FAQs

Frequently Asked Questions

These FAQs are designed to help you understand our loans and decide whether borrowing is right for you. Borrowing is an important financial decision. We encourage you to take time to consider your options before applying. If you are unsure, you may wish to seek independent financial or debt advice before applying.

ABOUT APPLYING FOR A LOAN

You can apply online through our website or by calling us on 0330 400 6000. All applications are subject to eligibility, credit and affordability checks.

You may be able to borrow between £250 and £2,000, depending on your individual circumstances and the outcome of our affordability assessment.

You may be able to apply if you:

  • Are aged 21 or over
  • Have a regular income from employment
  • Are resident in the UK
  • Have a UK bank account and debit card

 

You can apply whether you are a homeowner, tenant, or living with parents or family. Meeting these criteria does not guarantee approval. All applications are subject to affordability and credit checks.

At present, we are unable to accept applications from customers who are subject to:

  • Bankruptcy
  • Individual Voluntary Arrangements (IVA)
  • Debt Relief Orders (DRO)
  • Trust Deeds

A personal loan may help in some situations, but it is important to consider whether borrowing is right for you.

 

This type of loan may be suitable if you:

  • Understand the total cost and can afford the repayments
  • Need funds for a specific purpose
  • Have considered lower-cost alternatives

 

It may not be suitable if you:

  • Are struggling with everyday living costs
  • Need to borrow repeatedly to get by
  • Are considering borrowing for ongoing or non-essential expenses

 

If you are unsure, free and independent debt advice may be a better option.

ELIGIBILITY AND CREDIT CHECKS

Our eligibility checker uses a soft credit search to give an indication of whether you may be eligible for a loan. It does not affect your credit score and does not commit you to applying.

No. The eligibility checker provides an indication only. Final approval depends on a full affordability assessment, credit checks and verification of your details.

Yes. If you proceed with a full application, we will carry out credit, affordability, identity and fraud prevention checks using one or more credit reference agencies.

LOAN COSTS AND FEES

Before you decide whether to proceed, we will clearly show:

  • The interest rate and APR
  • Your repayment amount and frequency
  • The total amount repayable

 

Representative example:

If you borrow £550 over 18 months at a flat rate of 168% per annum (fixed), with a representative APR of 679%, you will make 18 monthly repayments of £107.56 and repay £1,936.08 in total. This includes £1,386.08 in interest.

 

The rate and term you are offered will depend on your individual circumstances.

We do not charge set-up fees, arrangement fees or late payment fees. However, missed and late payments may be reported to credit reference agencies and could affect your credit file and ability to borrow in the future.

APR shows the total yearly cost of borrowing, including interest. It helps you compare loans from different lenders. The APR you are offered will depend on your circumstances, loan amount and repayment term.

Yes. We may pay commission to credit brokers or intermediaries who introduce customers to us. This commission is paid by us and does not affect your interest rate, loan terms or total amount repayable under your loan agreement.

If your application is approved, funds are usually paid by bank transfer on the same working day, subject to our working hours and your bank’s processing times.

REPAYMENTS AND MANAGING YOUR LOAN

You can choose to repay your loan weekly, fortnightly or monthly.

Repayments can be made by:

  • Continuous Payment Authority (CPA) using your debit card
  • Online via our customer portal
  • By phone on 0330 400 0402
  • Bank transfer (BACS)

A CPA allows us to collect your agreed repayments automatically from your debit card on the due date. You can cancel a CPA at any time by contacting us or your bank. Cancelling a CPA does not cancel your loan, and repayments must still be made by another method.

We do not charge late payment fees. However, missed and late payments may be reported to credit reference agencies and could affect your credit file and ability to borrow in the future. If you are worried about making a payment, please contact us as soon as possible.

If you are experiencing financial difficulty, please contact us as soon as possible. We may be able to discuss support or alternative arrangements based on your circumstances.

 

Free, independent debt advice is also available from:

  • StepChange Debt Charity
  • National Debtline
  • Citizens Advice

 

You do not need to be in arrears to seek debt advice.

We recognise that some customers may be in vulnerable circumstances. If you need additional support or find any part of the process difficult, please let us know so we can take this into account.

EARLY REPAYMENT AND CANCELLATION

Yes. You can repay all or part of your loan early at any time. There are no penalties for overpayments or early settlement. You may be entitled to a rebate of future interest, and we may charge up to 58 days’ interest, in line with the Consumer Credit Act.

You can request a settlement figure by:

 

Settlement figures are valid for 28 days.

If you decide you no longer want the loan, you must notify us that you wish to withdraw within14 days, which starts from the day your loan is paid out or the day you receive your credit agreement, whichever is later.

You can do this by:

 

We recommend contacting us as soon as possible if you decide to withdraw.

If you withdraw from your loan, you must repay the amount borrowed plus any interest accrued for the period you had the loan within 30 days of notifying us that you wish to withdraw. No additional charges apply during the cooling-off period.

If the 14 day cooling-off period has passed, you can still repay your loan early at any time. You may be entitled to a rebate of future interest, and we may charge up to 58 days’ interest, in line with the Consumer Credit Act.

TOP UP LOANS

You may be able to apply for a top up loan if you have held your current loan for at least 5 months and your repayments are up to date. All top-up applications are subject to eligibility and affordability checks.

CREDIT REFERENCE AGENCIES

We use the following credit reference agencies:

 

Searches may be recorded on your credit file and visible to other lenders.

FRAUD AND SCAMS

If you suspect fraud or a scam:

  • Contact us immediately at [email protected] or 0330 4000 402
  • Contact your bank straight away if you have suffered a financial loss
  • Report fraud to Action Fraud on 0300 123 2040

COMPLAINTS

If you are unhappy with any aspect of our service, please refer to our Complaints section, which explains how to raise a complaint and how you can refer it to the Financial Ombudsman Service if needed.

A few more FAQs are available on our online customer portal for our existing customers.

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