We understand that applying for a loan can be a big financial decision so we have put together answers to some of the most common questions we get asked.
Why do you need to see my bank statements and payslips?
Smart Money Cymru is a responsible lender and we need to ensure that before we grant a loan you can comfortably afford the repayments as well as savings with us. We pride ourselves on providing affordable credit not unaffordable debt.
How long will it take to get a decision?
Once all relevant documentation has been received we aim to turn around all loans within 24 hours. You will be contacted if we have any queries regarding your application.
Will you be doing a credit search on me?
We will perform a full credit reference agency search in order to check your affordability and also to clarify that the imformation given on the loan form is accurate. The information we receive from the credit search is used as a tool by our credit committee as well as many other factors that are taken into account. Please be open and honest with us to enable us to make the right decision.
How long do I have to be a member before I can apply for a loan?
At Smart Money Cymru we are happy to take a loan application from you at the same time as you join. You do not have to save for a period of time first but we will expect you to establish your savings at the same as repaying your loan.
How soon can I apply for a top up?
You will be able to apply to top up your Smart Loan once you have repaid half of the original amount that you borrowed unless you have been advised otherwise.
I have been refused a loan, what can I do?
If you have been refused a loan the reason for refusal would have been fully explained to you, however we strongly advise that you continue saving with us to help future loan applications.