Before you even begin comparing specific offers, it helps to get clear on what you actually need from a loan. Think about how much you want to borrow, how quickly you’d like to pay it back and what kind of monthly repayment you can comfortably afford without stretching your budget too thin. Having these figures in mind before you start shopping around gives you a framework for evaluating every offer you come across. It also stops you from being swayed by a lender offering a larger sum than you need, which might seem appealing in the moment but could leave you paying interest on money you never really needed to borrow in the first place.

Understanding the numbers that matter

The single most useful figure when comparing loans is the Annual Percentage Rate, commonly known as the APR. This is the standardised measure that all UK lenders are required to display, and it reflects not just the interest rate but also any mandatory fees rolled into the cost of borrowing. Because every lender must calculate APR in the same way, it gives you a genuine like-for-like comparison between different products. However, there is an important catch worth knowing about. When you see an APR advertised, it is what’s known as a “representative” APR, which means the lender only has to offer that rate to at least 51% of successful applicants. Depending on your credit profile, the rate you’re actually offered could be higher, so always pay attention to the personalised quote rather than the headline figure in the advert.

Beyond the APR, you’ll want to look at the total amount repayable over the life of the loan. This figure tells you, in plain terms, how much you will hand over in total by the time you’ve made your final payment. Two loans with similar APRs can end up costing quite different amounts if one has a longer repayment term than the other, because you’re paying interest for a greater number of months. A lower monthly repayment might feel easier on your budget, but stretching a loan over a longer period almost always means paying more overall. It’s a balancing act between what’s manageable each month and what you’re comfortable paying in total, and only you can decide where that balance sits.

Fees are another area that deserves careful attention. Some lenders charge arrangement fees, which may be added to the loan amount rather than paid upfront, meaning you end up paying interest on the fee itself. Others might charge for early repayment if you decide to settle the loan ahead of schedule. Under the Consumer Credit Act, early repayment charges on personal loans are capped, but they can still eat into any savings you hoped to make by paying off early. Late payment fees are also worth checking, not because you plan to miss payments, but because life is unpredictable and knowing the consequences in advance helps you make an informed decision. A lender that appears cheaper on the surface might become more expensive if their penalty structure is particularly harsh.

Looking beyond the headline rate

Once you’ve got a handle on the core figures, it’s worth considering the less obvious factors that can make a real difference to your borrowing experience. Flexibility is one of the most underrated features of a loan. Some lenders allow you to take payment holidays, make overpayments without penalty or adjust your repayment date if your circumstances change. Others are far more rigid, locking you into a fixed schedule with little room for manoeuvre. If there’s any chance your financial situation might shift during the loan term, whether through a job change, a house move or simply a desire to clear the debt faster, flexibility could save you a significant amount of stress and money down the line.

The application process itself can also vary enormously between lenders. Many now offer what’s known as a “soft search” or eligibility check, which lets you see whether you’re likely to be approved and at what rate without leaving a mark on your credit file. This is incredibly useful because it means you can shop around freely without worrying that multiple applications will damage your credit score. If a lender doesn’t offer a soft search option, you might want to think twice before applying, particularly if you’re checking with several providers. Each hard search leaves a footprint on your credit report, and too many in a short space of time can make you look financially desperate to future lenders, even if you’re simply being a sensible consumer doing your homework.

It’s also worth paying attention to how a lender communicates with you during the process. A company that’s transparent about its terms, easy to get hold of and willing to answer your questions is likely to be just as responsive if you ever run into difficulties during the life of the loan. Customer reviews and independent ratings can give you a sense of what the experience is actually like once you move past the marketing material. Whilst no lender will have a perfect record, consistent complaints about poor communication or unhelpful support should give you pause. Borrowing money is a relationship that lasts months or even years, and you want to feel confident that the lender will treat you fairly throughout.

Finally, take your time. There is rarely a genuine reason to rush into accepting a loan offer, regardless of what any countdown timer on a website might suggest. A legitimate offer will still be there tomorrow, and if a lender pressures you into signing immediately, that in itself is a warning sign. Write down the key details of each offer you’re considering, line them up side by side and compare them methodically. Look at the APR you’ve actually been quoted, the total repayable amount, the monthly payments, any fees and the flexibility on offer. When you lay everything out clearly, the right choice usually becomes obvious, and you can move forward with confidence knowing you’ve made a well-informed decision that works for your budget and your future.

