Do you have a question about how we can help you? Here are the answers to our most common FAQs.
How long will it take to process my loan application?
Each loan application submitted through to one of our community lenders is processed on an individual basis. Sometimes the lenders will need to request further information from you, but this isn’t always the case. You will be contacted further if anything else is needed in order to assess your application.
How much can I borrow?
Many of our community lenders are able to offer loans between £50.00 and £2,000.00; however you may be able to borrow up to £5,000.00 depending on the community lender available in your area.
How much could I save?
You could save up to £300 with an affordable loan from one of our established responsible lenders*. Get a quick quote in just 5 minutes.
*this is an example saving from one of our Affordable Loans partners. You can access a quote from your local community lender to see how much you could save by visiting the Affordable Loans website
£500 from Provident Financial – paid back over 52 weeks:
£17.50 per week
£910 repaid in total
£500 from Affordable Loans partner Manchester Credit Union – paid back over 52 weeks:
£11.50 per week
£597.02 repaid in total
Total saving £312.98
What is a Community Lender?
A Community Lender is the friendly name that everyone at affordable loans has given to our lenders. Our community lenders are currently either a Credit Union or a Community Development Financial Institution (CDFI).
Our community lenders tend to share values that set them apart from other financial providers. They put people before profit, and developing the long term financial wellbeing of customers and communities is at the heart of their work.
Each of our community lenders are regulated by the Financial Conduct Authority and can be found on the Financial Services Register.
We also have plenty of people who have worked with us and supported affordable loans along the way to where we are today. To find out a little more then please click here.
What is a Credit Union?
A credit union is a self-help co-operative whose members pool their savings to provide each other with credit at a low interest rate. To be part of a credit union you have to share a common bond with other members. This is something you all have in common such as:
- living or working in the same area
- working for the same employer
- belonging to the same church, trade union or other association.
For more information please click here.
What is a CDFI?
Community Development Finance Institutions (CDFIs) lend money to businesses, social enterprises and individuals who struggle to get finance through high street banks and loan companies. CDFIs help deprived communities by offering loans and support at an affordable rate to those who cannot access credit elsewhere. For more information click here.
What does regulated by the Financial Conduct Authority mean?
The Financial Conduct Authority regulates the behaviour of providers within the financial services industry, in order to ensure they are honest, fair and effective so that customers get a fair deal. For more information please click here.