What do lenders mean by budget plan?
Usually, the lender will ask you to give them a breakdown of your monthly finances, some call this a budget plan.
- They ask you to do this so that they can make sure this is the right loan for you and affordable.
- So will ask you to write down your income and outgoings.
- This will show them if the loan payments are affordable alongside your other financial commitments.
- Our lenders do this as part of their commitments to you and being a responsible lender.
- We only work with lenders who meet their responsible lending obligations.
Fill out a budget
Before you apply, we suggest you fill out the Citizens Advice Bureau’s Budget Sheet which highlights some of the things that you will need to think about.