How Does DJ Finance Work?

To help you further, we have put together the following frequently asked questions in relation to DJ finance and what the options are for you:

How does DJ finance work?

The total value of the equipment you intend to purchase will be combined into one low-cost loan, to be repaid over a period of six to 48 months. All borrowing and repayment terms are fully flexible for maximum convenience.

Are credit checks necessary?

Some of the lenders we work with may request credit checks, but we’re also happy to accept applications from poor credit applicants. If there’s a suitable DJ equipment funding solution to be found, we’ll find it!

Is a UK bank account required?

Yes, you’ll need a UK bank account to apply.

How much is required by way of deposit?

Deposit amounts vary from 0% to 10%, in accordance with the size and nature of the loan provided.

What personal information do you need?

You’ll need to provide the following information, along with formal confirmation of your identity:

  • Your name, address, and telephone number
  • Date of birth
  • Telephone number
  • Email address
  • Employment and income information
  • Bank details

Additional information may be requested to complete your DJ finance application.

What should I do if my request is declined?

If your DJ finance request has been declined, don’t panic. There are a few things you can do to increase your chances of getting approved in the future.

  • Review the reasons for the decline. The lender should have provided you with a reason for declining your application. Review this information carefully to understand why your application was not approved.
  • Address the issues that led to the decline. If your credit score was a factor, work on improving your credit before reapplying. If you have a lot of debt, try to pay it down before reapplying.
  • Shop around for other lenders. There are many different lenders who offer DJ finance. Don’t give up after just one rejection. Shop around and compare interest rates and terms from multiple lenders.
  • Consider alternative financing options. If you’re having trouble getting approved for traditional DJ finance, you may want to consider alternative financing options, such as peer-to-peer lending or crowdfunding.
  • Get pre-approved for a loan. Getting pre-approved for a loan can help you show lenders that you’re a serious borrower and that you’re likely to be able to repay the loan.

Are there any fees or charges?

Yes, there may be fees or charges associated with DJ finance. This will depend on the specific lender and the terms of the loan. However, some common fees and charges include:

  • Arrangement fee: This is a fee that is charged by the lender to cover the costs of processing your application. It is typically a percentage of the loan amount, ranging from 1% to 3%.
  • Interest: Interest is the cost of borrowing money. It is typically calculated as a percentage of the loan amount, and it is charged on a daily, monthly, or annual basis.
  • Early repayment fee: This is a fee that is charged by the lender if you pay off your loan early. It is typically a percentage of the remaining loan amount.
  • Late payment fee: This is a fee that is charged by the lender if you make a late payment on your loan.
  • Default fee: This is a fee that is charged by the lender if you default on your loan. Default occurs when you fail to make your payments.

In addition to these fees, there may also be other charges associated with DJ finance, such as valuation fees, administration fees, and legal fees. It is important to read the terms of your loan agreement carefully to understand all of the fees and charges that you may be responsible for.

What happens to my loan if I cancel my order?

Following the signing of your documents, you have 14 days to withdraw from the credit agreement. Please contact us personally if you wish to do so. We can cancel the application for you.

Our usual refund and return policy is unaffected by a payment plan. Simply email us, and we will cancel your application, and the lender will reimburse your deposit and notify you of any outstanding debt, if any.

For more information on our DJ finance services or to discuss your requirements in more detail, contact the team at Donkey Finance.