FAQ
LOANSTREET FINANCE
We will match you with a loan program that meet your financial need. In short term liquidity, by striving to make funds available to them within 24 hours of application.
Fair Interest rates
We believe the highest cost of credit is no credit at all. Eliminating access to credit by forcing non-prime consumers to borrow from family and friends is irresponsible and ignores the real-world challenges and needs facing the New Middle Class.
Lowest APR available £25.4%
Our products are competitively priced and convenient, have flexible payment options, and don’t have hidden or punitive fees. They have rates that can go down over time are reported to credit bureaus, offer free credit score monitoring and provide financial wellness.
Loans up to £9000
Serving non-prime customers means accepting a higher likelihood of default. However, instituting overly restrictive credit criteria or adding punitive fees and aggressive collections practices that create even more hardships for consumers is not the answer.
What We Have Here for You
A descriptive paragraph that tells clients how good you are and proves that you are the best choice that they’ve made.
AM I ELIGIBLE FOR A LOANSTREET FINANCE LOAN?
To be eligible to apply for a LOANSTREET FINANCE loan, you must be at least 18 years old, a UK resident and have a UK bank account and debit card. You must also have a net income of at least £500 per month, and have a mobile phone. Get your application started by clicking here to be taken to our application form.
CAN YOU TELL ME IF I WILL BE ACCEPTED FOR A LOANSTREET FINANCE LOAN BEFORE I APPLY?
Unfortunately not. Each application we receive is assessed on an individual basis taking a number of factors into account. We are therefore unable to offer an indication of whether or not your application would be accepted before you submit it. Please remember, if you apply, this will leave a footprint on your credit file.
WILL I BE CREDIT CHECKED WHEN I APPLY?
As part of our commitment to responsible lending, we carry out credit and affordability checks on all applications submitted to us. This assists with fraud prevention and also ensures we only approve applications from people who we believe will be able to repay what they borrow. You can learn more about credit checks and how we use the information provided to us by Credit Reference Agencies (CRAs) by visiting the Your data section of our website.
HOW DO I APPLY?
All applications for a loan with LOANSTREET FINANCE have to be received through our website, where we have made the application process quick and easy to follow.
WHAT INFORMATION DO YOU NEED?
We’ll need your employer details, bank and debit card details (including sort code and account number), as well as three years of address history. We also need details of your income and expenditure, including any current financial obligations, to ensure our loans are affordable for you.
WHY DO YOU NEED BOTH MY BANK ACCOUNT AND DEBIT CARD DETAILS?
We ask for both your bank and debit card details as we use the information differently. We will deposit funds for successful applicants into your bank account, and we use your debit card to collect your repayments on your due dates.
I ALREADY HAVE A LOANSTREET FINANCE LOAN, CAN I APPLY FOR ANOTHER?
As an existing LOANSTREET FINANCE customer, you can have up to four loans at the same time. You can check your eligibility and apply through your My Account area. We’ve made the process as quick and easy as possible by pre-populating the information you’ve already given us, so you won’t need to go through a full application again. Please remember, all loan applications are subject to credit and affordability checks.
WILL I NEED TO SEND IN ANY EXTRA PAPERWORK?
In the vast majority of cases, we will be able to complete your application online without the need for paperwork. However, there are some occasions where we may ask you to send us some further information to help us complete our checks. We will contact you by email if this happens to let you know what we need, and provide you instructions on how to upload the documents we require through your My Account area.
WHERE CAN I RECEIVE THE MONEY FROM YOU?
We can transfer funds for successful applicants to any valid UK bank account. Please be aware we aren’t able to send funds to prepaid “pay as you go” or “top up” debit cards, or savings accounts.
WHEN WILL THE MONEY BE IN MY BANK ACCOUNT?
Once your application has been approved, we will normally send the money to you within 15 minutes. Most banks will credit your account within an hour, but your bank should be able to advise you more precisely as to when it will credit your account.
Help with your application
IF I HAVE TO SEND DOCUMENTS, HOW LONG WILL IT BE UNTIL I FIND OUT IF MY APPLICATION HAS BEEN APPROVED? –We aim to check documents that are submitted to us as quickly as possible during opening hours and will email or text you to update you on your application as soon as we can, as well as updating the status of your application in your My Account area. Please click hereto log in to your account to check the status of your application, or contact our Customer Support Team on 01323 364375 or info@unitedlendingclub.co.uk
WHAT IS THE ‘5 DAYS TO CHANGE YOUR MIND’ SERVICE, AND HOW CAN I USE IT? You can return the money you have borrowed within five days of taking out a loan, without paying any interest. Offering this promise is our way to be fair, and let you change your mind for whatever reason. No questions asked.
LOANSTREET FINANCE customers can use this service a maximum of three times per year, and it is only available by calling one of our customer services team on 01323 364375 this cannot be done online.
Please note if you elect to change your mind we will not remove the footprint on your credit file so this will continue to show that you applied for and repaid a loan with us. This change your mind service is in addition to, and different from your statutory right of withdrawal described below.
MY APPLICATION HAS BEEN DECLINED – DOES THIS MEAN I WILL NEVER BE ABLE TO HAVE A LOANSTREET FINANCE?–While we may have declined your application for a LOANSTREET FINANCE loan on this occasion, we understand that your circumstances may change in the future. We assess all applications on an individual basis, so if your financial position changes you are able to apply again. Please remember that each application you make will leave a footprint on your credit file and will be subject to credit and affordability checks.
Making repayments
HOW DO YOU COLLECT MY REPAYMENTS?
Your repayments are collected via Continuous Payment Authority, commonly referred to as a CPA. This simply means that unless you tell us otherwise, we’ll collect your repayments on your due date from your debit card, as set out in the terms of your agreement with us. You can cancel this CPA at any time either by contacting your bank directly, or by contacting us in writing, by email or by calling us on 01323 364375 . If you do cancel CPA, you will still owe us your outstanding balance and you’ll need to make your repayments by an alternative method, such as using the payment feature in your My Account area, or by bank transfer, on or before each due date.
Our Customer Support Team will be able to give you all the options and details on how to pay us, and we’ll continue to send you payment reminders before each due date to help you keep track of your payments.
CAN I CHANGE THE REGULAR REPAYMENT AMOUNTS FOR MY LOANSTREET FINANCE?
Yes. If you want to pay your loan back more quickly, simply log in to your online account and check your payment schedule options. You can choose to pay more each month to reduce the time it takes to repay your loan, saving you money on interest.
CAN I MAKE A ONE-OFF PAYMENT ON MY LOANSTREET FINANCE?
Yes. If you want to make an extra payment against an individual loan, simply log in to your online account and select which loan you wish to make a payment towards. You can pay either using the debit card we hold details for on file, or an alternative card. Any additional payments you make will mean you save money on the total interest repayable on your loan.
HOW LONG WILL IT TAKE FOR MY ACCOUNT TO UPDATE TO SHOW THAT I’VE MADE A PAYMENT?
It may take up to an hour for our system to reflect that your payment has been received and to update your loan balance. You will get an email to let you know when we’ve successfully received your payment.
WHAT WILL HAPPEN IF I NEED TO MAKE A PAYMENT LATE, OR CAN’T AFFORD MY PAYMENTS?
If you experience or anticipate problems in making your payments on time, please contact our Customer Support Team straight away either by calling 01323 364375 or by emailing Info@unitedlendingclub.co.uk
At LOANSTREET FINANCE, we don’t charge you any late fees if you can’t make your payments on time, and we’ll do everything we can to help you get back on track, including providing details of how to get free, independent advice on your situation.