The post How to Compare Loan Offers: A Step-by-Step Approach appeared first on Evlo.

The world of personal loans can feel like navigating a maze filled with financial jargon and complex conditions. Many borrowers sign agreements without fully comprehending what they’re committing to, which can lead to unexpected costs and frustrations down the road. Taking the time to understand loan terminology before signing on the dotted line can save you from potential financial stress and help you secure terms that truly work for your situation. Let’s explore the essential terms you’ll encounter throughout your borrowing journey.

Key Loan Terminology

Principal

The principal refers to the initial amount you borrow from a lender. This figure forms the basis of your loan calculation, but it’s just the starting point of your borrowing relationship. When you make payments towards your loan, a portion goes towards reducing this principal amount, whilst another portion covers the interest charges. Understanding how your principal affects your overall repayment structure is crucial for making informed borrowing decisions. Some loans allow you to make additional payments directly towards your principal, helping you reduce your debt faster and potentially saving significant amounts in interest over the life of the loan. When comparing loan offers, pay attention to how much of your early payments go towards the principal versus interest, as this can vary considerably between different loan products and repayment structures.

Interest Rate

The interest rate is the percentage of the principal that you pay as a cost for borrowing money, essentially the price you pay for using someone else’s funds. This rate can be fixed, meaning it remains consistent throughout the loan term, or variable, which means it can fluctuate based on market conditions or other factors specified in your loan agreement. Fixed rates offer predictability in your monthly budget, making them popular for borrowers who value consistency and want to protect themselves from potential rate increases. Variable rates might start lower but carry the risk of increasing over time, potentially making your loan more expensive than anticipated. The Bank of England’s base rate often influences variable interest rates, so keeping an eye on economic news can help you anticipate potential changes to your repayment amounts. Your credit history significantly impacts the interest rate you’re offered, with higher credit scores typically resulting in more favourable rates that can save you thousands of pounds over the loan term.

Annual Percentage Rate (APR)

The Annual Percentage Rate presents a more comprehensive picture of your loan costs than the simple interest rate. The APR includes not just the interest but also any mandatory fees associated with the loan, giving you a more accurate comparison tool when shopping around for the best deal. Lenders in the UK are legally required to display the APR prominently, allowing you to make like-for-like comparisons between different loan offers. Representative APR refers to the rate that at least 51% of successful applicants will receive, though your personal APR might be higher depending on your circumstances and credit history. When comparing loans, the APR should be your primary focus rather than just the interest rate, as it provides a clearer indication of the true cost of borrowing. Even small differences in APR can result in significant variations in the total amount repaid over the life of a loan, particularly for longer-term borrowing arrangements.

Loan Term

The loan term refers to the duration over which you’ll repay your loan, typically expressed in months or years. Shorter terms generally mean higher monthly payments but less interest paid overall, whilst longer terms spread your payments out, reducing the monthly burden but increasing the total amount you’ll pay in interest. Your choice of term should balance your current budget constraints with your desire to minimise the overall cost of borrowing. Many borrowers focus exclusively on securing the lowest possible monthly payment without considering how this stretches their debt over time, potentially costing them significantly more in the long run. Most personal loans in the UK have terms ranging from one to seven years, though some lenders offer shorter or longer options for specific purposes. The ideal loan term depends on various factors, including your income stability, other financial commitments, and your long-term financial goals.

Repayment Schedule

Your repayment schedule outlines exactly when and how much you’ll pay back to satisfy your loan obligation. Most personal loans in the UK follow a monthly repayment structure with equal instalments, though some might offer alternative arrangements such as weekly or quarterly payments. Each payment typically includes both principal and interest, gradually reducing your balance until the loan is fully repaid. Understanding how your payments are applied is crucial, particularly if you’re considering making overpayments or settling the loan early. Some lenders calculate interest on a daily basis, meaning early payments can reduce your overall costs, whilst others might use different methods that affect how beneficial early repayments would be. Your repayment schedule might also include information about payment holidays or flexibility options that could prove valuable if you experience temporary financial difficulties during the loan term.

Additional Loan Conditions

Loan Agreement

The loan agreement is the legal contract between you and the lender that outlines all the terms and conditions of your borrowing arrangement. This document contains crucial information about your rights and responsibilities, including repayment terms, interest calculations, default consequences, and any special conditions that apply to your specific loan. Signing this agreement means you’re legally bound to its conditions, so it’s essential to read it thoroughly and seek clarification on any points you don’t fully understand. The agreement should specify everything from payment due dates to what constitutes a default and the actions the lender can take if you fail to meet your obligations. Under UK consumer credit regulations, lenders must provide clear, transparent agreements that outline all costs and conditions, giving you a cooling-off period during which you can cancel the agreement without penalty if you change your mind. Despite these protections, many borrowers still skim over the details, potentially missing important clauses that could affect them later.

