Faisel Rahman launched Fair Finance in 2005 with the aim of providing credit and advice to the most vulnerable in society. Fair Finance states that most of its customers are ignored by mainstream financial services, but it says it’s willing to consider those with a bad credit rating. Its rates are generally lower than instalment loans from payday lenders, but higher than you might get with a bank or a personal loan for bad credit. It is a direct lender authorised and regulated by the Financial Conduct Authority (FCA).
Fair Finance offers high-cost short-term loans between £400 and £1,000 (and up to £3,000 for returning customers) over periods of 6–18 months. It considers applications from customers that are either working, on benefits or have a poor credit history. Customers can repay in either weekly or monthly instalments – the overall cost will be slightly different depending on which option you choose.
You can submit an application for a Fair Finance loan either online or by phone. Due to the coronavirus pandemic, Fair Finance has closed its branches and is no longer offering in-person applications.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
“High-cost, short-term credit” products offer a fast fix when you get into difficulty with your finances, but are a very expensive method of borrowing. You should only consider this as a last resort – they’re unlikely to solve your money problems in the long term, and aren’t suitable for borrowing over longer periods, or for sustained borrowing. Before you apply for a short term loan, make sure you have considered all other options carefully. Find out more at moneyadviceservice.org.uk.
You should only apply for a Fair Finance personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
If you visit a branch, you should take with you:
Fair Finance considers customers with a bad credit rating.
| You can still apply if: | Your application is unlikely to succeed if: |
|---|---|
| You have been turned down for credit before | You are late with payments on several loans, credit cards, your rent or utility bills |
| You have recently moved to the UK | You have several payday or short term loans |
| You are currently bankrupt, in an individual voluntary arrangement or a debt relief order |
1. Fill out the online application form.
2. The lender will review your information and do a credit check. You will receive a decision within one working day.
3. If approved, you’ll have to send in a copy of all your bank statements from the previous 3 months, as well as one payslip and/or a benefits letter.
4. Once these documents are verified, you can sign the contract online.
5. Funds will be sent to your account within one working day after that.
Due to the coronavirus pandemic, Fair Finance has closed its branches, so you can only apply for a loan online or by calling 020 8988 0627.
Fair Finance has very high ratings on Trustpilot. From over 600 reviews it came out with 4.8 stars which is ranked as ‘Excellent’ (updated August 2023).
Customers praised Fair Finance for having friendly and professional customer service as well as a fast and easy application process.
You can contact Fair Finance by phone on 020 8988 0627 or by email at enquiries@fairfinance.org.uk.
If approved, Fair Finance could give you access to same day funding. However, as a high-cost short-term loan, interest rates are high so ensure that you have compared all your options. There is also an administration fee to be considered, especially when other short term lenders may not charge any additional fees.
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