What you will need to apply for a loan?
At Estone Personal Credit Limited we take seriously the need to ensure that all loans that we provide are in the best interest of our customers. We are not a shareholder funded business; we are just a family business, with core family values. As such, we ensure that any loan that we provide for a potential customer is affordable for them to repay, and intelligent decision making for the business.
Responsible lending is a core regulatory requirement that we as a business take seriously. Here is a quick four step guide to help you have the correct information and documents before you apply for a loan. This will help us make the right decision for you.
- Proof of income – Our underwriting team will need to see two consecutive forms of proof of income to validate your weekly income.
- Bank statements – Our underwriting team will need to see at least one month of bank statements to check your spending patterns and ensure the loan is viable.
- Income and expenditure assessment – A manager will complete a full in-depth income and expenditure assessment with you. This process is comprehensive and in line with The Money Advice Service Budget Planner. You can view this here – https://www.moneyadviceservice.org.uk/en/tools/budget-planner/budget/edit/income to prepare your budget before our manager completes this with you.
- Credit Report – Once a manager has completed the Income and Expenditure assessment with you, our loan underwriting team will validate your declared credit commitments against a credit reference check. We will consider your current credit commitments and complete a credit reference file calculation to ensure we have an accurate picture of your commitments. We calculate your weekly Debt to Income Ratio from this information to ensure your debt portfolio is sustainable. Please note: we will seek to gain your consent to complete a credit reference check, however without your consent we cannot proceed with the loan application.
We hope this information helps your prepare for applying for a loan with us! A member of our office team will call you and talk you through this process when you apply for a loan.