If you have any questions about the short term loans we offer at BFWG Grants you may find the answer here

Warning: Late repayment can cause you serious money problems.

For help, go to moneyadviceservice.org.uk

 

Q. I AM CONFUSED, WHO ARE BFWG GRANTS, TRUE BLUE LOANS AND FIDELITY WORKS LTD AS THEY ARE ALL NAMED ON YOUR WEBSITE.

A. GREAT QUESTION! – FIDELITY WORKS LTD IS THE COMPANY BEHIND BOTH TRUE BLUE LOANS AND BFWG GRANTS AND IS THE LEGAL ENTITY WHICH LENDS YOU YOUR LOAN. BFWG GRANTS AND TRUE BLUE LOANS ARE SIMPLY TRADING NAMES THAT WE USE TO BRAND OURSELVES. OUR LENDING SYSTEM IS TRUE BLUE LOANS SO WHEN YOU HAVE COMPLETED YOUR APPLICATION YOUR LOAN WILL BE MANAGED BY US USING OUR TRUE BLUE LOANS BRAND. REST ASSURED, WE ARE ONE COMPANY AND WHICHEVER SITE YOU APPLY THROUGH IT WILL BE THE SAME GROUP OF FRIENDLY STAFF WHO LOOK AFTER YOU.

Q. WHY DON'T YOU DO 1 MONTH PAYDAY LOANS?

A. WE HAVE A VAST EXPERIENCE OF PAYDAY LOANS AND HAVE SEEN MANY PEOPLE GET THEMSELVES INTO DIFFICULTY WHEN THEY CANNOT AFFORD THE SINGLE REPAYMENT AND SO HAVE TO ROLLOVER AND ROLLOVER AGAIN. WE WOULD RATHER START OUT WITH SOMETHING REALISTIC AND AFFORDABLE SO YOU KNOW WHERE YOU STAND AND THEN, IF YOU HAVE SOME ADDITIONAL FUNDS YOU CAN REPAY EARLY AT NO EXTRA COST AND SAVE SOME MONEY.

Q. WHAT FEES DO YOU CHARGE? 

A. WE LIKE TO KEEP THINGS SIMPLE SO THERE IS NO APPLICATION FEES AND NO FUNDS TRANSFER FEES. ALL WE CHARGE IS DAILY INTEREST. NOW, IF YOU FAIL TO REPAY ON TIME WE WILL CHARGE YOU A FEE OF UP TO £12.00 TO COVER THE EXTRA WORK WE WILL HAVE TO DO TO RECOVER THE FUNDS. YOU HAVE COMPLETE CONTROL OVER THIS, PAY ON TIME = NO FEE.

Q. IF YOU DON'T CHARGE A FEE WHY HAS MY BANK TOLD ME THAT YOU HAVE TAKEN £2.00 FROM ME? 

A. WE CAN PROMISE YOU WE HAVE NOT TAKEN ANY MONEY FROM YOU. AS PART OF OUR SECURITY CHECKS WE NEED TO MAKE SURE THAT THE DEBIT CARD THAT YOU HAVE SUPPLIED IS VALID AND ALSO BELONGS TO YOU. IN ORDER TO DO THIS WE CONDUCT UP TO 2 'PRE-AUTHORISATIONS' ON THE CARD OF £1.00 EACH. BY DOING THIS WE ASK YOUR BANK TO PLACE A RESERVE ON THE FUNDS IN OUR NAME BUT THE MONEY REMAINS IN YOUR ACCOUNT (ALTHOUGH YOU CANNOT SPEND IT). WE HAVE NO INTENTION OF EVER COLLECTING THESE £1.00 AMOUNTS AND SO IN ABOUT 5 - 7 DAYS THE RESERVE EXPIRES AND THE FUNDS CAN BE SPENT BY YOU. (WE GOT YOUR CONSENT TO THIS IN THE TERMS & CONDITIONS THAT YOU AGREED TO WHEN APPLYING).

Q. WHAT IF YOU DECLINE MY APPLICATION?

A. YOU WILL BE ASKED DURING THE APPLICATION PROCESS WHETHER, IF WE ARE UNABLE TO LEND TO YOU OURSELVES, YOU WOULD LIKE US TO TRY TO FIND YOU A SOLUTION ELSEWHERE. IF YOU HAVE NOT CHOSEN TO TAKE THIS OPTION, AND WE ARE NOT ABLE TO LEND TO YOU OURSELVES THEN WE WILL SIMPLY TELL YOU THIS AND STOP THE PROCESS AT THAT POINT. WHERE YOU HAVE CHOSEN TO USE THIS SERVICE THEN IF, DURING OUR AUTOMATED DECISION MAKING PROCESS, WE ARE UNABLE TO PROCEED WITH THE APPLICATION OURSELVES WE WILL TRY TO FIND ANOTHER LENDER WHO MAY BE PREPARED TO LEND TO YOU. IF WE ARE SUCCESSFUL YOU WILL BE REDIRECTED TO THEIR WEBSITE. YOU WILL BE UNDER NO OBLIGATION TO PROCEED WITH THEM AND WE WILL NOT CHARGE YOU FOR THIS INTRODUCTION. WE WILL HOWEVER RECEIVE A COMMISSION FROM THAT COMPANY FOR INTRODUCING YOU.

