Get a loan with
Familio.
We know that you’re more than your credit history. That’s why Familio’s smart decisioning technology will assess your loan application based on your ability to afford to repay your loan, rather than just what’s in your credit file.
Why choose a
Familio loan?
Fair, transparent,
responsible.
Familio is a social enterprise. That means that we’re run for the benefit of our community of borrowers, not for the financial gain of our shareholders.
Our mission is to provide finance to young people who have a limited track record of borrowing. This important part of society is underserved by banks and mainstream lenders and we think that’s wrong. Just because you’ve never borrowed before, or if lost your job and missed a few payments on your credit card that shouldn’t mean that you can’t borrow at a fair price. If this is you, you can afford to make your repayments, and are borrowing for a good reason then Familio is here to offer you a helping hand.
We offer loans of between £1,000 and £5,000, over 12 to 60 months, and at rates of 39.9% to 79.9%. Familio’s smart decisioning technology assesses your ability to repay your loan based on your spending habits from financial data you provide during your application. The application process is done online and take just 5 minutes to complete. Once your application is complete, it is allocated to a human caseworker who will contact you to make sure you’ve received and understood your lending documents before arranging to pay the loan into your bank account. The process takes around 4-5 hours.
Figure out your
finances.
Calculate your loan repayments before you apply.
Representative 59.9% APR (variable). Interest rate 59.9% (variable). Representative Example: Borrowing £2000 over 24 months, repaying £131.03 per month, total repayable £3144.62. Total charge of credit £1144.62.
The application
process.
Introduce yourself.
First thing's first, we need to get to know you a little - your name, date of birth and your contact details. We need this information to verify that it's definitely you who we're going to transfer the loan to, to send you important documents and to keep in touch once your loan is paid out.
Get checked out.
The most important part of the process is to make sure that you can afford to make the repayments on your loan. We use a UK wide FCA regulated service called open banking that allows you to share your financial data securely with us to draw up your budget plan. We’ll check your credit file too just to make sure there are no warning signs such as Bankruptcy or IVAs.
Let’s talk.
Once we have completed all the neccesary checks and are confident that you can comfortably afford your loan repayments you will received a phone call from one of our team. This will allow us to speak to you about the suitability of the loan, how you plan to repay it, and give you a chance to ask us any questions that you may have.
Get your loan.
Once everything is complete, your loan will be transferred into your bank account. Our average time from application to transfer of funds is 4.25 business hours. Our office hours are 08:00 - 16:00 Monday to Friday.
Frequently asked
questions.
What is a Familio loan?
Familio loans are unsecured personal loans that can be between £1000 and £5000, and repaid over a year to 5 years. Depending on how much you borrow and the loan term you choose, you will be required to make monthly repayments on your loan with added interest.
What is Familio doing to ensure a positive impact is made on the community?
The community we are looking to help here at Familio are people with poor or very little credit history. Our aim is to help these people get the money they need, but it is important we act responsibly when doing so. Therefore we carry out a number of checks on our customers to ensure they can comfortably afford their loan repayments and avoid worsening their financial situation.
Do I qualify for a Familio loan?
We've created the Familio loan to be accessible to as many people as possible. Our aim is to provide you with an affordable alternative to less desirable forms of credit such as buy now pay later, salary advances, and payday loans. To qualify for one of our loans you must be a UK resident aged between 18-28 years old, have a UK mobile and email address, have a regular monthly income paid into a UK bank, and be able to comfortably afford your repayments.
What is Open Banking?
Open banking is an FCA regulated service used across the UK that allows providers like Familio to access your financial data. We understand that this is a very personal thing and so we would never access this data without your permission first. So why do we need this data? Open banking is a secure method of assessing your ability to repay your loan. This way we can ensure that we are lending responsibly at all times.
Our guide to your
Familio loan.
What is a Familio loan?
A Familio loan is an unsecured personal loan of between £1000 and £5000, repaid over 1 to 5 years. We look to provide loans to people who don't have the best credit file, meaning they are unable to access credit from their banks. We particularly specialise in people who haven't had a loan or any other means of credit before and therefore don't have much credit history.
How do Familio loans work?
If you have a poor credit history, have missed payments in the past, or have never applied for a loan or credit card before, it's likely that you won't be accepted for a loan by your bank. A unsecured personal loan will likely be the cheapest form of credit you will be able to access. You will need to completed a form - telling us about yourself, creating a budget plan to ensure you can afford to repay the loan, and signing your agreement online.
What makes Familio different from other lenders?
Familio is a social enterprise, meaning you as a valued customer are at the heart of everything we do. Our values have all been built to help ensure you are able to access financial support when you need it the most. Unlike other lenders, we reinvest all of our profits back into the business to allow us to constantly improve our service and keep on providing you with cheap and easily accessible credit. Helping you to do better helps us to do better.
Am I eligible for a loan with Familio?
To get a loan with Familio you need to be:
- a UK resident
- Aged 18 -32
- hold a UK bank account
- be able to comfortably afford the repayments on your loan.
Lending a
helping hand.
Familio is one of very few social enterprises in the UK helping to bring positive outcomes for the part of our community looking to borrow money.
What is a social enterprise?
You may be thinking, what exactly is a social enterprise? Well, a social enterprise is a company that creates a positive social impact for a community. In this case the community is customers in need of a loan that have been turned away from banks and other financial institutions due to poor or very little credit history.
A key feature of social enterprises is that their profits are reinvested back into the business to ensure they serve the community needs the best they can. Here at Familio it is all about putting you first and making sure we are able to help when times get tough. By reinvesting our profits this allows us to keep lending sustainably, providing you with the credit you need when you need it most.
Our mission.
Familio's mission is pretty simple. It is to help those with poor or very little credit history get access to the credit that they need. We specialise in providing loans to customers who haven't really had much history of obtaining credit and therefore have likely been turned down by banks and other financial institutions.
We want to make sure that you have access to the credit you need when you need it the most. It is also important that we do this in a responsible way to ensure that we are improving your financial situation as opposed to worsening it.
Responsible lending.
As part of achieving our mission, we need to ensure that we are lending money responsibly. This means we need to make sure that we are improving your financial situation and not in danger of putting you in any financial difficulty.
To make sure that this happens we perform checks including credit checks and open banking, which allows us to take a look at your financial history. Using this information, we can then come a decision as to whether the loan is suitable for you and can assess if you can comfortably afford the monthly loan repayments. This way we are ensuring that we continue to have a positive impact on the community of borrowers we are aiming to help.
Reinvestment.
A large part of being a social enterprise is reinvestment. Like any other business, Familio aims to make a profit. However, we ensure that all these profits are reinvested back into the business.
By reinvesting this money into the business this ensures that we can continue to build and improve Familio and in turn maximise the positive impact we have on the community that we are aiming to help. Whether this is allowing us to lend more money or helping us improve the processes involved in ensuring we lend responsibly, this is all done to benefit you.
Our impact.
The impact we have on the our borrowers is essential to ensuring we are successful in being a social enterprise. It is alright saying that we aim to have a positive impact on our borrowers, however it is important we actually see the impact we are making.
If we have helped you in a positive way, please let us know! We'd love to hear how Familio has helped you and your feedback can help other potential Familio customers have a similar experience.