Early Repayment Charges

Early repayment charges are fees that might apply if you decide to pay off your loan before the agreed term ends, effectively penalising you for reducing the interest the lender would have earned. These charges can sometimes negate the savings you’d make by settling early, so it’s worth checking the specific conditions before making additional payments. Under the Consumer Credit Act, you have the right to repay your loan early, but lenders are permitted to charge a fee to compensate for their lost interest. This fee is typically equivalent to one or two months’ interest, though the exact amount should be clearly stated in your loan agreement. Some lenders offer more flexible terms with reduced or no early repayment penalties, which can be particularly valuable if you anticipate being able to clear your debt ahead of schedule. When comparing loan offers, consider not just the interest rate but also the flexibility regarding early repayments, especially if you expect your financial situation to improve during the loan term.

Default Clauses

Default clauses outline what happens if you fail to meet your obligations under the loan agreement, potentially triggering higher interest rates, penalty fees, or even legal action. These clauses define what constitutes a default, which might include missing payments, providing false information on your application, or breaching other terms of the agreement. Once in default, lenders typically have the right to demand immediate repayment of the entire outstanding balance, report the default to credit reference agencies (affecting your credit score), and potentially pursue legal remedies to recover their money. Understanding these clauses helps you appreciate the potential consequences of financial difficulties and the importance of communicating proactively with your lender if you anticipate payment problems. Most reputable lenders have procedures in place to help borrowers who experience temporary hardship, but these options are more accessible if you approach them before defaulting on your loan. Default clauses might seem like distant concerns when you first take out a loan, but being aware of them encourages responsible borrowing and emphasises the importance of having contingency plans for your financial commitments.

Secured vs Unsecured Loans

Secured loans require you to provide an asset as collateral, typically your home, which the lender can claim if you fail to repay. These loans generally offer lower interest rates than unsecured loans, which don’t require collateral but carry higher rates to offset the increased risk to the lender. The security requirement fundamentally changes the nature of your borrowing relationship, introducing the potential risk of losing your property if you default. This serious consequence means secured loans should be approached with careful consideration of your ability to maintain repayments consistently throughout the loan term, even if your financial circumstances change unexpectedly. Unsecured loans, whilst typically more expensive in terms of interest rates, don’t put your assets directly at risk, though defaulting on any type of loan can have serious consequences for your credit rating and potential legal implications. Your choice between secured and unsecured borrowing should depend on factors including the loan amount, your equity position, your income stability, and your comfort with the level of risk involved.

Being an informed borrower means taking the time to thoroughly understand all aspects of your loan agreement before committing. Compare multiple offers to ensure you’re getting competitive terms, and don’t hesitate to ask lenders to clarify any points you find confusing. Consider seeking independent financial advice if you’re unsure about which loan product best suits your needs. Remember that reputable lenders will be transparent about their terms and willing to explain their products clearly. The Financial Conduct Authority regulates lending in the UK, providing protections for consumers, but ultimately the responsibility lies with you to make informed choices about your financial commitments.

The post Understanding Loan Terms: A Consumer’s Guide appeared first on Evlo.

There’s a lot to know where money is concerned! Lending is full of complicated financial terms and it can be easy to feel a little overwhelmed by the jargon thrown your way. With that in mind, we’re taking a moment to break down key terms and phrases that are important to know and understand. This will be a simple list to scroll through, so feel free to search for terms you’re particularly interested in.

Loans A basic term, but important nonetheless. A loan refers to the process wherein a lender – the person providing money – offers an advance of a certain amount to another person or group. The recipient is known as the borrower. Loans are usually provided over a set period of time and tend to include an interest rate on repayment – another term we’ll cover below.

Secured loans A secured loan refers to a loan that involves the use of assets as a ‘security’ for the amount being borrowed. In most cases, a secured loan will use property, such as your home as collateral. These kinds of loans are often referred to as ‘homeowner loans’. Generally speaking, secured loans are used when a borrower wishes to take out a large amount – think around £15,000 or more in the UK. For borrowers requesting large amounts of money, unsecured loans are usually not available. This is partly due to the increased risk for a lender for an unsecured loan compared to a secured loan. In most cases, a secured loan will still involve the borrower meeting other criteria set by the lender. These criteria can vary.

