Affordability Assessment

If you’ve completed our online application form and been accepted in principle, your local agent will arrange a time with you to come round and finalise your application.

When your agent visits, they will conduct an affordability assessment – we do this for every new loan, even with existing customers.

Why is an affordability assessment important?

We conduct affordability assessments because we are a responsible lender. It’s important for us so that we ensure the loan is manageable for you and to help you avoid running into difficulties.

For each loan application, your agent will ask you to provide evidence of your income and, where possible, evidence of your outgoings – we need to make sure that your loan is affordable, not just today, but for the full life of the loan.

We put our customers at the heart of everything we do, and ensuring that your loan is right for you is very important to us - affordability checks help us to do this.

What documents will I need to provide?

Below is a list of example of documents you can use as proof of income and outgoings.

You might use apps or online services to manage your finances so a paper document isn’t necessary as long as your agent can see all the information they need along with any relevant reference numbers, and it’s up to date.

Any information that you do share with us, will be treated in the strictest confidence and will only be used to assess that the loan is affordable for you. Please make sure that you share with your agent the most up to date information, so that we really understand your current circumstances

If you have any questions, feel free to Contact us and we’ll help in any way we can.

Income

Wages

  • Wage Slip
  • P60
  • HMRC Letter
  • Accounts Record
  • Tax return
  • Remittance Advice

Benefits

  • DWP letter (stating entitlement)
  • Job Centre Plus Benefits Award
  • HMRC letter (stating entitlement)
  • Working Tax Credit Letter (stating entitlement)

Pension

  • Pension Statement
  • Pension Letter (stating entitlement)
  • Pension Scheme letter (stating entitlement)

Other

  • Foster Income Confirmation Letter (stating entitlement)
  • Foster Income Remittance Advice
  • Court Order / CSA Letter (showing payments received)

Outgoings

Rent

  • Rent Book
  • Landlords Letter (stating contractual payments)
  • Local Authority Letter (stating contractual payments)

Mortgage

  • Mortgage Statement
  • Mortgage Provider letter (stating contractual payments)

Morses Club Loans

Other Loans

  • Payment Receipt Book
  • Financial Statement
  • Letter from Loan Provider (stating contractual payments)

Utilities

  • Utility Bill(s)
  • Letter from utility provider (stating contractual payments)

Living Costs

Childcare

  • Letter from registered Childminder (stating contractual payments)
  • Letter from registered play scheme leader (stating contractual payments)

Representative Example:

£200 loan repayable over 20 weeks at £15.00 per week, Rate of interest 50% fixed; Representative 756.5% APR, Total Amount Payable is £300.

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