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Affordability assessment

Frequently asked questions

The affordability assessment is a series of simple checks and questions carried out by an agent when they visit you in your home. It doesn’t take very long, but is important to ensure that your loan is right for you.

At Morses Club we aim to make sure that each loan is suitable for each customer. The affordability check lets us understand a little more about your income and your outgoings, so we can make sure that you can afford your loan repayments and won’t get into any unnecessary difficulty.

Your agent will conduct an affordability assessment with you in the comfort of your own home. Completing this in person means that you can ask as many questions as you like and also helps your agent to assess your requirements on an individual basis. The same agent will then collect your loan repayments from your home at an agree time each week.

Yes – if you decide to take out more than one loan with us, an affordability check will be carried out each time. Circumstances can change very quickly, so even if we’ve gotten to know you we still want to make sure that we are providing you with a loan which suits your individual needs.

When your agent comes to complete your affordability assessment, they will need to see some ID, like a passport or driver’s license, as well as evidence of your income and outgoings so they can make sure the loan is right for you. Your agent will attempt to verify your stated income with a credit reference agency, but if this is not possible, you will need to provide supporting documents. The list of documents you can use as evidence of income and outgoings can be found here.

Outgoings are any payments being taken from you on a regular basis. The most common outgoings are:

  • Rent/mortgage
  • Utility bills
  • Living costs (e.g. food, transportation)
  • Loan repayments
  • Any other payments e.g. Child Support payments

No, your affordability assessment only concerns your finances – so your agent will only need to know information regarding your income and outgoings.

If you'd like to find out more about our affordability assessment, click here.

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