Selina Finance has introduced improvements to its criteria to enable the lender to accept applications from a wider range of customers.
The changes mean up to 100% of bonus, commission or overtime income can be considered in affordability assessments, provided regular payments are proven.
For employed applicants, the minimum time in their current role has been reduced to just one month, to help those customers that have recently changed jobs.
Elsewhere, the lender has also increased the maximum loan-to-income (LTI) to 6.5x income for its Status 0 plan. For its Status 1 plan it will remain at 6.0x income.
The lender has also removed the minimum income requirement.
Selina has also broadened its criteria to support those with adverse credit.
Applicants will now be considered on Status 0 if they have up to two missed payments across multiple unsecured items of credit, while there is no requirement for unsecured items of credit to be up to date where consolidated for Status 0 products.
On its Status 1 plan, the lender will now ignore conduct on any unsecured item of credit as long as it is either being consolidated or brought up-to-date at the time of application.
Selina Finance head of intermediaries Stacey Woods comments: “These policy enhancements mark a significant change for Selina in terms of our risk appetite and really widen the scope of what we will accept.”
