Some commonly asked questions

How much can I borrow?

The amount borrowed will depend on your credit history, ability to repay, and the security available.

What are your interest rates?

The interest rate we can offer will be competitive but will vary according to your security and individual circumstances.

What are your application fees?

There are no up-front fees applicable when applying for a loan, however once approved and drawn a fee will apply.

Will you need security?

To protect ourselves, we need to have first call on something you own. This could be a car or property. All our loans are secured either fully or partially.

How long does it take to approve my loan?

Most loans are conditionally approved the same day.

Can I change the amount of my loan after it is approved?

Yes, just let us know your new requirements and we can process it without re-application. This is subject to the repayments still falling within our disposable income guidelines.

If I’m buying a vehicle do you need to see it?

No, but if it is a private sale we may sometimes need a valuation. We will give you a form which can be signed by any licensed dealer if on the rare occasion we require this.

If I buy a car does it have to be insured?

Yes. It needs to be insured against theft and accident damage, and Onyx Finance will need to be noted on the policy.

How are repayments processed?

Repayments need to be made by automatic payment or internet banking from your nominated bank account.

Can I make additional payments?

Yes, at no extra charge.

If my circumstances change can I pay back the loan early?


What is a credit reference?

Sometimes loans can only be approved subject to a statement from previous lenders that you have been able to make payments on similar loans in the past.

What if my credit rating is poor?

Our flexibility allows us to deal with borrowers in all categories, however a higher interest rate would normally apply and additional security may need to be put in place.

Will my application remain confidential?

Yes. The only people to view your application will be Onyx Finance.