Personal loan Personal loans are sometimes also referred to as unsecured loans. Compared to the secured loan described above, a personal or unsecured loan is one that is taken out by a borrower and repaid over an agreed period. Personal loans can be provided by a number of organisations including banks and private lenders. All personal loans are required to be covered by the legal terms laid out in the Consumer Credit Act.

With these kinds of loans, the borrower requests a fixed amount of money and agrees to a repayment period and interest rate on repayments. The money is provided to them if they meet the lender’s criteria and are subsequently accepted for the loan. The amount of money available in personal loans will vary from lender to lender. The personal circumstances of the borrower, including details such as their credit score, can also affect the details of the loan.

Repayment periods can vary for personal loans. A loan may be arranged and offered on a repayment schedule as small as six months or may involve regular repayments over several years.

Debt consolidation It’s common for people to have several different repayments to manage at one time. Managing different debts can be difficult and, in some cases, can involve high repayments for interest and fees . Debt consolidation is a process where a person takes out one large loan to repay all their other sources of debt. This leaves them with a single repayment to make at each agreed time – usually once a month.

Debt consolidation is usually done for one (or both) of two reasons: to simplify the management of repayments, and to lower the total monthly repayments required through a lower interest rate. Arranging a longer repayment period can also be a relevant benefit, but it may mean you ultimately pay more in interest and are in debt for a longer period of time. Debt consolidation, or a debt consolidation loan, is also sometimes referred to simply as a consolidation loan.

APR APR is a very common term that is important to understand if you’re considering or managing loans of some kind. APR stands for ‘Annual Repayment Rate’ and is simply the total cost of credit over one year for the loan in question. In the UK, it’s a legal requirement for lenders to clearly show the APR for a given loan to their customers.

Representative APR In most cases, the amount of interest you pay on a loan will vary. Factors that affect this can include your credit score, details like employment status, the type of loan you are applying for, and the final decision of the lender providing it.

Representative APR is designed to help borrowers make good decisions about a loan before they commit. In most loan advertising and on lenders’ websites, you will be shown a ‘representative APR’ to help you make a comparison more easily.

Representative APR figures are required by law to be a fair average for at least 51% of successful applicants to a lender’s loan service. This helps you to have faith in the level of accuracy in the figure. For example, if a representative APR is shown as 5%, you know that over half of applicants to that lender’s service will be repaid at that rate.

Payment holiday A payment holiday refers to a lender allowing a borrower to take a break from scheduled repayments of a loan for an agreed time. An example of a payment holiday might be a person having monthly repayments over the course of 12 months, with a one-month payment holiday occurring at the six-month point.

Payment holidays are not offered by every lender. They are intended as a way to help borrowers manage their repayments as their situation changes. Please note that, at Evlo, we do not offer this as part of our loan product, but if you are ever struggling to make your repayments then please get in touch with us and we will do our best to help you.

Financial Conduct Authority (FCA) The FCA is a key organisation in the UK finance market. It is required by law that any lender or broker must be authorised by the FCA if they are to offer a loans service. It’s important to be sure that any lender you are considering getting a loan from has registered appropriately with the FCA. To help protect yourself from fraud, is it advisable to check the details of any lender that you are considering borrowing from – you can do this via the FCA register, found here: https://register.fca.org.uk/s/

We hope this helps! These terms are important and understanding their meaning is useful to help you know where you stand. Be sure to bookmark this page so that you can return to it if you’re ever unsure about a specific phrase or point of information. If the Evlo team can help you with a loan to meet your current financial requirements, please be sure to stop by our website’s homepage and see what we can do to help.

The post The Evlo Jargon Buster appeared first on Evlo.

Managing and improving your credit score is a worthwhile task. A great score – or one that you’re making solid progress on improving – can help to open up your financial options. That can afford you a degree of flexibility that can make important purchases and acquisitions feasible when they’re needed the most.

If you do not have much credit history or your credit is less than perfect, you may be looking at ways to boost your credit score and wondering how long it will take to improve. With that in mind, the Evlo team is taking a moment today to discuss credit scores and the usual timeframe within which they can be restored and improved upon.

It depends on where you start

As you’d expect, improving your credit rating will take more or less time depending on where you start.

