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Loans Eligibility


Lending Criteria

  • You must be 18 or over to apply for a loan
  • You must receive the equivalent of at least £130 a week from either benefits or salary or both. You can include most benefits in your income. If you are unsure please ask.
  • You must not have a history of CCJs or credit defaults
  • You must not be an undischarged bankrupt, not have gone through bankruptcy or a Debt Relief Order in the past three years
  • You must not be repaying debts through either a Debt Management Plan or Individual Voluntary Arrangement (IVA)
  • You must not have rent or mortgage arrears or have a Notice of Eviction

The following is a list of income which is not allowed to be considered when applying for loan

  • Only 50% of any Personal Independence Payments or Disability Living Allowance can be used to finance the loan
  • Net Profit from a business
  • Non regular overtime or commission
  • Income from solar power generation
  • Only 75% of rental income can be used to finance the loan
  • Only 75% of investment income (dividends etc) can be used to finance the loan

Please note, we do not lend for any of the following purposes:

  • Rental deposits or rent in advance payments
  • Purchase or financing of timeshares
  • Purchase of a UK or foreign property
  • Stock market investment
  • Gambling
  • Illegal purposes
  • To provide the deposit to support a mortgage application with ANY lender
  • To repay negative equity or to pay off any part of a mortgage even if this is to fully repay the remaining balance
  • Refinance of loans arranged through the student loan company

Call us:
  • Tel.
  • 01275 390650
Opening Hours
  • Mon - Fri
  • 9.30am - 4.30pm
Visit us:
  • Thu
  • 9.30am - 12.30pm / 1.30pm - 4.30pm
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Somerset Savings & Loans is authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential
Regulation Authority. FCA & PRA FRN: 230768