What loans does Hastings Direct offer?
If you’re looking for a straightforward loan offering with no catches, Hastings Direct could be worth considering. Our guide explains more.
Who is Hastings Direct?
Hastings Direct, established in 1996 in Bexhill-on-Sea, East Sussex, is a UK-based insurance provider offering car, bike, van, and home insurance, among other products. In recent years, it has expanded its digital-focused services to include unsecured personal loans.
What types of loans does Hastings Direct offer?
Hastings Direct offers unsecured personal loans with repayment terms between one to five years. These loans feature fixed monthly repayments and no set-up fees, providing predictability and transparency.
They can be used for various purposes, such as purchasing a car, home improvements, or debt consolidation. The online application process is straightforward, offering quick decisions without the need for postal submissions.
How much can I borrow with Hastings Direct?
Loans with Hastings Direct are available from £1,000 to £25,000, across one to five years.
What is the eligibility criteria?
To be eligible for a Hastings Direct personal loan, applicants must meet the following criteria:
You must be a permanent resident of England, Wales, or Scotland and have lived in the UK for at least three years
You should be between 18 and 74 years old and not reach 75 or over by the end of the loan term
You must be employed or retired with a minimum annual income of £15,000
You should not have had any County Court Judgements (CCJs) in the last three years, nor have been declared bankrupt, or entered into Individual Voluntary Arrangements in the last six years
You must own a UK bank account
Applicants should not already have an existing loan with Hastings Direct
While it doesn’t guarantee acceptance, meeting these criteria increases the likelihood of a successful loan application with Hastings Direct.
How quickly will I receive the money?
Funds are usually transferred to your account within five working days of signing your loan agreement.
Are there any fees or charges?
You can repay the loan in full or in part at any stage and without any additional fees. However, in line with tConsumer Credit (Early Settlement) Regulations, Hastings may defer the settlement date by up to 58 days. This means you will be liable for interest payments over that period.
Why was my application with Hastings Direct denied?
When your loan application is declined, it can be due to several factors, including:
Lenders assess your credit history to determine your reliability in repaying debts. A low credit score or negative marks, such as late payments or defaults, can lead to a declined application.
Lenders evaluate your debt-to-income ratio to ensure you can manage additional borrowing. If your existing debts and overheads consume too much of your income, lenders may deem the loan unaffordable.
Additional considerations include employment history, residential stability, and inaccuracies in your application. Incomplete or incorrect information can also result in a denial.
Credit rating
Affordability
Other factors
All lenders also have their own approval criteria, so it doesn’t necessarily follow that if you’re turned down by one lender, you won’t be accepted elsewhere.
Why compare loans with MoneySuperMarket?
At MoneySuperMarket, we make comparing loans straightforward by offering a broad selection of options from leading UK providers. Our eligibility checker evaluates your credit profile to indicate which loans you're likely to qualify for, without impacting your credit score.
We present key loan information upfront, such as interest rates and durations, and you can sort by overall cost and approval chances, helping you secure the most suitable loan for your circumstances.