There’s an important distinction to make here. Credit scores can be low for a number of different reasons. You may have had some issues with debt in the past, in which case your score will likely be lower than someone who has not had debt before. By contrast, you might be someone who has little in the way of credit history, in which case you are likely to be able to improve your credit score at a faster rate, perhaps seeing great results in as little as several months.

It’s important to consider your state of affairs and your past financial activities. If you’re coming from a place of debt, improving your credit rating may involve a longer period of time than it could for other people.

What factors are involved in determining a credit score?

As you’d expect, the algorithms that are involved in determining credit scores are highly sophisticated. In modern banking, your credit rating is a score that is carefully arrived at by appraising an individual based on a number of key metrics. These include the following, all of which can either raise or lower your final score depending on how you ‘rate’ with each:

• New credit (recent loans or other credit lines)
• Your mix of credit (the types of credit you have like loans, credit card debt or a mortgage)
• The total length of your credit history (how long you have been using credit of one variety or another)
• How you utilise credit (what types of purchases do you use credit for and what type of credit you use for those purchases)
• Your history of payment and repayment

One of the most important of these factors is your repayment history. How reliably you make payments is very important for a lender. If you have missed some payments in the past there are a few things you can do to show you are now making payments on time. An example of this could be paying your phone bill or other regular utilities using a credit card – a common way for people in the UK to raise their credit score. As long as you meet financial obligations each month, every month that passes is likely to see your credit score improve. Missing a payment on a credit card, however, will have the opposite effect on your credit rating.

Errors can affect your score

It’s sometimes the case that there are simple clerical errors on your record that can contribute to a poor credit score. In these cases, requesting support to address and fix mistakes can result in an immediate boost to your rating.

There are a number of services available, some of them free, that can help you to review your credit report. If any issues are found, you can receive help and guidance on how to have your record corrected. This is a great check to perform if you are concerned about your credit rating and wish to check all eventualities as you work to improve it.

Improving your score

We’ve covered how the restoration and improvement of your credit score can vary with time. Arriving at an estimate of a reasonable timeframe for improving your credit score is something that will require an appraisal of your financial history and activities. If you’re unsure of how to go about this, organisations like the Citizen’s Advice Bureau can help signpost you to the resources you need to get started.

There are also steps you can take to improve your credit score outside of making repayments regularly. One of the more common starting points for people looking to improve their score is simply registering on the electoral roll. This is an easy process and can help lenders to gain confidence in their assessment of you for credit by giving them basic information on who you are and where you live. With credit calculations involving the use of different data and metrics, being registered on the electoral roll arms them with more information with which to make a final decision on providing credit to you.

Consistency is key!

Many people find it daunting to address something like their credit score. When dealing with finances, it’s common for people to feel a measure of anxiety around the issue.

This is normal. Our finances are a critical part of our lives and it’s understandable to feel apprehensive about learning your credit score and starting to work toward improving it. If you’re feeling this way, you can take comfort from the simple knowledge that improving your credit rating can be done incrementally. A few small changes here and there can make a big difference over time.

While it’s unlikely that your score will improve drastically in a short amount of time, the simple act of making modest and consistent steps towards greater financial responsibility will see your score improve.

Thanks for reading!

Another day, another helpful article from the team here at Evlo. We appreciate you visiting the blog section and hope you’ve found today’s article on credit ratings informative and useful. If you’re interested in applying for a loan, please visit our homepage today. There you can learn more about the loans we offer and use our application form to see if you could be approved for one of our loans.

The post Learn How Long It Can Take To Improve Your Credit appeared first on Evlo.

While personal loans can be flexible, there are still important distinctions to be mindful of. Some kinds of purchases and expenses aren’t generally allowed for secured or unsecured loans, and knowing the differences is very important if you are planning to apply for a loan yourself

Deciding on a loan

Taking a loan is a serious decision to make. Even if your loan is a short-term personal loan. It’s important for you to carefully consider your requested amount, the intended purpose for the money, and your ability to repay over your agreed repayment schedule. This will help ensure that you can repay your loan in good time and without any problems. Done responsibly, a personal loan can help improve your ability to meet unexpected or short-term financial obligations.

Personal loans: What you might use one for

Often referred to as unsecured loans, this kind of loan is not secured against an asset such as a house. Because of this, a personal loan can usually be applied for quickly online. This makes personal loans well suited for short-term expenses that may appear unexpectedly. Here are some examples of what you might use a personal loan for.

