Fair Finance
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Personal loan
13:29 19-07-2017
via Choose Wisely
I received a courtesy call the day after I applied to tell me there was a delay in processing, but that they would give me the decision within a further 24 hours. 24 hours later still no decision so I called them back and was told it was still undecided but they would call me by 5pm that day. They didn't. I called again the following afternoon and was then given my decision but was told I had been emailed and called earlier that day. I received neither call nor email. Really disappointing customer service.
Terry
good service
14:43 18-05-2017
via Smart Money People
Had a good experience with this service explain the product well all the terms
johnpaul poulson
Quick & Hassle Free
21:58 06-06-2017
via Choose Wisely
I applied for a loan and really impressed by the systematic working, which was really really fast and highly efficient. If you are new to this country and looking for some support. This is the Best. Look no further.
Haresh
Not very fair finance
08:14 20-06-2016
via Smart Money People
I have applied for a loan of £200 and was approved, which is great but... Firstly, I had to wait 3 days for decision. Secondly, Fair Finance states on their website that they charge upfront admin fee of 5% of the loan value, which in my case should be £10. After a phone chat with a representative, it appears that the admin fee for my loan is £25 which is whooping 12.5% of the loan. Very misleading website. If the information was stated correctly wouldn't bother applying for a loan. £10 is acceptable but not £25 especially on such a small loan. If one includes admin fee and interest rates, loan becomes too expensive to consider. Just wasted my time.
Karolina Stempien
Efficient
12:45 08-11-2016
via Choose Wisely
Exceeded my expectation of not getting hassled based on reception and appreciation from the numerous lenders who wish to do business with you.
Arnold Nwaozo
I always come back to Fair Finance
12:35 08-11-2016
via Choose Wisely
I always come back to Fair Finance.
Nilza
customer service
12:09 08-11-2016
via Choose Wisely
I am very happy with the services I receive and very good customer services
Natasha Siddens
great customer skills
10:51 08-11-2016
via Choose Wisely
took long to be contacted about a decision but overall the customer service is great!
tanika pencille
Not so fair finance
10:21 20-06-2016
via Choose Wisely
I have applied for a loan of £200 and was approved, which is great but... Firstly, I had to wait 3 days for decision. Secondly, Fair Finance states on their website that they charge upfront admin fee of 5% of the loan value, which in my case should be £10. After a phone chat with a representative, it appears that the admin fee for my loan is £25 which is whooping 12.5% of the loan. Very misleading website. If the information was stated correctly wouldn't bother applying for a loan. £10 is acceptable but not £25 especially on such a small loan. If one includes admin fee and interest rates, loan becomes too expensive to consider. Just wasted my time.
Karolina Stempien
Our review of Fair Finance
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Fair finance are a high-cost short-term lender based in London and offer instalment loans up to £3,000. Their whole ethos is about fairness and responsibility and aim to be as transparent as possible. One of the things that caught my eye was that they charge an administration fee of 5% of the loan and you’ll need to make that payment upfront when you sign the loan agreement. This a rare occurrence for the high-cost short-term market as most lenders do not charge fees, and if they do, they are often paid back alongside the loan repayments, not upfront.
Another thing that struck me about Fair Finance is that to complete an application you will need to visit one of their London-based branches which are only open for the traditional working hours of 9am to 5:30pm. If you work during these hours or live outside the area then this may make things tricky. In regards to consumer reviews of Fair Finance, those we have on Choose Wisely are mostly positive with considerable credit given to their customer services. However, reviews across the web in general are limited.
As with any high-cost short-term product the usual warning applies. If you have any doubt whether you can afford to repay your loan on time and in full, then don’t apply. If you have money worries or need help Fair Finance offer assistance - just give them a call.
Overall verdict: Just bear in mind that If you apply with Fair Finance you will have to travel to one of their branches to complete the application. As their name suggests Fair Finance have a heavy emphasis on their responsibility as a lender and giving you a fair deal - just beware of the admin fee.
Highlights
- Able to lend to those on benefits
- Loan top ups available
- Can be paid weekly or monthly
- Regular repayments help with budgeting
Minimum criteria
- You must be at least 18 years old
- You must be able to visit one of their branches to apply
- You need to take 3 months’ bank statements
- You will need to prove your address
- You must have a passport or driving license
- You need to supply proof of income
Fees
- Maximum APR 135.8%
- Arrangement fee: £5
- Early repayment fee: £0
- Late payment fee: £0
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Find out moreAbout Fair Finance
Fair Finance offer high-cost short-term loans between £100 and £3,000 to be paid in instalments over 6 to 18 months at a representative APR of 135.8%. They consider applications from customers that are either working, on benefits or have poor credit history. They offer flexible repayment terms and customers can either pay the instalments weekly or monthly.
To complete the application you will need to visit one of the Fair Finance branches for a face-to-face interview. This allows them to find the most affordable loan for each customer, taking into account personal and financial circumstances. You will need to bring to the appointment your ID, proof of address, proof of income and bank statements from the last three months.
Fair Finance do allow loan top-ups, however, you’ll need to have proven your trustworthiness by making six months worth of good repayments and re-paying at least 50% of your loan. To apply for a top up, you’ll need to call Fair Finance and do this over the phone.
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