Q. DO YOU CREDIT CHECK ME?

A. WE DO, BUT IN FACT MOST LENDERS NOWADAYS WILL CARRY OUT SOME FORM OF CREDIT CHECKING. THE CONSUMER CREDIT ACT REQUIRES ALL LENDERS TO CARRY OUT CREDITWORTHINESS AND AFFORDABILITY ASSESSMENTS ON EACH LOAN MADE AND THE BEST WAY IS TO CREDIT SEARCH YOU. YOU MAY FEEL THAT WE ARE BEING UNFAIR IF WE DECIDE NOT TO LEND, BUT IT WOULD BE EVEN MORE UNFAIR IF WE GAVE YOU A LOAN THAT YOU COULD NOT AFFORD. WE ARE AWARE THAT MANY CUSTOMERS HAVE BLEMISHES ON THEIR CREDIT FILE, SO WE TAKE EVERYTHING INTO ACCOUNT WHEN MAKING OUR DECISION, NOT JUST 1 ITEM.

Q. WHAT DOES A CREDIT CHECK MEAN FOR ME?

A. WHEN YOU ARE CREDIT SEARCHED IT LEAVES A FOOTPRINT ON YOUR CREDIT FILE FOR OTHER LENDERS TO SEE. SOME LENDERS MAY VIEW LOTS OF CREDIT SEARCHES AS A BAD THING, HOWEVER WE ARE MORE INTERESTED IN WHAT LOANS YOU HAVE AND HOW YOU ARE MANAGING THEM.

WHAT IS IMPORTANT IS REPAYING YOUR LOAN. IF YOU DO WE REPORT THIS ON YOUR CREDIT FILE WHICH CAN IMPROVE YOUR CREDIT SCORE AND MAKE FUTURE CREDIT MORE ACCESSIBLE AND CHEAPER. IF ON THE OTHER HAND YOU DO NOT REPAY ON TIME WE REPORT THIS TOO. THIS CAN HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE AND MAY DISCOURAGE LENDERS FROM LENDING TO YOU IN THE FUTURE.

Q. WHAT IF I HAVE NOT GOT A DEBIT CARD?

A. SORRY, IT IS A ONE OF OUR REQUIREMENTS THAT YOU HAVE A DEBIT CARD LINKED TO THE BANK ACCOUNT YOUR WAGES ARE PAID INTO.

Q. WHAT IF I AM PAID BY CASH OR CHEQUE?

A. YOUR MONTHLY SALARY NEEDS TO BE PAID DIRECTLY INTO YOUR BANK BY YOUR EMPLOYER – WE ARE SORRY BUT WE CANNOT LEND TO THOSE WHO ARE PAID BY CHEQUE OR CASH.

Q. DOES IT MATTER IF I DO NOT OWN MY OWN HOME?

A. NOT AT ALL – IT DOES NOT MATTER WHAT YOUR RESIDENTIAL STATUS IS.

Q. DO YOU HAVE ANY RESTRICTIONS ON THE NATIONALITY OF THOSE YOU LEND TO?

A. NO – WE JUST REQUIRE THAT YOU ARE A PERMANENT RESIDENT IN THE UK AND HAVE A UK BASED JOB.

Q. CAN I GET A LOAN IF I AM IN BETWEEN JOBS OR HAVE JUST LEFT A JOB AND HAVEN’T STARTED A NEW ONE YET?

A. NO. WE DO REQUIRE THAT YOU HAVE A CURRENT JOB WHICH PROVIDES A REGULAR INCOME.

Q. WHAT IF MY SALARY IS NOT PAID INTO MY ACCOUNT?

A. WE REQUIRE YOUR SALARY TO BE PAID INTO YOUR OWN ACCOUNT; YOU ALSO NEED TO HAVE A DEBIT CARD FOR THE SAME ACCOUNT.

Q. I SUFFER FROM A MENTAL HEALTH ISSUE, DO YOU NEED TO KNOW ABOUT THIS?

A. YES. THE REGULATIONS REQUIRE THAT WE HAVE PROCESSES AND PROCEDURES IN PLACE TO PROTECT THOSE WHO MAY HAVE MENTAL HEALTH ISSUES. THEY ALSO SAY THAT IF WE ARE NOT AWARE OF SUCH ISSUES WE ARE NOT OBLIGED TO TAKE THESE INTO ACCOUNT. THIS MEANS WE MAY NOT BE ABLE TO GIVE YOU THE REQUIRED PROTECTION IF YOU DO NOT TELL US.

