Frequently asked questions - customers
We've set out some questions and answers to help you.
Who can apply?
We provide loans to people who find it difficult to get credit elsewhere.
You need to be over 18 and you need to have an income, whether benefits or wages / salary and a bank account for us to pay the money in to, and take the repayments from.
If your bank has said no, or you are considering approaching very high interest companies, please try us first. We charge a fixed interest rate so your payments won't go up as long as you keep them up. We can provide loans for many different purposes, just tell us what you need the money for and we'll consider it. We can also help if you're struggling with existing debts or you just want some good advice.
How do I contact you?
You can phone Moneyline Greater Manchester on 0161 736 6500, between 9am and 4.30pm Monday to Friday or you can visit our website at www.moneylinegm.co.uk. Someone will call you back at a convenient time and go through the loan application procedure.
What will disqualify me from getting a loan?
- No access to a bank account
- An unmanageable overdraft
- Being a student (due to the availability of alternative loan sources)
- Being in receipt of Job Seekers Allowance (due to inadequate surplus income)
- Rent, council tax, or utility company (gas, electric, water) arrears
My credit score is really low. Can I still apply for loan?
Of course. We offer money at reasonable rates of interest to people who do not have access to loans from banks, building societies or other reputable financial institutions.
How much can I borrow?
This all depends on how much money you have coming in, how much you are paying out, and what the money is for. We can lend anything between £50 and £1000. The average personal loan taken out is £500. Just ask for as much as you require and we will offer you an amount we feel is necessary and affordable.
What can I borrow money for?
Any reasonable personal expenditure will be considered, such as home furnishings, kitchen appliances, or short-term money problems.
What are the repayment terms?
Repayment will be either weekly (on a Friday), fortnightly or monthly (on chosen date) by direct debit.
How soon will I get the money?
Once your loan application has been approved and you have signed a Credit Agreement, it takes three working days for the money to go into your account. We do not make payment in cash - the funds are paid directly into your bank account.
How do I pay it back?
All our loans have to be paid back by direct debit. We do not have payment cards, and we won't come knocking on your door every week.
How much interest will I pay?
Personal loans up to £1000 - 25% pa fixed. Typical APR 28.3%
What happens if I struggle to make my repayments?
If there is a genuine emergency which means that you need to miss one or more payments, you must contact us right away. If your circumstances change permanently - for example you split from your partner or lose your job - we may be able to reschedule your loan, which means your repayments will be lower than you agreed to pay for the remainder of the loan.
What happens if I stop making my repayments?
As with any loan, a collection process will start and may result in legal action.
Can I apply for further loans in the future?
Yes, if your payment history is good and your repayments have been made on time.
Any more questions?
Contact our lending team who will explain anything you need to know on 0161 736 6500.
