Borrowing money

Image: A happy couple talking to someone about borrowing money
There may be times when you need to borrow money.

With so many lending companies wanting to ‘help’ it can be confusing to find a loan right for you.

If you need support or would like someone to talk to, our team are on hand to give free advice and refer you to a number of specialist advisers if you'd like additional help.

If you'd like to discuss this with us further please contact us.
 

Advice on borrowing money

Borrowing money from legitimate and regulated lenders and making repayments in full on the agreed dates is important as it will help you to avoid incurring additional penalty fees and will also help you to keep a good credit score.

Further advice about borrowing money is also available from the Money Advice Service.
 

What's a credit score and why's it important?

Image: a credit score rating on an iPadEveryone has a credit score. It's used by those that lend us money (such as banks and credit card companies) to help determine whether you are a good person to lend money to.

The better your credit score the more likely you are to qualify for credit cards, loans, mortgages or services, so it's beneficial to avoid a low a score!

If you've experienced difficulty in setting up a current account with with your bank or building society due to a poor credit score, then you may still eligible to setup a basic bank account.

Find out more about setting up a basic bank account.
 

How can you improve your credit score?

There are a number of ways that you can improve your credit score.
  • Make sure that you are registered on the electoral roll
  • Try to avoid frequent applications for credit -  lenders are wary of borrowers that have previously been turned away.  
  • Make sure that your credit file is accurate and up to date.

MoneySupermarket's comparison service can help you find the right personal loan if you have no credit history or a bad credit record. Their website compares personal from all the leading lenders, so that you can get the best deal for your circumstances.

How we can help:

We're passionate about helping our customers to save money. And there are a number of ways we can help, including offering support on:
  • The best way to budget
  • How to open a bank account
  • How to claim benefits and understand the welfare benefit reforms
  • Top tips to reduce the cost of your bills
  • Grants and schemes you may be eligible for.

Interested?

Contact us today to find out how we can help - simply use the form below to get started.  You can also contact us in a number of other ways to find out more information about how we can help.

 Get in touch