Why does the council fund a loan scheme, not grants?
We are often asked why council grants are no longer available for homeowners needing to make essential home repairs. It’s a good question! By providing loans, funds are recycled as every time a loan repayment is made, it goes back into the council pot to be lent again, and again and again, and again! This creates a sustainable pot of funds to help homeowners now and into the future.
We are not a grant making organisation, but if you approach us for a loan and we believe you may be eligible for a grant elsewhere, we can signpost you appropriately. As a Community Interest Company, we are not a sales driven organisation. Instead, we want to see the best outcome for you to keep you safe, warm, dry and comfortable in your home.
Why a Lendology Home Improvement Loan?
As a Community Interest Company, we are not driven by targets or sales. Every client will receive the same fixed interest rate, no matter their circumstance. We work in partnership with local councils across the South West to provide a tailored service to homeowners. Your adviser will visit you in your own home to complete a financial assessment to understand your unique financial situation. We will work with you and your council to provide a financial solution that suits your need and means both now and into the future (subject to eligibility and status).
How much will my monthly repayments be?
This will depend on the amount you borrow and the loan product you are eligible for. Your adviser will work with you to find a solution which meets your individual needs and means (subject to eligibility and status).
Do I need to be in receipt of benefits to qualify?
No! However, if you are in receipt of benefits, pension credit or a state pension, or you are self-employed, you are welcome to apply. Your loan product, as with everyone, will suit your needs and means (subject to eligibility and status).
What are your fees and charges?
We do not charge any administration or set up fees. However, if a loan is offered a Title Restriction is normally registered at the Land Registry and a £20 fee would be payable to the Land Registry to register the restriction.
If your property is unregistered, other fees may apply. We will tell you about any other fees or costs that you may have to pay if you take out a particular loan.
I have a poor credit history and/or a County Court Judgement, will you lend to me?
We consider each client individually and your unique circumstances will be taken into account during the assessment. We will not automatically refuse a loan because you have or have had CCJ’s (County Court Judgements) or struggled with debt in the past. However, we will need to understand your past and current situation before considering a loan application.
I have a low credit score. Does this mean I can’t apply?
We do not assess applications based on credit scores. We consider each client individually and your unique circumstances will be taken into account during the assessment. If you are concerned, please contact us and an adviser will discuss the application process with you.
What is an APR?
APR stands for Annual Percentage Rate. The APR reflects the amount a loan costs annually and includes any fees or charges associated with a loan. APR is calculated in the same way by all lenders and this figure will help you to compare different loan products and providers. A Lendology loan has a fixed interest rate and typical 4.2% APR (subject to eligibility and status).
Do you lend to everyone?
As a responsible lender, we are not able to lend to everyone who applies for a loan with us. Your adviser will discuss with you directly the reason your application cannot progress.
Can I repay the loan early? Are there any early repayment penalties?
You can pay your loan off in full at any time without penalty. You can also make lump sum reductions of £100 or more at any stage to reduce the balance outstanding. To find out how to do this, please call us on 01823 461099 and a member of our team will be happy to help.
My circumstances have changed and I am worried about my loan.
We are here to help and we understand that people’s circumstances can and do change. We will work with you so please do not worry alone about your Lendology loan. Contact us and a member of our team will be in touch with you.