- Who are Street UK?
Street UK is an ethical loans company that provides a cheaper alternative to high cost lenders in the West Midlands.
- Our Mission
Our mission is to offer an affordable alternative to high cost providers of credit on a sustainable basis.
We aim to provide an affordable range of financial products and services to individuals that have difficulty in obtaining these from mainstream institutions such as Banks and Building Societies.
- How are we different?
Street UK is an ethical lender and our products are designed around you to ensure we offer a competitive alternative to using doorstep/online lenders, pawnbrokers and expensive high street money shops.
If we are unable to provide you with credit we will explain why, and give you budgeting advice and support that may benefit you.
- Our Pricing
We have a simple and transparent pricing structure with no hidden surprises.
As a Community Interest Company, pricing is designed to only cover the cost of providing the service. As a Community Interest Company we operate on a not for profit basis, we do not have any shareholders and any surpluses are used to invest in the communities we serve.
- Do you charge fees?
We do not charge any fees to process your application, if you are approved for a loan there is a 5% administration fee deducted from the value of your loan. This fee forms part of the total amount payable and is only charged where a loan is approved.
- What interest do you charge?
We charge 180% APR for new customers which is considerably less than the maximum interest rate that can be applied under FCA regulations (equivalent to 0.17% per day, FCA Price Cap is 0.8% per day). Lower interest rates are available for subsequent borrowing.
- What is APR?
The Annual Percentage Rate, usually called the APR, is a standard way of showing the cost of borrowing. The APR is worked out taking into account the following things:
- the interest rate
- other charges you have to pay
- how long the agreement lasts
- the amount and timing of the repayments.
Lenders have to tell you what the APR is before you sign an agreement. The APR varies from lender to lender and between different types of credit. Comparing the APR works best if you are comparing similar types of credit over the same repayment period. For example, loans for the same amount to be paid back over the same number of months.
- How do you compare to other lenders?
Our pricing is considerably cheaper than most online credit providers, take a look at our comparison page to see how we compare.
Our purpose is to provide you with access to affordable credit and excellent customer service. You, the customers, are our main focus.
- Where are your branches?
We have branches in Birmingham Central, Wolverhampton and Walsall.
- Can I bring children into branches?
Yes, children are welcome into our branches, as are everyone, we understand that sometimes our customers cannot find childcare in times of need.
- What are your branches opening times?
Our Birmingham Central Branch and Walsall branches are open 9am-5pm Monday to Wednesday, whilst our Wolverhampton branch is open Thursday – Friday 9am-5pm. All branches are closed on bank holidays. If you would like to book a branch appointment, please email firstname.lastname@example.org or call 0330 024 9803.
You can also apply for a loan on our website 24/7 using our application form.
- Who can apply?
You must be over 18 years old, a UK resident, living in the West Midlands and have a UK bank account that accepts Direct Debits. You will need to be working or on benefits and have a minimum income of £100 per week ( excluding any housing benefit).
You must not: have excessive expenditure on gambling, have taken high-cost credit recently, have insolvencies (IVA, DRO, DMP), have more than two County Court Judgements, or be self-employed.
- How do I apply?
Simply fill out your details on our application form and we will let you know if we can offer you a loan. Once you’ve submitted a loan application, we will send you an open banking email request for you to share your bank statements so we can progress your application.
- How much can I apply for?
You can apply for any amount between £200 – £2,000 depending on your personal and financial circumstances; we will never offer you more than you have applied for.
- Will my application be approved?
This depends on your circumstances; each application is assessed on its own merits.
- How do you decide?
We take into consideration whether you can afford the repayments; we also consider your current level of debt and your previous credit repayment history.
- Do you perform Credit Searches?
We will ask for your consent to undertake searches with Credit Reference Agencies to confirm your details.
- How long is the process?
Completing the application can take between 20-30 minutes, we ask questions to better understand your situation and make the right decision. We also provide you with some useful tips and budgeting advice which may help you.
- What details do you need?
We need you to provide information about your personal circumstances in order to confirm who you are, where you live, your income and expenditure and what debts you have. We will verify this information and use it to make our decision. This information will also help us to prevent any potential fraud.
- What if I change my mind?
You can change your mind at any stage up until and after the loan has been approved, if you do change your mind after the loan is approved and funds are in your account then you will need to contact us to notify your intention to withdraw, contact us at email@example.com for more information
- My application has not been approved, what happens next?
If your application is not approved we will let you know why, explain what you need to do to address any potential issues that have affected the decision, any advice we provide we will be free and impartial, we also work with free to use debt advice companies who provide specialist support in helping people manage their debts.
- When will the money be in my account?
If your application is approved prior to 14:55 the money will be in your account by 17:00 the same business day, if your application is approved after 14:55 the funds will be in your account by 17:00 the following business day.
- How do you collect payments?
We collect payments via Direct Debit on an agreed date for the term of the loan.
- Why do you take payments via Direct Debit?
Repayments are taken via Direct Debit to give you peace of mind; unlike most online lenders we do not use Continuous Payment Authorities (CPA). You will know when the repayments are coming out so there are no surprises!
- How often do you take payments?
We schedule the repayments to match your current income; we are able to take payments weekly, fortnightly, four-weekly or monthly.
- Can I increase my payments or make one off payments?
You can increase your repayments by contacting us via firstname.lastname@example.org or calling your local Street UK branch, increased repayments will result in less interest being applied to the outstanding balance thus lowering the total amount you pay back.
- Can I pay the loan off early?
Yes you can, there are no charges for early repayment and we will only charge you interest up until the day of settlement.
- Having trouble making payments?
If you are having trouble making your payments or anticipate any issues contract your local Street UK branch or email us at email@example.com, we will try to understand your situation and help you to get back on track.
- If I already have a street uk loan can I apply for another?
If you already have a loan with Street UK then this will need to be at least half way through prior to applying for further credit.
- My details have changed, how do I let you know?
If your personal or bank details change then you must contact your local Street UK branch or email firstname.lastname@example.org and we will update your details. In certain instances we may ask for supporting documents.