Buying or repairing a car:

If you are looking to buy a new car or need to fix your current vehicle, a personal loan can help you to meet the costs involved. With a loan helping you to buy or repair a vehicle, you can then repay on an agreed schedule – usually once per month for an agreed period.

Home improvement:

Whether you’re planning to renovate a part of your home or simply want to buy a new mattress or item of furniture, home improvements can be costly. Some renovation projects also need to be done urgently so there may not be time to wait while you save up.

Important events:

Some life events, such as weddings, funerals, and birthdays, incur a lot of expense. Many people look for some manner of financial assistance to help them meet these costs when they crop up. A personal loan can help cover these costs while spreading your repayments over a longer-term. This allows you to cover the initial upfront costs and work your repayments into your budget.

Consolidating debt:

Debt consolidation is the process of taking a new loan to repay your other financial obligations. Sometimes, this is done to help reduce the administrative burden of managing multiple payments. You may also be able to reduce your overall monthly payments if your debt consolidation loan has a lower interest rate than the loans you will be consolidating, but you may also need longer to pay back the same amount of money.

You can use a personal loan for debt consolidation, but you may want to obtain financial advice before you seek to do so. Entities like the Citizen’s Advice Bureau can offer free support to help discern whether this is a suitable option for you to consider.

Things personal loans may not be suited for

Different lenders have different rules governing what their loans can be used for. While each lender is different, many banks, building societies and loan companies may not let you take out a personal loan for the following reasons.

Investing:

Taking a loan to invest in a market or product is essentially gambling. The nature of investing involves risk, meaning that your loan could leave you in greater debt if your investment loses value. For this reason, many personal loan lenders avoid lending for investment purposes.

Starting a company:

A personal loan is not designed for starting a business. If you are planning a start-up and need financial assistance, you are better suited to a business loan. There are many business lenders who can discuss your options, including your bank.

For business loans, your application process will be different from a personal loan and may require security via an asset such as your home.

Property:

There are a number of financing options that are designed for purchasing property but personal loans are not one of them.

Most lenders do not offer personal loans that are large enough to cover the full cost of something like a home. Personal loans are also generally unsecured which means the lender is not able to recoup a loss by foreclosing on the property.

Personal loans are also not well suited to cover the deposit on a home or property. Your mortgage provider will require evidence of how you gathered and raised your deposit money. If you attempt to use a personal loan, they will likely refuse your application. In addition to this, a personal loan used for a deposit will leave you with more repayments on top of the mortgage itself. If you are unsure of how to raise money for this purchase, please seek financial advice from a trusted source such as the Citizen’s Advice Bureau.

We hope this helps!

The post Learn How Personal Loans Can Be Used appeared first on Evlo.

This pledge aims to see women hold at least 40% of executive and mid-tier management roles within the organisation by 2021.

Evlo joins on the second anniversary of the HM Treasury initiative and is now working with 366 other signatory firms – from global banks to credit unions, large insurance companies to small start-ups – to build a more balanced and fair industry.

Championing the agenda at Evlo is CEO Miles Cresswell-Turner. He is working with many other committed women and men who are also driving the pledge at every level of the company and branch location.

Cresswell-Turner said: “Gender equality is better for employees and better for business. We’ve always been very proud of our inclusive workplace culture and we like to think that all 500 of our team feel valued and involved. As a result, they’re engaged and motivated – benefits that they then pass on to our 55,000+ customers through our branch-based network thanks to good old-fashioned relationship lending to our 42% female customer base. We’re the only sub-prime lender to operate this way.

“By signing this pledge, we’ll ensure that we steadfastly implement our Gender Equality Action Plan, which focuses on three key areas: Leadership and governance; employment conditions and women’s career advancement.”

Mareena Flint, HR Director, said: “Internal targets include: More gender equality reporting; an increased promotion of flexible work practices, as well as attracting more new female employees back into the organisation. We’ll be doing even more to support our managers in the development and implementation of these plans on a national, regional and local level to strengthen our talent pipelines and succession plans.

“Transparency and accountability are essential to drive the change and we’re looking forward to upping our momentum – to challenge ourselves and to continue to make progress.”

For further information on Evlo, visit https://www.evlo.co.uk/ or call 0808 231 5453. Follow on Facebook and Twitter @evlo

The post Evlo becomes one of the first sub-prime lenders to sign the Women in Finance Charter appeared first on Evlo.

