From time to time, many of us need a little extra money and here at Arrow Loans, we help to finance a variety of purchases, covering anything from Kitchen Refurbishments, Home Improvements, Decorations, Vehicles, Motorhomes, Hot-Tubs, Weddings and much more.

Over the last few years there have been many changes in regulations, which affect high street lenders and their ability to lend. The criteria is tighter than ever and responsible lending is the key. It’s fair to say, banks have a duty to lend responsibly but in the past, it hasn’t always been the case. Due to poor decisions in the past, the banking sector has clamped down. Before lending to anyone, they need to know how you spend your money, down to the last penny.

As an example, Banks 15 years ago would have asked what you earn and what your main outgoings are. Simple rules were applied to your salary to give you an idea of lending available and simple questionnaires were issued to identify what you spend and where. Now, it’s far more involved and the banks want to know everything from your mortgage and bills through to gym memberships. Seems fair enough and logical, but it does have a few catches for some people.

Flexible Lending

Sometimes, the lending criteria needs to be more flexible and decisions need to be made with a more broader view of someone’s finances. Instead of basing our lending decisions purely on credit score, we look to at the overall credit history and management of bank accounts, allowing us to take a more flexible approach to lending.

Many lenders will not attempt to understand how you manage your finances and often decline to lend, based on a credit score which is considered too low.

Arrow Loans have built up an enviable reputation in the industry as a lender who takes into consideration more than just your credit rating.

Did you know:

Quite often those who have never had credit will have a lower credit rating than those who have had it. Those who have taken finance and paid on time, will be building a good credit rating. A record of their financial transactions will allow the industry to score them. Unfortunately, those with no financial records to review, can suffer a poor credit rating, just like those who have taken credit and missed a few payments here and there. Overall, the score itself is a benchmark but not always a true indicator, in regard to who we lend to and how reliable that person might be.

Afraid to apply

For this reason, many people are afraid of how their credit score will affect our decision, especially if they have been turned down by other lenders. Instead of basing our decision just on your credit score, we take time to understand your situation before making a lending decision.

Flexible Lending Criteria

Often we learn of lenders that will not lend to a person because of the type of income they receive. We believe that it is unfair to exclude people because they don’t receive a certain level of income. Whether you work full time or you receive Job Seekers Allowance, we will consider your application. Giving everyone an equal opportunity to access finance is our main objective and as a responsible and direct lender, we work hard to ensure you get the best possible deal. Remember, no brokers fee as we lend direct.

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