Apply Online – we do not charge you a fee for our service. We will share the information you provide with our panel of Lenders where we will connect you with those offering the most affordable packages.
Response – once our panel has your information, it only takes a matter of minutes to let you know if your application has been accepted by our panel.
Decision – if accepted, you will receive an email that will refer you to the Lender’s website. You can then read through your loan offer(s) and make a decision on what loan works best for you. Once approved and you have electronically signed the loan agreement, your money will be deposited to your bank as per the Lender’s policies.
Re-Paying your Loan:
You will choose a date to re-pay your loan during the application process. The payment will be taken from your account via direct debit. Your Lender can inform you whether there is another option to pay other than direct debit.
Fee Disclosure:
We aim to provide you with an efficient, fair and transparent service. All interest rates, fees and repayment details will be fully disclosed to you by our Lenders prior to your signing the agreement.
Cost of your Loan:
As each Lender’s policies vary, the cost of your loan will be dependent upon the Lender. Once you have been matched to one or more possible Lenders. Your costs and fees will be clearly outlined in your loan agreement as will any other information from your Lender prior to your acceptance.
APR:
Annual Percentage Rate is the annualised cost of credit in percentage form. APR assists in comparing loan options from various Lenders. We will aim to find you the lowest APR.
Charges:
The Financial Conduct Authority outlines the rates of interest with which Lenders must comply. Default Fees: up to £15 Interest Rates: up to 0.8% per day The aggregate amount of interest and charges can never exceed 100% of your loan amount.
In the Case of Late Payment:
Late payments can result in serious financial consequences. Your loan agreement will outline what fees you may incur as a result of late payments. In the case that you cannot pay in a timely manner, contact your Lender immediately to discuss the options available to you.
In the Case of Non-Payment:
You may be contacted via phone or mail if your payment is not received. Non-payment could negatively affect your credit score; therefore, it is in your best interest to contact your Lender as soon as you are aware that you cannot pay. Each Lender has their own guidelines regarding additional fees, interest rates, and collection procedures. These will be outlined in your loan agreement. Penalties related to non-payment may be avoided by contacting your Lender immediately to modify your payment plan.
Penalties:
Please refer to your loan agreement for full terms and conditions. Failure to contact your Lender in the case of late or non-payment may result in a default charge of no more than £15.
Your Options in the Case of Non-Payment or Late Payment:
Contact your Lender if you will be late or unable to pay as per your agreement. As each Lender’s policies differ, they will be able to inform you of the various options available. You may be able to change your payment schedule or re-adjust your payments in order to avoid adverse consequences. Discussing your payment options with your Lender may resolve your issue and result in an agreement on the best way to re-pay your loan. If you cannot come to an agreement in the matter, your Lender may refer your case to a third-party collection agency.
If you are experiencing financial difficulties:
No matter how big the financial issues are that you’re dealing with, speaking to a Debt Adviser can help ease your mind whilst exploring options to manage your debts.
The below website will help direct to debt advice services: https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator
