Frequently Asked Questions

Q. What information do I need if I want to apply for a loan?

A. There is just a simple application form to complete, it would be beneficial to have to hand the account details of the bank account you would want the funds transferring to.

Q. How much can I borrow and over what repayment period?

A. You could borrow any amount from £1,000-£25,000 by completing an on-line application form. Please contact us if you require a larger amount as we may require some additional information from you. The loan period is between 6 months and 5 years.

Q. Will my payments be subject to interest rate changes?

A. No, all loans are fixed on day 1 for the duration of the agreement.

Q. What can I use the loan for?

A. Almost anything, though we do need to know the purpose of the loan. If you are unsure about any exclusions just drop us an email and we’ll contact you and walk you through the application process.

Q. When will my first payment be?

A. Usually 1 month after the loan is activated and paid to you. A copy of the finance agreement will be emailed to you that will detail the date your first payment will be taken.

Q. Can I top-up my Loan?

A. After 6 months of payments we would be happy to look at additional lending.

Q. Do you charge a set-up fee?

A. CSL doesn’t charge you a set-up fee for your loan. RateSetter will charge an upfront arrangement fee. This will be added to the loan and spread out over the monthly repayments and are included in the total amount repayable.

Q. Can I settle the loan early?

A. Yes, you can pay off all or part of your loan early at any time and there are no early repayment fees. You can make additional payments, increase your monthly instalments or repay your loan off in full.

Q. When will I get a decision?

A. You will get a lending decision within 1 working day. Once you have accepted the loan, the funds will be transferred in to your account on the next working day. You can choose to have the funds transferred to your account on the same working day. Please be advised there is a charge of £12 for this additional service and the cut off time for this service is 2pm.

Q. I have been declined, can you tell me why?

A. Underwriters rely on details provided by credit reference agencies and the information you have provided us with. In some cases you may be declined due to existing credit agreements with them and deemed to be up to limits. You can request a copy of your credit file, send your name, your addresses for the last six years and a cheque for £2 to: Experian Ltd, PO box 8000, Nottingham NG80 7WF. You could also write to Equifax LTD, Erskine House, 1 North Avenue, Clydebank, Glasgow G81 2DR.

Q. Are there any age limitations?

A. To be eligible for funding all applicants need to be 21 years or over and under 70.

Q. Will my application be recorded on my credit file?

A. When you apply for a quote a ‘soft search’ will be made on your credit file. This is marked as a quotation. It will be visible to you and other Lenders but will not affect your credit score. When you make a full application a hard credit search is undertaken once you are approved. This gets recorded on your credit file as a search. Please remember that multiple hard searches on your credit file over a short period of time is likely to affect your credit rating.

Q. Do I have to take out the loan immediately?

A. From the point of your application being approved, you can log in to your account at any point up to 2 weeks to accept your loan online.