Q. WHAT HAPPENS IF AFTER I GET MY LOAN I CAN'T MAKE A PAYMENT ON THE DUE DATE?

A. WE APPRECIATE THAT BORROWERS PERSONAL AND FINANCIAL CIRCUMSTANCES DO CHANGE. IF YOU DISCOVER THAT YOU WILL BE UNABLE TO PAY US WHAT IS DUE ON YOUR REPAYMENT DATE IT IS CRITICAL YOU TALK TO US. WE DO CARE ABOUT OUR CUSTOMERS AND WE WILL ALMOST CERTAINLY BE ABLE TO HELP BY RESCHEDULING THE LOAN OR LOWER THE MONTHLY PAYMENTS.

THE WORST THING YOU CAN DO IS TO IGNORE US AND HOPE WE WILL GO AWAY. WHILE WE ARE HAPPY WORK WITH YOU TO HELP YOU REPAY IN A WAY THAT IS AFFORDABLE, IF WE BELIEVE YOU ARE AVOIDING REPAYING US OUR MONEY WE WILL TAKE STEPS TO RECOVER IT. ADDITIONALLY WE WILL MAKE ADVERSE REPORTS TO CREDIT REFERENCE AGENCIES SO THAT OTHER LENDERS CAN SEE YOU HAVE NOT KEPT TO YOUR AGREEMENT. THIS MAY MAKE IT HARDER OR MORE EXPENSIVE FOR YOU TO GET CREDIT IN THE FUTURE.

Q. DO YOU CHARGE ANY FEES FOR LATE PAYMENT?

A. WE WILL APPLY A LATE PAYMENT CHARGE OF UP TO £12.00 THE DAY AFTER YOUR PAYMENT IS MISSED. THIS IS TO COVER THE ADDITIONAL COSTS OF ADMINISTERING YOUR ACCOUNT. IF WE HAVE AN ARRANGEMENT IN PLACE PRIOR TO THE DUE DATE WE MAY BE ABLE TO PREVENT YOU FROM BEING CHARGED THIS FEE.

WE WILL NOT CHARGE ANY DEFAULT CHARGES THAT WOULD EXCEED THE LIMITS SET OUT IN THE COST CAPPING REGULATIONS WHICH APPLY TO LOANS MADE AFTER THE 1ST JANUARY 2015. WE DO NOT MAKE PROFIT FROM THESE FEES THEY ONLY COVER OUR COSTS. WE WOULD THEREFORE RATHER YOU PAID ON TIME AND AVOIDED THEM ALTOGETHER.  

Q. MY WAGES ARE GOING TO BE DELAYED, MY PAYDAY CHANGED OR I HAVE A NEW DEBIT CARD. WHAT SHOULD I DO?

A. IF ANY CHANGES HAVE OCCURRED THAT WILL MAKE YOUR PAYMENT ON THE DUE DATE FAIL, PLEASE CONTACT OUR CUSTOMER SERVICES TEAM ON 01284 724651.

Q. WILL I BE PENALISED I PAY THE LOAN OFF EARLY?

A. NO WAY – WE CHARGE DAILY INTEREST SO IF YOU PAY OFF EARLY YOU JUST PAY INTEREST FOR THE DAYS YOU HAVE HAD THE LOAN. THIS GIVES YOU THE FLEXIBILITY TO SHORTEN YOUR LOAN AND SAVE MONEY.

Q. WHAT TYPE OF LOANS DO YOU OFFER?

A. WE OFFER 3 MONTH LOANS, 5 MONTH LOANS & 6 MONTH LOANS, ALTHOUGH WE WILL MAY RESTRICT THE TERMS OFFERED IN A PARTICULAR CASE BASED ON AFFORDABILITY AND THE TOTAL COST OF THAT LOAN.

Q. I HAVE LOOKED THROUGH ALL OF THESE FAQ’S BUT STILL HAVE A QUESTION. WHERE CAN I GET THE ANSWER?

A. YOU MUST MAKE SURE YOU FULLY UNDERSTAND EVERYTHING ABOUT YOUR PROSPECTIVE LOAN BEFORE YOU AGREE TO IT. IF YOU HAVE ANY OUTSTANDING QUESTIONS JUST CALL US ON 01284 724651 OR SEND US AN EMAIL. WE WILL BE ONLY TOO HAPPY TO HELP.