Our FAQs page is the quick route to finding out all about our service

General FAQs

Below are the most commonly asked questions about how we work

How to use Donkey Finance?

Step 1.

Determine which loans will provide you the highest chance of approval.

Step 2.

Obtain loan choices that are tailored to your specific need.

Step 3.

Evaluate loans without jeopardising your credit score.

Step 4.

Determine your potential monthly payments.

What do you charge, and how much am I likely to pay?

Fees are negotiable on a case-by-case basis.

What can you do with a loan?

There are various reasons why you might wish to take out a loan, but some of the most common are:

Home improvements

Whether you’re remodelling your kitchen, installing a new bathroom, or planning an expansion, a personal loan can help you pay for your home changes.

Purchasing a vehicle

A vehicle loan can make buying one more doable, and it can help you buy one privately rather than through a dealership’s finance option.

Consolidation of debts

You can consolidate your debts from several loans and credit cards into a single personal loan, resulting in a single monthly payment.

A loan for a wedding

A wedding loan can help you fund big-ticket expenditures for your special day, such as the venue and the wedding gown, as well as photos, flowers, and the cake.

Expenses for an emergency

Another reason you can take out a loan is to cover unforeseen costs, such as a new boiler or private medical care.

Relocating to a new home

From surveys and conveyancing to removal firms and storage, you may want a loan to assist with the costs of purchasing a new property.

Family gatherings

You may require more funds to cover key family events such as birthdays, weddings, special anniversaries, and deaths.

Loans should not be used to pay for a down payment on a home, for gambling, or to lend to another person.

Loan calculator: how much money can I get?

The average lending amount for personal loans varies per source. Most lenders offer loans ranging from £1,000 to £25,000, however others may give loans up to £50,000.

However, you may not always receive the maximum amount from your supplier.

When you apply for a loan, the lender will consider two major factors: the type of loan you’re seeking and your personal financial status.

They will look at details such as:

  • Your earnings
  • Your credit rating
  • Debt-to-income %
  • The security offered
  • Why you are applying

With our loan calculator, you can see what your borrowing would look like.

You can get an estimate of your repayments based on the amount you want to borrow, the loan duration, and the interest rate.

How can I know which loan is best for me?

With so many various types of loans available, it’s critical to determine which one is most likely to fit your requirements.

What you need the loan for will influence the type of loan you choose. Examine the options above to see which one best meets your requirements.

Think about your financial status as well. For example, if you have a low credit score, you are less likely to be approved for a personal loan.

You can compare loans with us once you’ve narrowed it down.

You should consider the interest rates, the amount you’ll repay each month, and any costs.

How can I get a loan approved?

There are a few things you can do to improve your chances of getting your loan approved:

Increase your credit score

Examine your credit report. If you have gaps in your credit history or a low credit rating, consider taking efforts to enhance it. One possibility is to obtain a credit builder card.

Apply for the appropriate amount

Calculate how much money you’ll require and use our clever search to determine if you’ll be eligible for the amount you wish to borrow.

Mention all of your earnings

In addition to your wage, you may have income from other sources, such as a rental property or investments.

Consider bringing in a cosigner

If you do not qualify for a loan, you may be able to receive one if you add a cosigner who promises to cover your repayments if you are unable to make them.

Check your loan application twice

Even little errors can have an impact on the outcome of your application, so double-check everything before submitting it.

Separate applications

Applying for credit too frequently in a short period of time will harm your credit score.

Are you an independent broker?

We are fully authorised, independent master brokers who have access to the whole of the market.

What services do you offer?

We deal with all property-related lending, including mortgages, secured loans, bridging loans, and commercial and development finance.

Will a credit check be done when I fill out the inquiry form?

We do not credit searches, they are done by the lender at application stage. We may however request a copy of your credit report if you have adverse credit so that we can place it with a best fit lender.

Will my personal data be passed onto any third party?

We pass no details to anyone other than the lender at the application stage on your authority.

How long does it take before I know my application is accepted?

We are able to get you an agreement in principle within 24 to 48 hours.

Apart from property, what other types of assets are accepted as security?

We mainly offer loans secured on property, but we can also offer financing on land.

Can I pay my loan off before the agreed-upon time?

Depending on the type of loan, you may be able to pay it off early without incurring any early repayment charges, such as bridging loans and some development finance loans. Most mortgages and secured loans have some early repayment charges due to the tie-in periods.