People
How to build credit history when you’ve never borrowed before
Last reviewed June 2026 i QUICK ANSWER With no borrowing history, lenders have no track record to assess, which can lead to declines even without bad credit. You can build history by managing a bank account, registering on the electoral roll, putting utility bills and phone contracts in your name, keeping your details consistent and…
Read MoreWhat is the 50/30/20 budgeting method?
Last reviewed June 2026 i QUICK ANSWER The 50/30/20 method is a simple budgeting rule that splits your income into three categories: 50% on needs (rent, bills, food), 30% on wants (dining out, entertainment, subscriptions), and 20% on savings or debt repayment. It’s a low-effort way to manage money without tracking every penny. Using this…
Read MoreHow is affordability assessed when you apply for a loan?
Last reviewed May 2026 i QUICK ANSWER Lenders are legally required to check you can afford a loan, usually via bank statements or Open Banking. What affects this most is whether your income is disclosed accurately, how it’s trending, and patterns of spending on missed payments, gambling and Buy Now Pay Later (BNPL). There are…
Read MoreSave as You Borrow: a unique way to build savings
Last reviewed May 2026 i QUICK ANSWER Save As You Borrow (SAYB) is a scheme offered by many credit unions where, alongside your regular loan repayments, you also save. The savings go into a regular shares account in your name. The amount you have to save differs between credit unions, but typically the minimum is…
Read MoreWhy the Electoral Roll improves your credit score
Last reviewed May 2026 i QUICK ANSWER Registering on the electoral roll lets lenders verify your identity against a public record, which reduces fraud risk and helps your application pass identity checks. Experian estimates it can lift your credit score by around 50 points. Registration is free and updates appear on your credit file within…
Read MoreCredit Unions and Banks: what’s the difference?
Last reviewed May 2026 i QUICK ANSWER A credit union is a member-owned, not-for-profit cooperative. A bank is shareholder-owned and profit-driven. Both offer savings and loans, both are regulated by the Financial Conduct Authority (FCA), and both protect your money up to £120,000 under the Financial Services Compensation Scheme (FSCS). When it comes to borrowing…
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