Help & FAQ's

We always aim to give a straight answer without using jargon. We have listed some of the most frequent questions and the answers to them below. We are sure these will help but if you are still unsure please call and speak to your broker or contact our customer services team.

How do I apply for a loan with Equifinance?

You should contact your finances broker or advisor who will complete an application with you.

How long does it take to process my loan?

From the day you apply to the day of completion is typically 18 to 21 days but it can vary from loan to loan. Your broker will keep you informed throughout the process. Under the Consumer Credit Act, which will regulate your Equifinance loan, your broker and Equifinance are required to give you a period of time to consider your loan. This period of up to 16 days will begin when your broker or Equifinance send you an Advance Copy of your credit agreement for you to read. During this time neither your broker or Equifinance are able to contact you, although you may contact your broker or us. After 8 days your broker or Equifinance will send you the credit agreement for your signature. The consideration period will end either 16 days after you were sent the Advance Copy of the credit agreement or on the day your signed credit agreement was received back if this is sooner. We can usually complete your loan within 2 or 3 days following receipt of your signed credit agreement. The average time from start to finish to process a secured loan with Equifinance is between 18 and 21 days.

What information do I need to apply for a loan?

When you apply for a loan your broker will require additional information from you such as proof of your income and your mortgage payments. Every application is different but your broker will assess your application and let you know what is required to complete your loan.

Help with repayments

If you think you will have difficulties making your payment, call: 0203 195 1180

Do Equifinance have any age restrictions?

The minimum age for the primary borrower is 21. The primary borrower must be registered as homeowner and be the main earner. The loan term must be set to finish before the primary borrower reaches the age of 80. We can still help with a loan if the primary borrower is over the normal state retirement age if they have a regular income and plan to continue working.

Who can apply for a loan with Equifinance?

As long as you are working and are a homeowner with a mortgage and your home is within England & Wales you can apply for a loan with Equifinance.

Why can't you offer me a loan if I live in Scotland or Northern Ireland?

At the current time we can only accept applications from homeowners living in England & Wales. This is because the legal process is different in Scotland and Northern Ireland and we are unable to offer our usual service. We are working on changes which will mean we can offer our service across the whole of the United Kingdom in due course.

I jointly own my property with my partner will they need to apply for an Equifinance loan with me?

If you jointly own your home then yes, you will need to make a joint application. You will both need to complete and sign the application and the loan agreement and legal documents.

I'm married; do I need to make a joint application?

Yes, if you're married then you will need to make a joint application. Both applicants will need to complete and sign the application and legal documents.

I want to speak to you about my loan, how do I get in touch?

You shall contact your broker in the first instance but if you are still unsure. Our customer services team are on hand to speak to whenever you need; you can find all our contact details here.

Do I need to pay an upfront fee for Equifinance to consider my application?

No. Equifinance do not charge any upfront fees if you apply for a homeowner secured loan. We also receive applications from a network of broker partners but neither Equifinance nor our partners will ever ask you to pay an upfront fee to consider your application. Please note however that your broker may charge you a fee to search for a product which is suitable for you. If this is the case and you agreed to it, the fee may be added to the loan amount you borrow which you then pay interest on.

How much can I borrow and how long would I have to pay the loan back?

You can borrow between £5,000 and £20,000. You can repay your secured loan over 60 to 240 months in most cases but if you want to repay your loan early you can do this at any time by requesting a settlement figure in accordance with the terms and conditions of your loan. If you repay early you will pay less interest. When consolidating other debts, this may increase the amount you pay back overall and extend the repayment period of your debts.

I'd like to consolidate my existing debts, can Equifinance help with this?

If you're juggling lots of small loans, various store and credit cards, or have a personal loan that you would like to pay off then you could tidy up all those monthly repayments into one with a secured loan with Equifinance*.

Consolidation loans I'd like the money to do home improvements, can Equifinance help me?

If you are thinking about adding a conservatory, replacing your kitchen or bathroom or carrying out some repairs or general home improvements, then you can apply to Equifinance for a secured home improvement loan.