FAQ's

Are applications for enterprise loans credit checked

We always credit check each application for an enterprise loan

Is there a fee for enterprise loans?

There are no fees for obtaining a Start Up Loan or any of the services associated with it

How do I apply for a personal loan?

You can apply online by clicking here or by calling us on 0300 111 0556.

You will need to complete an application form that asks questions around your personal details and your income and expenditure.

Once we have received your application, we will assess it and communicate our decision to you via email, telephone or text.

If you are approved in principle, we will email you requesting you to e-sign your loan documents (Fixed Sum Loan Agreement; Adequate Explanation Document and Pre-Contract Credit Information). We may also request that you send us some additional evidence to support your application.

Once you have signed your loan documents and sent us any additional forms of evidence, we will assess your application and offer you a loan. We will email you to inform you when this happens and that the funds are being transferred into your bank account. It usually takes up to three working days for funds to clear, depending on your bank (unless you have requested a faster payment)

What to do if you are struggling to repay your personal loan

If you are experiencing financial difficulties and are struggling to keep up with the repayments on your personal loan, please contact us as a matter of urgency.

Please call us on 0300 111 0556 or loans@conduit.org.uk

We are a responsible lender that offers assistance and help to people within the community. We provide a friendly and professional service allowing customers the peace of mind to be able to openly speak to us regarding any issues they may be experiencing.

We will always work with you to improve the situation and we can arrange payment holidays or a revised repayment plan based on a new income and expenditure assessment.

However, failure to work with us will result in any outstanding debt being transferred to a Debt Collection Agency or result in court action.

How much can I borrow for my business?

Depending on which of our business loans you receive, we offer loans from £250 to £100,000.

What happens if my personal details change?

If you have a business loan and you move home, change your bank account or telephone number, please contact us on 01642 673 828.

How long do I have to repay my enterprise loan back?

We aim to provide our customers with as much flexibility as possible. Depending on which of our business loans you receive, our business loans are payable from 1 to 5 years.

When will I get a decision on my enterprise loan?

From completion of your business plan and financials you will normally get a decision on your business loan within 48 hours after the Loan Panel has made a decision.

What if I have poor credit history?

During the application you will be asked questions about your previous credit history. It is important you answer these questions openly and honestly as this information will appear on your credit report.

We will use the credit report to see that existing or previous debts have been or are being repaid.

All loans are approved on the basis of a customer’s affordability to repay back the loan, your bank account management and credit history to see how you’ve been managing your finances and any existing debts.

What happens when I apply for an enterprise loan?

Your application and business plan with be assessed by a Loan Panel who will feed back to you their decision and any comments on your business plan.

Who can apply for a Five Lamps business loan?

You can apply for a Start-Up Loan if you are over 18 and have a start-up business that has not been trading for more than 24 months. Regional Growth Fund loans are for businesses with growth potential and NEA loans are directed at individuals who have been referred by the Job Centre.

What happens if my personal details change?

Please contact us if you move home, change your bank account or telephone number. You can do this by contacting 0300 111 0556 or loans@conduit.org.uk.

How long do I have to repay my loan back?

We aim to provide our customers with as much flexibility as possible. Our loans are payable from 4 weeks to 52 weeks, depending on your circumstances.

You will be provided with a repayment schedule which clearly details the amount and date of each repayment.

Why do I have to pay an Administration fee for my personal loan?

We charge administrative fees to cover some of the costs in administering you’re loan.

The fee for our loans is 5% of the loan value and is a minimum of £10.00. The admin fee is only to be paid when you have been approved for the loan and is deducted from your approved loan amount.

When can I apply for an additional personal loan?

We offer additional loans based on your circumstances at the time of application. Please contact us on 0300 111 0556 or loans@conduit.org.uk to see if you are eligible for an additional loan.

When will I get a decision on my personal loan?

You will normally get a decision on your application within 24-48 hours.

What if I have poor credit history?

During the application you will be asked questions about your previous credit history. It is important you answer these questions open and honestly as this information will appear on your credit report.

We will use the credit report to see that existing or previous debts have been or are being repaid.

All loans are approved on the basis of a customer’s affordability to repay back the loan, your bank account management and credit history to see how you’ve been managing your finances and any existing debts.

What happens when I apply for a personal loan?

If you apply over the telephone, one of our team will complete an application form with you; this will include basic questions and your income and expenditure. If you apply online, you will complete the application form.

Your application will then be assessed by a Loans Officer who will decide if a loan is the best option for you. We will also complete a credit check on your loan application.

If your application is successful you will receive a text message and your paperwork will be sent to you in the post. Once we receive the completed paperwork your loan will be in your bank account within 3-5 working days.

You will need to read all of the information before signing the loan contract. If you have any questions please contact 0300 111 0556.

Who can apply for a Five Lamps personal loan?

You can apply if you cannot access mainstream finance or low cost affordable finance. Representative APR 89.9%

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