The ethical loans we provide at CLEVR Money can be used for a huge range of things. Many of our members borrow to fund expensive one-off items such as a new car or a large kitchen appliance such as a cooker or freezer. For others we are the perfect lender when it comes to borrowing money to pay for school uniforms or the annual family holiday. Or our fair and affordable loans can be used simply to keep things ticking over until pay day.
We’re constantly working on developing new loan products designed to suit the needs of our members and the lives they live. Our new Family Booster child benefit loan is a perfect example of this.
We know that some of our members have problems borrowing money at fair interest rates elsewhere because they have a poor credit rating, and we believe that this is something for which they shouldn’t be punished. Many other lenders respond to poor credit ratings by charging much higher rates of interest, but we don’t treat our members like that. We understand that a poor credit rating can be caused by a range of issues, from a period of financial difficulty in the past to the fact that a person hasn’t had a credit card or loan in the past.
That’s why our Family Booster child benefit loan, which is worth £300, is approved using affordability checks rather than credit checks. We treat each of our members as an individual, not simply a set of statistics, and base our lending on the current state of their life and finances. This means that we never lend our members more than they can afford to pay back, and in the case of a Family Booster child benefit loan, we actually take the repayments directly from child benefit over a period of 26 weeks, which keeps things as simple as possible.
Our Family Booster child benefit loan is another example of our commitment to being a truly ethical lender. The Family Booster child benefit loan comes without any hidden fees or extra charges. When you take out the loan you’ll know exactly what you’re going to be paying back, every week and every month as well as in total, and the loan itself will be paid in full after just 26 weeks. Our members can also apply for a top up loan after 13 weekly payments, enabling them to borrow a little more money at the same affordable interest rate, and with the same simple mechanism for paying the money back.
Once you’ve given us the information we need we’ll make a decision on your Family Booster child benefit loan as quickly as possible. Unlike some other products, the loan itself will only be transferred into your account once the first payment from child benefit has landed. As soon as it does, however, you’ll have the £300 you need and the peace of mind of knowing that you can manage the repayments because you’ve borrowed from an ethical lender.