Selina Finance has added a range of policies to make its lending options more flexible and streamline its application process.

The lender says the changes are part of its strategy to broaden its product offering to a wider range of clients.

Selina Finance has reduced the minimum loan size to £10,000 across their entire product range to make the products more attractive to borrowers who are looking to fund home improvements, consolidate debt, or cover short-term financial needs.

It has also adjusted its approach to customers with past credit issues. All previously resolved CCJs and defaults, including those under £500, will no longer be considered in their assessments.

In addition, the lender will now accept applications with total CCJ or default balances exceeding £5,000 if consolidated.

The new criteria set for two distinct credit statuses are Status 0 which is no new entries permitted within the past 24 months and Status 1, which is up to one new entry permitted within the past 24 months.

Elsewhere, Selena Finance has streamlined its affordability criteria.

Brokers and clients now only need to declare essential outgoings such as council tax, childcare, service charges, and ground rent in affordability assessments.

The debt-to-income (DTI) threshold has been raised to 55%.

Selena Finance head of intermediaries Stacey Woods says: “Our latest updates are designed to give brokers greater clarity and flexibility while streamlining access to our products for their clients.”

“By refining both our credit and affordability criteria, we’re able to offer more tailored solutions for borrowers who may have previously faced obstacles. This is a key step forward to making lending more accessible and hassle-free for all parties involved.”