Specifically located in the South of England, the new Southampton branch is ideally located in proximity to The Marlands Shopping Centre and walking distance from the main central train station. Alternatively, the branch can also be reached via multiple bus routes and parking facilities are conveniently located in the surrounding area.

Commenting on the opening of the new branch, Evlo Operations Director, Jon Wiggins explained:

“Our new Southampton branch allows us to better serve the southern corners of England. Previously, residents of Southampton and the surrounding area may have had to travel to the Portsmouth branch, whereas now we are in a much better position to conveniently serve these customers. This new opening supports our long term mission to deliver the best approachable and transparent face-to-face loan service in locations that best serve our customers’ needs. On behalf of the business, we look forward to welcoming residents of Southampton to discuss their borrowing needs.”

Evlo offer unsecured personal loans from £1,000 to £15,000 over 24 to 60 months, for almost any purpose*. Customers do not have to be homeowners, tenant loans are offered too. Evlo won’t charge any fees to consider your application. Customers are able to apply for a loan online or by simply calling their local branch. A conditional decision is provided in minutes. Evlo is a direct lender. So whether you need help sorting out your finances, or to cover a sudden unexpected expense, or to simplify your outstanding credit into a more manageable single monthly payment, Evlo may be able to help.

*Excludes loans for business purposes, gambling or any illegal purposes. Loans are subject to status and affordability. Terms and conditions apply.

The post We are pleased to announce the opening of our new branch in Southampton appeared first on Evlo.

It revealed levels of social debt to be in the region of £1,260 with more than 50% of people saying they spend more than planned on social occasions.

The service – set up by the government – revealed that fears of appearing stingy or tight were fuelling the high social spending.

Two in every three people admitted they spend more on a round of drinks than they get back while a third said they put in more than is necessary when a restaurant bill is split.

Meanwhile, a lack of self-control was also blamed as a reason for overspending, with 36% of those questioning revealing they have got “carried away” with their spending.

One in six people also go off on holidays they cannot afford, according to the study as they are simply unable to say no.

MAS money expert Jane Symonds revealed that saying ‘no’ is an important part of managing money, especially when it is in short supply.

However, an additional report from Nick Chater, professor of behavioural science at Warwick Business School, has said the urge to spend is engrained in to many people.

“It’s the dark side of consumerism,” he said. “Everybody values their car or house relative to other cars or houses. That means as everybody gets wealthier they get a nicer house or car.”

Despite the early signs of an economic recovery being present, the need for money management remains, but there are options available.

Those looking to purchase essential goods or afford something beyond their budget could use a personal loan to get the item, provided funds are available to pay it off within the agreed timeframe.

Such an option provides the opportunity to still purchase the goods that are wanted while also ensuring a careful eye is maintained on personal finances.

The post Social spending fuelling Britain’s debt claims new study appeared first on Evlo.

One of the biggest obstacles to being accepted for a loan is the fact that many lenders set high salary thresholds before they will consider lending money to an applicant.

However, companies such as Evlo offer packages specifically designed for people who are receiving various types of benefits.

As part of an overall assessment of income, the fact that benefits can play a part in deciding whether or not you are in a position to repay a loan can be a really positive thing for many people.

Specialist lenders

So called ‘prime lenders’ such as high street banks can set criteria that don’t reflect the current everyday situations many people find themselves in. Specialist lenders are more willing to look at cases on an individual basis and consider particular circumstances.

This means that there are deals available which can provide loans for people with a poor credit history.

Ability to pay

Whereas prime lenders only consider salaries and wage packets when it comes to assessing the ability to repay a loan, specialist lenders understand that many people manage budgets that rely on income from benefits and this should not be a reason to deny them a chance to gain access to credit.

A responsible lender we will always take the ability to repay the loan into account when considering an application and if you can prove that you are in receipt of regular benefit payments this can be included in the assessment.

Benefits income that a responsible lender will accept as income include: Universal Credit, Incapacity Benefit, Employment & Support Allowance (ESA), Disability living allowance (DLA), Severe Disability allowance, Reduced Earning Allowance (REA), Attendance allowance, Carers allowance, Personal Independence Payment (PIP), Industrial Injuries Disablement Benefit, Armed Forces Compensation – Guaranteed Income Payment (GIP), Child tax credit and working tax credit.

Tax Credits may also be included where it forms part of the applicant’s net pay and family allowance benefit income doesn’t need verification.

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