New Customers - Frequently Asked Questions
- Do I have to be a homeowner to get a loan from Morses Club?
You do not need to be a homeowner to be eligible for a cash loan from Morses Club. We are able to provide unsecured loan for tenants in private, council and housing association properties, as well as people living in other circumstances.
- Does it matter if I have defaults, CCJs or poor credit?
Not necessarily, we try to help everyone whatever your circumstances. As part of the application process, we will undertake a credit search to help us assess your suitability for a loan.
- How can I apply?
You can apply online using our simple online application form. You will receive a response within minutes letting you know if you've been initially approved for one of our cash loans. Once you’re initially approved someone from your local branch will be in touch to discuss visiting you and finalising your application.
- How much can I borrow?
New customers can borrow up to £400. When you take out a loan with Morses Club you know exactly how much you will repay each week and how much you'll repay overall. If you need to borrow from us again in the future, you may be able to borrow more money, subject to approval.
- Can I keep my account private from other members of my household?
All information you share with us will be treated confidentially. We are bound by the Data Protection Act and we will only discuss details of your loan with you, never with other family members or friends unless you tell us otherwise.
- What is home credit?
A home credit lender provides unsecured, cash loans - typically £100 to £1000 - through a network of local Agents. The Agents deliver the money direct to customers' homes with a call every week to collect repayments.
Here at Morses Club, we offer you a service that is simple, convenient, flexible and transparent.
- When do I start paying the money back?
You will start paying the money back 7 days after you receive your loan. You will be given a payment card where all your repayments are recorded so you always know where you are with your Morses Club account.
- What happens if I miss a payment?
If you need to miss a payment you should try and let your Agent know in advance. You are able to make one-off repayments to bring your account up-to-date. If you frequently miss repayments someone from your local branch will be in touch to work with you towards an alternative payment plan which works for you.
- How is Morses Club different from other lenders?
At Morses Club, we put our customers first. We offer small repayments which are collected from your home at a time to suit you. You will have your own Agent who will be there to answer your questions and help you with any future credit you may need. We are flexible and will deal with each of our customer on an individual basis.
- What happens if I want to settle my account early?
We do not charge an early settlement fee if you would like to settle your account early. If this is an option for you then you should speak to your Agent.
- How much will my loan cost me?
This is an example of one of our loans and the costs involved -
- £200 loan repayable over 33 weeks at £10 per week,
- Rate of interest 102.4% p.a fixed;
- Representative 433.5% APR
- Total amount payable is £330
- When will I get my money?
After you are approved in principle for a loan - this happens once you’ve filled out the online form - your local branch will contact you and arrange for an agent to come round. How long it takes for an agent to visit depends on how many agents operate in your area. It also depends on how long it takes the branch to be able to contact you - so make sure you keep your phone on.
When the agent comes round they will finalise your loan, which includes undertaking an affordability check. If you pass your affordability check, they will then give you your cash. The whole process could take less than two days; however it may take a little longer than this.
- Do I need a credit check for this loan?
Yes - a credit check is carried out after you fill in the online application form, and it will tell you in less than a minute whether you have been successful or not.
Credit and affordability checks are necessary so that we can assess your suitability for one of our loans, based on your current situation and taking into account any credit history you may have. We consider those with less than perfect credit ratings, so do not be put off!
- Will I need to provide any documents?
When you fill out our online application form you will not be asked to provide any documents. If you are approved in principle, when the agent visits they will need to see some ID – this could be a passport or a driving license.
They’ll also need to see evidence of income, and where possible outgoings too. This is needed as part of our affordability assessment to help make sure your loan is manageable for you. The full list of documents we accept as proof of income/outgoings can be found here.
- When will the agent come round?
The agent will call round at a time that is convenient for you - this will be arranged by yourself and your local branch manager over the phone. After your initial meeting when your loan is finalised, you can arrange a time with your agent to collect your weekly repayments.
Should you need to change the date/time of your weekly collection you can do so by contacting your agent.