry out a series of credit checks […]

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 […]

Things to Remember When Applying For a Loan

If it is the very first time you have decided to apply for a loan or have very little experience in the world of loan products, then you may potentially feel a little overwhelmed. It can be hard to know which loan product to choose, and what may be a better type of loan product […]