Specifying your employment contract type

We understand that employment terms can sometimes be confusing, especially when you're applying for a loan or other financial product with us.

Permanent contracts

A permanent contract means you have ongoing employment with no set end date. Your employer expects you to continue working for them indefinitely, and you have job security beyond a specific period. This includes full-time and part-time roles where you're employed directly by the company.

Fixed-term contracts

A fixed-term contract has a specific end date. This might be for a few months, a year, or longer, but there's a clear date when your employment will finish. Examples include temporary roles, maternity cover, or project-based work.

Why do we ask about your contract type

We need to understand your employment situation to assess your ability to repay a loan. Both permanent and fixed-term contracts can be acceptable for lending, but we may ask for additional information about fixed-term contracts, such as how long is left on your contract or whether it's likely to be renewed.

If you're unsure about your contract type, check your employment contract, payslips, or ask your employer. We're happy to discuss your specific situation when you contact us.