11th June, 2013
David from Northumberland contacted Five Lamps in February 2013, to discuss extended his current personal loan. Vince Rogers, Five Lamps Loan Of...
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01642 608316 Get in touch with our finance team:
0300 111 0556 Get in touch with our youth team:
01642 673793 Get in touch with our enterprise team:
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Anyone who lives in a financially excluded area in the North East of England can apply for a personal loan with Five Lamps.
You can apply for a loan with Five Lamps by calling 0300 111 0556.
When you contact us, one of our team will go through an application form with you. This form asks you some basic questions about your current income, how much you usually spend, how much money you want to borrow and the reasons why you want a loan. This usually lasts around 15 minutes.
When you have completed your application, it will be passed to one of our Loans Officers who will look at your application and make a decision if one of our loans is the best option for you. We will undertake a Shared Search Credit Check on all loan applications.
If you are successful in applying for a loan, one of our Loans Officers will contact you to explain the loan. You can also ask the Loans Officer any questions that you may have. The Loans Officer will make sure that you understand everything before asking you to sign a Loan Agreement and Contract.
Once you have signed the contract, we will put the money into your bank account within 7 working days.
You may be turned down for a loan for lots of different reasons. It may be that a loan from us is not the best option for you, as you may be able to get a cheaper loan from a Credit Union, you may be able to save yourself money by restructuring your finances or a loan may not be affordable for you.
Often our customers are turned down because they provide us with incorrect information.
We will always refer our customers who have been turned down for a loan to other agencies who may be able to help, such as the Citizens Advice Bureau.
You can also visit Northern Money, a website which gives you information on your local Credit Union who might be able to provide you with savings and low-cost loans. Click here to visit Northern Money.
As the interest rate for Credit Unions is typically around 26.6%, Five Lamps agreed to raise their interest rate to 49.9% so we were not in direct competition with Credit Unions. We will always refer you to a Credit Union if this is the best option for your needs.
All of our Loans Officers have many years experience and have a broad range of experience within financial services. Our Loans Officers are Cemap or FPC qualified.