Faq'S - Burnley Savings And Loans

What is Burnley Savings and Loans (BSAL)?

Burnley Savings and Loans is an independent lending company. It offers a range of business and personal loans and hire purchase loans, and prides itself on a personal approach to lending, enabling people who have struggled to obtain finance from high street banks to obtain affordable loans.

When was BSAL established?

BSAL officially opened its doors in September 2011.

Is BSAL regulated?

BSAL is authorised and regulated by the Financial Conduct Authority.

How can I contact BSAL?

You can visit it at our offices, which are at 30 Keirby Walk, Burnley BB11 2DE. Alternatively, you can contact us via e-mail on info@bsal.co.uk, by phone on 01282 454744

Are there any requirements for borrowing?

To apply you must be over 18 and live in the area where the product is available (see individual loan pages for details). All loans are subject to status and terms and conditions apply.

How much can I borrow?

Business / Hire purchase – minimum £2000, maximum £90,000.

How long can I borrow it for?

Personal loan – maximum loan period 1 year. Business loan – maximum loan period 3 years. Hire purchase – maximum loan period 5 years.

Can I repay my loan early?

Yes, you can repay your loan in part or full early. The settlement figure will be calculated on an actuarial basis and you will receive a rebate of interest dependent on the date the loan is settled in full.

What rate can I expect to pay?

Loans are offered with competitive rates of interest from 6.9% APR to 27.5% APR depending on credit status.

If I have a bad credit history, can I still apply for a loan?

Yes. We review every application individually.

How is the APR calculated?

APR stands for annual percentage rate. It takes into account the interest and charges payable on a loan and so shows the actual cost of the loan.

How are repayments calculated?

The interest is calculated on a fixed rate per annum between 5% flat rate per year (representative APR 6.9%) and 14.9% flat rate per year (representative APR 27.5%).

What happens if I am having financial difficulties and cannot pay?

If you are worried that you will be unable to make a repayment you must contact us immediately; we will work with you to agree a payment plan that suits your circumstances. You can contact us via email at info@bsal.co.uk

When will my repayments start?

Your repayments will usually start one month after the loan is taken out and we always try to tie this into your pay date.

Do you credit score?

No, we manually underwrite every application. You obtain a decision from a person, not a computer.

Need any help!

Since 2011, Burnley Savings And Loans has been lending to community and country – both consumer and business loans’.,

Have any Question? Ask us anything, we’d love to answer!

Get in touch

Contact our friendly team:

Privacy & Cookie | Terms & Conditions | Initial Disclosure Document | Complaints | Buy The Book

Burnley Savings and Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 717019).

We act as a credit broker and a lender. We can introduce you to a limited number of lenders who may be able to offer you finance facilities for your purchase, We will only introduce you to these lenders. We will receive a commission payment from the finance provider if you decide to enter into an agreement with them. Your interest rate is determined by several factors such as the age of the vehicle, the amount you borrow and the terms of the agreement. These factors may affect the commission we receive from the lender for any agreement that is entered. We will provide customers with a written breakdown of any commission paid by the lender prior to a signing of the credit agreement, which you will acknowledge the presence thereof.

Rates from 10.9%: The actual APR offered is subject to status and is based on your individual circumstances on application. Representative example: Borrowing £7,500.00 over 4-years with a representative APR of 22.1%, the amount payable would be £224.38 per month, with a total cost of credit of £3,270.24 and a total amount repayable of £10,970.24.

If you would like to know how we handle complaints, please ask for a copy of our complaints handling process. You can also find information about referring a complaint to the Financial Ombudsman Service (FOS) at financial-ombudsman.org.uk.

Registered in England and Wales. Company number 7640762

Website Design Lancashire By Local Web 360

Initial Disclosure Document

This information relates to the activities undertaken by Burnley Savings and Loans Limited

The Financial Conduct Authority

The Financial Conduct Authority (FCA) is the independent watchdog that regulates financial services. Use this information to decide if our services are right for you.

Treating Customers Fairly

Our business is committed to treating our customers fairly and ensuring our products and services are suitable for their needs. Treating Customers Fairly (TCF) is a core part of our culture and philosophy and you can review our commitment to it by asking for a copy of our TCF policy statement.

What Products do we Offer?

We are a credit broker and a lender. We can introduce you to a limited number of lenders or hire companies who may be able to assist you with your requirements. We will only introduce you to these lenders or hire companies.

Other Finance Facilities

You may be able to obtain funding for your purchase from other providers and you are encouraged to seek alternative quotations and details of their products by researching on the high street, in the media and online.

What will you have to Pay to us for this Service?

You will not make any payment to us for processing a finance or hire application or for introducing you to a finance or hire provider. All charges that you will pay including, interest, documentation fees or rentals, where applicable, will be clearly shown on the finance or hire agreement.

Commission Disclosure

We may receive a commission payment from the finance or hire provider if you decide to enter into an agreement with them.

The nature of this commission is as follows:

You can request for us to disclose the amount of any commission received.

Understanding our Products and Documents

If you have any health issues, difficulty in understanding information or there are any recent life events that could affect your ability to fully understand the information and documentation you are presented with or what your commitments are under the agreement, you should carefully consider the amount of time you require to review the documentation. You should also consider if it is advisable for you to have someone you know, help you make your decision. Please advise us accordingly if this is the case and we can then proceed with your requirements in the most appropriate way.

