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FAQs

Eligibility for our personal loans

I am not an existing Places for People customer - can I apply?

Yes - we offer loans to anyone who wants to avoid high cost alternatives.
 

I'm on benefits - can I apply?

Yes. As long as you earn at least Ā£450 per month, we will consider your application. We assess the loan mainly on affordability.
 

Do you carry out a credit check?

Yes, but we still accept people with less than perfect credit histories. Our credit check is used to determine your interest rate and how much you can borrow.

If you are unsure and want more information before applying, please get in touch with one of our friendly advisors who can discuss the situation with you.
 

What other checks will be done on me? What information will I need to provide?

Our system can usually verify your identity, your bank account and your income. If we can't verify the information you have entered, we may need to contact you to request further documentation.

Please enter information as accurately as you can so that we can process your loan quickly.
 

I'm in debt management - can I apply?

It is unlikely that we will be able to help you until your current circumstances are resolved. In exceptional cases we may consider an application - but you will need to apply by telephone.

 

I don't have a bank account - can I apply?

You need a bank account to apply for a loan with us.  If you would like to apply for a loan but do not have a bank account then you may wish to consider setting up a Change Account.

The Change Account offers a Prepaid Debit MasterCardĀ® and has full transactional capabilities with multiple benefits, including Faster Payments, Direct Debit and a wide ranging Rewards Programme.

Sign up for a Change Account and once set up you can use that as your bank details for applying for a loan with us.

 

Applying for a personal loan

How do I apply?

The easiest way to apply is to complete our online application form. Alternatively you can apply over the telephone during our office hours. This may take slightly longer.
 

How much can I borrow?

This depends on your personal circumstances and whether we have lent to you before. We may offer you a smaller loan until we get to know you.

You should apply for the amount you feel you can afford, and we will make you an offer of a loan amount if you are accepted.
 

What income will you take into account?

Any income you receive that belongs to you and will continue throughout the term of the loan.

This means we will accept wages and benefit income - but not payments from spouses, partners or lodgers.
 

Can I apply for a joint loan?

No. You and your partner will need to apply separately, as we need to ensure the loan is affordable to you on your own.

 

Our loan process

How long does it take for me to receive the money?

If we approve your loan straight away, the money should be in your account the next working day after you apply.

If we need to verify more information we will aim to do this within 3 working days. This means if we approve you, you may receive the money up to 5 working days after your application.

Please do not commit to any spending until you see funds in your account.
 

What interest rate will I pay?

Rates depend on your circumstances and the loan amount. Our representative APR is currently 99.9% - but you may pay less than this.
 

Do you charge fees?

Only if you default on your loan. We may have to charge your account to cover the cost of recovering your loan. If you are experiencing difficulties with repayments, please let us know before it gets to this point. We are understanding and willing to discuss your circumstances.
 

How will I get my decision?

You will get a decision in principle at the end of your application. If you pass the online checks your loan will go to an underwriter who will assess your case. We will notify you by text or email when your loan has been fully processed.
 

Can I reapply for a bigger loan?

Sure you can - as long as you are making payments on this loan and have paid a reasonable amount off. We may even discount the rate you pay as a reward for being a good payer.

 

Loan repayments

How do I pay the loan back?

All loan repayments must be made by Direct Debit, so you'll need a bank account.

If you don't have one, consider the Change Account. It's easy to open and lets you make Direct Debit payments.
 

How often will I make payments?

You can choose weekly, 2-weekly, 4-weekly or monthly. Please select the date/day you wish to pay on in the 'next payment date' section and we will set up your repayments accordingly.
 

Can I change my payment date or frequency?

Yes - just call us on 0845 603 6695 (Calls from a BT landline may cost around 25p based on a 5-minute call. Calls from mobiles and other providers may cost more). Calls from a mobile may be cheaper on    01772 666122. Or you can email us at loans@placesforpeople.co.uk
 

How do I make a card payment?

You can log on to your account and click the 'make payment' button. Alternatively call us on 0845 603 6695 and we will put you through to the card payments team.
 

What happens if I want to pay my loan back early?

No problem! You can do this at any time - although we may need to ask you more about where the funds have come from.
 

I can't make my repayments - what can I do?

Please ring us to discuss your situation. We are understanding and willing to discuss this with you. We would prefer you to make a token payment towards your loan rather than stop paying. If you don't talk to us we can't help you, and may have to take action to recover the loan.

 

Declined loans

I've been declined - what can I do now?

We may feel that the loan is not affordable for you, or that your current credit history does not warrant us lending to you. If you are in financial difficulty then we suggest you contact someone who can help, such as StepChange.

If your situation changes you may be able to reapply in a few months' time.
 

I've been declined but I don't agree with the decision - can I appeal?

We accept written appeals at loans@placesforpeople.co.uk. We will aim to respond within 5 working days. You will need to explain why you think we should lend to you and demonstrate an ability to repay if you wish to appeal.

 

Complaints

How do I complain?

Firstly we would like to talk to you to try and sort out any problems. If you don't feel this is right for you, or you are not satisfied with the response you get, then please check out our complaints procedure.

 

Places for People Financial Services Limited is authorised and regulated by the Financial Conduct Authority with firm reference number 663756