What should I include in my monthly expenses?
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.
Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you
As a responsible lender, we need to know about your regular income and expenses to assess your eligibility. This includes your employment status and how often you are paid and how.
We also need to consider the affordability of the loan, so we need some information about your monthly expenses.
When considering your monthly expenses, you should include any essential financial commitments such as;
- Your rent or mortgage
- Your utilities (gas, electric, water and any other services you pay for regularly)
- Your transport costs (fuel, public transport, car insurance)
- How much you need for food (essential groceries and household items)
- Any current credit commitments (credit cards, loans or finance agreements)
- Any other regular outgoings (for example childcare or child maintenance payments, memberships or subscriptions)
It is important that you provide accurate financial information and have considered your future income and outgoings in determining your ability to repay your loan without difficulty.
Head back to the homepage if you’re ready to apply for a loan.