Frequently Asked Questions:
- How do you set your interest rates?
- How is Street UK different from a bank?
- Who is eligible for a loan from Street UK?
- Besides finance, what kind of help do you give?
- Why do you need to identify me?
- How long does it take?
- Why do I need to bring bank statements?
- What checks do you make?
- Can I still be considered even If I have CCJ's?
- Do I need to own my own property?
- Can I get a loan even if I am on benefit?
How do you set your interest rates?
All our advice and support is free.
- Our interest rates are variable but non-profit, with no hidden or extra costs:
- They are designed to be completely affordable
- They are designed not to compete with banks
- They are designed to eventually enable Street (UK) to become viable / permanent
How is Street UK different from a bank?
We combine the best of what a bank offers with the best of a community service.
Differences
Similarities
No documented track record required We assess loan applications on a business -- not charity -- basis No physical security is required We only give loans if there is the means to make the repayments No minimum loan amount Timely repayment expected We give lots of impartial, free advice and support Unlimited further loans available We have non-profit interest rates We are not a registered bank - We are regulated under the Consumer Credit Act
Who is eligible for a loan from Street UK?
Anyone who:
- is willing to repay and
- has sufficient income to be able to afford the repayments and
- is not able to borrow from a bank
Besides finance, what kind of help do you give?
We give:
- debt and Budgeting advice
- help with opening a bank account
- referrals to other useful organisations
Why do you need to identify me?
We need to make sure to protect you; we don't want to make loans to someone fraudulently so need to ensure we see photo identification
Once you come to see us with all the supporting documents we ask for, we should be able to give you an answer the same day, or at least in a couple of days.
Once agreed, we will arrange for you to sign the loan paperwork and then send the money to your bank account that same day.
Why do I need to bring bank statements?
We want to be sure we only lend what you can afford to repay, so we use you statements to confirm the income and expenditure going through your account.
We will make a credit check during your interview. We can then discuss the details with you to understand your circumstances.
Can I still be considered even If I have CCJ's?
Yes - though we make a credit check we still make loans if you have ccj's. We will usually discuss any adverse credit history you may have at your interview.
Do I need to own my own property?
No, all of our lending is unsecured.
Can I get a loan even if I am on benefit?
Yes - however Job Seekers Allowance alone is not generally considered to be sufficiently generous to sustain loan repayments.