How will the loan be paid out? - FLM Loans Answer Centre

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How will the loan be paid out?

by joker76 on Wed Apr 21st, 2010 11:25 am

How will I get the money into my account??

by Jon Newman last updated 41 days ago.

The money will be paid into your guarantors account. We're not a big company we act as a community. By paying the money into your guarantors account, we're checking that they're happy to stand as guarantor for your loan.

Yours and your guarantors account details can either be filled out online by clicking here, or can be taken over the phone by your caseworker.

Once we're paid out the loan your guarantor can transfer it straight to you.

When we come to paying out your loan you can choose whether the money is transferred by CHAPS or BACS. If you choose CHAPS the money can be paid out within 24 hours, but this method will cost you £30. This will be deducted from the loan balance. The BACS option is free but can take 3-5 working days to be transferred. The choice is yours but we would always recommend the CHAPS option.

Comments

by zobiasp 126 days ago.

does the loan get paid into my account or my guarantors? asap reply please. thanks

by Jon Newman 126 days ago.

Hi Zobiasp, yeah that's right, the money is paid into your guarantors account. They then transfer it to you

by Emiliebeugoms 123 days ago.

Why would the loan be paid in my guarantors account? Why so much fuss when you say that it's quick and easy. I gave given all you asked for and still you need more. You clearly state that all this won't affect my guarantors credit rate yet you will make checks that will alter it indeed. All this is very confusing. Are you a scam? I want clear answers and quick payment when the criteria is met. Thank you

by Jon Newman 123 days ago.

Hi Emillie, we pay the loan into your guarantors account as a final check that they're happy to help you. It shouldn't slow you down getting the money though; as soon as it's paid to them they can transfer it to you. Even with this, it is still a quick and easy process, much quicker than other lenders out there.

Hopefully by me answering your question, I have reassured you that we're definitely not a scam. We just have certain security processes we have to follow to make sure we're getting your money to you safely.

by stew 123 days ago.

Is there any way the loan can get paid straight into the borrowers account if the guarantor is completley happy to stand by the borrower

by Roxane Tizzard 123 days ago.

We always pay the money into the guarantors account. There is no way we can pay it straight into the applicants account.

We're a community lender, all the money we make goes straight back into lending to more people like yourself. To ensure we can keep doing this we have to cover ourselves from risk, like fraud. Paying the money into the guarantors account helps make us feel safe.

by Wilis08 117 days ago.

How will i know when my loan money has been paid into my guarantors account?

by Jon Newman 117 days ago.

You'll receive a text from the payout team letting you know the money has gone in.

by Sammy1987 112 days ago.

can u pay the loan in cheque?

by Roxane Tizzard 112 days ago.

No, we can only pay out the loan by transferring it into your guarantors account. This is the quickest way to get the money to our customers.

by andrea03 63 days ago.

if the loan is payed into my guarantors account will the repayments be taken from their account or mine?

by Roxane Tizzard 63 days ago.

When you speak to your caseworker they will set up a monthly direct debit that will come from your account, the applicant.

by matt 43 days ago.

my guarantor has building society so it it going to take longer to go into that account from you guys....?

by Jon Newman 43 days ago.

It won't take any longer if your guarantor's account is with a building society.

Our payout team will text you as soon as the money has gone in.

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