THE READY LOAN
To be eligible to apply for a Ready Loan, we ask that you:
- have sufficient disposable income
- have a good credit history: verification of identity and address, no CCJs or IVAs in the last 3 years, no bad or defaulted debts in the last 2 years and not an undischarged bankrupt
- have a good record of paying back previous loans
For loans over £2,500, we ask that you also:
- have a minimum household income of £18,000 mainly from employment or pension.
- have lived at your current address for at least 2 years
- have no adverse credit findings for at least 3 years
- are up-to-date with any existing or previous loans
- will repay instalments by standing order (unless cash repayments on previous loans were made with no defaults).
We can lend up to £7,500 and the interest rate depends upon how much you borrow:
£100-£1,499: interest rate is 3%/month (42.6% APR)
£1,500-£2,499: interest rate is 2%/month (26.8% APR)
£2,500-£4,999: interest rate is 1.5%/month (19.56% APR)
£5,000-£7,500: interest rate is 1.25%/month (15% APR)