You should make sure you have sufficient time to assess the information given to ensure the funding option offered is suitable for you and meets your requirements. You should seek further explanations and ask questions if needed to fully understand the documents you are given.

Affordability

You should assess the monthly payments you are required to make throughout the agreement and ensure you are able to meet these obligations and other obligations you already have without suffering undue hardship. If you are aware of any future events that will affect your ability to meet these payments, you should ensure the provider is informed immediately.

Your credit rating could be adversely affected if you do not make payments when due which could make it harder or more expensive for you to access finance facilities in the future.

Who Regulates Us?

Burnley Savings and Loans Limited is authorised and regulated by the Financial Conduct Authority; registration number 717019. Burnley Savings and Loans Limited address is 30 Keirby Walk, Burnley, Lancashire BB11 2DE.

You can check this information on the FCA register by visiting www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.

What to do if you have a Complaint

If you wish to register a complaint, you can contact us at:

In writing: 30 Keirby Walk, Burnley, Lancashire BB11 2DE

By Phone: 01282 454744

By email: Info@bsal.co.uk

If you would like to know how we handle complaints, please ask for a copy of our complaints handling process. If you can’t resolve a complaint with us, you may be able to refer it to the Financial Ombudsman Service whose contact details are set out below:

In writing: The Financial Ombudsman Service, Exchange Tower, London E14 9SR

By telephone: 0800 0234567

By email: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk

Confidentiality and Data Protection

Throughout the process of administering services for you, we will need to collect personal information from you and pass this information to one or more third-party organisations in order for them to supply any services you request. This may include passing this information to one or more potential lenders or credit brokers to enable them to make a credit decision. These lenders may use your information to conduct an affordability and creditworthiness assessment and will do so using the consent given by you.

This may include sharing your information with credit reference agencies and other companies for use in credit decisions and fraud prevention. For full details of where your information will be sent, and the purpose for doing so, or to cancel your consent for the processing of your personal data, please contact us.

In cases where your initial application may be refused by the most suitable lender, your application may be referred to other lenders or credit brokers who may also share information with credit reference agencies in order to assess your application for finance.

Those lenders or credit brokers will not use your personal information to provide you with promotional or marketing material unless you opt-in to receive this material directly with them.

A copy of our privacy policy, which details how your information will be processed and your rights, is freely available upon request. To request this information please contact us:

In writing: Burnley Savings and Loans Limited. 30 Keirby Walk, Burnley, Lancashire. BB11 2DE

By telephone: 01282 454744

By email: info@bsal.co.uk

Appendix: Products Offered

The finance products we offer are:

Personal Loan (PL)

Ownership options

As the finance is not secured on the vehicle, you own the vehicle once purchased.

You can sell the vehicle at any time without having to pay the finance in full at the point of sale.

Restrictions/potential extra costs

There are no restrictions on how you maintain or use the vehicle as the finance agreement is separate to the vehicle i.e. the loan is not secured on the vehicle. However, you may have less protection than with a hire purchase or lease agreement where you can refer certain problems with the vehicle to the lender.

Payment and equity

Flexible terms may allow you to finance the vehicle over a longer period than leasing and PCP. By increasing your deposit, you will lower the monthly payment. As the amount borrowed is paid off in equal instalments during the term of the agreement, it is more likely you will have a higher amount of equity than a PCP agreement for the same term. However, if you decide to sell the vehicle before the end of the agreement, it is advisable to pay the agreement in full (less an interest rebate) which will reduce the amount of equity you have in the vehicle and particularly in the early stages of the agreement could mean the vehicle is worth less than the amount of finance outstanding.

Hire Purchase (HP)

Ownership options

You have an option to own the vehicle at the end of the agreement.

You are the registered keeper, but the finance company remains the owner until the finance is paid in full.

In some circumstances, if you have problems with the vehicle, you may be able to refer these issues to the finance company.

Restrictions/potential extra costs

There are usually no mileage restrictions though you will need to check your agreement. Excess mileage charges will not apply. You cannot sell the vehicle until the finance has been paid off in full. You will need to service and insure the vehicle in line with the terms of the agreement.

Payment and equity

Flexible terms may allow you to finance the vehicle over a longer period than leasing and PCP. By increasing your deposit, you will lower the monthly payment. As the amount borrowed is paid off in equal instalments during the term of the agreement, it is more likely you will have a higher amount of equity than a PCP agreement for the same term. However, if you decide to sell the vehicle before the end of the agreement, you will have to pay the agreement in full (less an interest rebate) which will reduce the amount of equity you have in the vehicle and particularly in the early stages of the agreement could mean the vehicle is worth less than the amount of finance outstanding.

Any surplus funds may result in a rebate of rentals as per your individual agreement (you will be liable for any shortfall).

You can continue to rent the vehicle for a longer period, usually at a nominal cost (this option may not be available if there is a balloon rental).

Some agreements may allow you to add maintenance to the contract.

Please see your agreement form for full details.

Restrictions/potential extra costs

If you want to terminate the agreement early, you may have to pay all outstanding rentals and therefore you should take care in matching the term of the agreement to your expected requirements.

In the event that the sale of the vehicle results in a lower value than the final rental, you will be required to pay the Lessor any shortfall.

Restrictions on use and location may apply.

I can confirm I have read and understood the above Initial Disclosure Document.