Frequently Asked Questions
Please read the answers to the questions our customers often ask
Applying for a Loan
If your application is accepted in principle it means we can help you, based on your credit file.
As long as the information you have provided is accurate and you can afford our repayments we will be able to fund the loan for you.
At this point you will still need to consent to open banking which is used to verify your application. Your application could be declined if you don't earn the amount you said or if you have extraordinarily high expenses resulting in our loan being unaffordable. Other reasons that we may not be able to help are excessive gambling or anything that may indicate you are vulnerable. We do everything we can to ensure our loan does not result in financial difficulty and you are able to make an informed decision before making a commitment.
We offer loans between £500 and £3,000. After we have conducted a credit search we will let you know the maximum amount you can borrow and you can then select any available loan amount to suit your requirements.
We offer loan terms between 25 to 48 months and each loan amount has a set term which cannot be changed. The loan terms are designed to keep our monthly repayments affordable. Our monthly repayments are between £59 and £199.
We can transfer funds to you the same day that your application is signed off by the underwriter. After you sign your agreement you can submit your bank statements electronically in just a few minutes to verify your affordability assessment.
No. We only conduct a soft credit search which means only you will be able to see a footprint on your credit file and your credit rating will not be affected.
By consenting to open banking you give permission to your bank to send us your bank statements electronically. We use this to verify your income and expenditure for your affordability assessment. You need to add all of your bank accounts that you use and make transfers to. It only takes a couple of minutes and your bank sends everything to us electronically immediately.
Yes, none of your login details are shared with us or anyone else. We only receive the information that would be on your bank statement. The open banking system we use is https://consents.online and it is controlled by the Credit Reference Agency, Equifax. They ensure that the required data protection safety measures are all in place to protect you.
Understanding the Loan Terms
When you select your loan amount you will be shown explanations of how the loan works and a pre contract document. This information will also be emailed to you in pdf format at the same time as being shown on screen. You can take as long as you like to digest the information. A few of the main points you may want to know are highlighted below.
Please see our Contact Page to either telephone, message or email with any questions you may have.
This loan is designed for medium term finance requirements only. We offer loans over 25 to 48 month terms depending on the loan size. You should also ensure that the reason you are taking this loan benefits you. For example, this loan may not be suitable for settling other debts if those debts have a lower APR than our loan.
We charge an APR between 97.2% and 246.6% and the rate you pay depends on your credit rating and loan amount chosen.
Your Total Charge for Credit can be found on your Pre-Contract Credit Information "Section 2. Key features of the credit product". It is also detailed on your Loan Agreement. We do not charge any fees so this only consists of the contractual loan interest for the term of the loan.
The number of months that the loan is over and the Total Amount Payable can be found on your Pre-Contract Credit Information "Section 2. Key features of the credit product". This is also shown on your Loan Agreement under the headings Total Amount Payable and Duration of Loan Agreement.
This is an unsecured loan. We do not ask for any security i.e. your home or car and we do not ask for a guarantor. We only offer single applications so we would not ask a partner to be party to the loan. However, we may ask details of their financial circumstances if they share the responsibility of the household bills with you.
Missing payments may make obtaining credit more difficult and could have severe consequences such as the possibility of legal proceedings, bankruptcy proceedings, and your home being repossessed. We may charge extra costs if you miss payments in line with your "Pre-Contract Credit Information Section 3. Costs of the credit", and your Loan Agreement.
The most important thing to remember is that if you find yourself in a position where you are unable to meet your repayments you must contact us immediately so we can try and help you get back on track. Our details are on the Contact Us Page. We would never ask you to make a payment you can't afford but we would require you to help us understand your change in circumstances.
There is more information in the section below to help you if you find yourself in this situation.
Once the loan agreement is made, you have the right to withdraw before the end of 14 days beginning with the day after you receive a copy of the final agreement, without giving any reasons. You can exercise this right by writing to us, calling or emailing us. If you withdraw you must return any monies paid to you within 30 days of the date you withdraw. You must also pay interest accrued from the date you are given the money to the date you repay us, at the rate specified in the loan agreement, calculated and applied on a daily basis.
You can find this information in your "Pre-Contract Credit Information Section 4. Other important legal aspects", and your Loan Agreement.
When you receive your funds, the amount you owe will be the total amount payable and this will be the balance registered on your credit file. After the withdrawal period of 14 days you will still be entitled to settle your agreement early. To do so, you will be required to give us 28 days notice and we will provide you with an early settlement quotation valid for 28 days. The quotation will be the full amount left to pay on your loan less a rebate of part of the interest charge. This will mean that you will be charged interest up to the settlement date plus an additional 30 days interest. Most of the interest relates to the beginning of the agreement when the balance is higher, therefore you will not repay much of the capital at the beginning of the agreement.
You may also pay lump sums off your balance and a proportionate rebate of interest will be applied in line with any lump sums you pay off. If the account had not been paid on time, the balance on the account would be higher and there may have been extra costs to cover arrears, collection or court fees and default interest.
If I have Financial Difficulty
If you miss a repayment we will contact you by telephone, sms and post. A missed payment will be recorded with the credit reference agencies. If you are having a temporary difficulty we can spread the missed payment over the remaining term of the loan or you can catch up whenever it is possible.
The main thing is you contact us so we can help you through the difficulty. We never ask you to repay anything you can't afford but if you don't contact us, we can't help.
Please contact us. We will help you if you are facing financial difficulty. If you provide details of your change in circumstances we can put into place a payment arrangement that helps you through the problems. All payment arrangements are reviewed periodically so please stay in touch.
If you are not making your payments on time or you are in an arrangement to pay less we will need to notify the credit reference agencies and this will show as arrears on your credit file but we will not register a default.
If you miss 3 or more payments and have not been in contact with us or provided satisfactory information we will issue a default notice. This can further impact your ability to obtain credit in the future.
If you still do not respond this is likely to result in court action and a county court judgment being registered against you. This can lead to us requesting that the courts seek to recover the repayments by taking the payments directly from your employer before you get paid. However, this would never happen if you stay in contact with us.
Please just let us know. We may ask for proof sometimes. We will put collections activity on hold and arrange to check in with you regularly.
When you find new employment, you can resume your payments at an affordable level. We never ask you to repay more than you can afford.
Please remember, that if payments are missed we will still need to inform the credit reference agencies even if its not your fault.
We understand life can change suddenly. Please just let us know. We may ask for proof sometimes. We will put collections activity on hold and set up an arrangement with you. We will review any arrangement with you regularly. We will never ask you to repay more than you can afford.
Please remember, that if the amount you pay is less than the amount you are contracted to pay on your loan agreement we will still need to inform the credit reference agencies even if its not your fault.
Yes. Sometimes it is best to ask for some independent help. You can find someone to help you at www.moneyhelper.org.uk
Please just contact us.
We proactively support all customers with vulnerabilities. This can include physical or mental disabilities, life events such as illnesses or bereavements and even struggles with addictions. In situations like this we can adapt the way we deal with your account to make it easier to manage your finances. For example, we can give you more time to respond to correspondence or we could speak to a third party, friend or family member.
Please always keep us informed so that we can assist you with with any vulnerabilities and adapt the way we deal with your account.