Responsible Lending
Implications of Non Payment
If you cannot make the payment on time, every lender present in our loan providers list will have their own set of procedures and guidelines related to fees and interest and how they will collect the outstanding debts. Some lenders may seek you by legal means in the event of repeated non-payment of the loan amount. Most of the lenders will contact you by phone or email to rearrange payment and, non-payment of loan amount might result in charges increased interest which may affect your credit score.
Note: Please read the charges section of the lender's website before completing your loan.
Warning: Late repayment can drive you into serious money problems. For help, visit moneyhelper.org.uk
Collection Practices
Please note that most of our lenders will contact you by phone, letter or email to rearrange payment. Non-payment of the loan amount may result in charges or increased interest and may affect your credit score too. If there is a continued non-payment of the loan amount, it may result in your debt is being passed to a collection agency which would add further charges.
Late Payment
If you feel that you will not be able to pay the agreed repayment on the specified date, then you should contact the lender in advance to let them know. The lender may offer to extend or renew your loan if informed well in advance. Please note that this may result in additional interest is being charged on your loan amount and, they will also issue a charge for late repayments. The charges differ from lender to lender, so please make sure that you read the terms and conditions before entering into any loan agreement with our lenders. Late repayments can also have an impact on your credit score.
Warning: Late repayment can drive you into serious money problems. For help, visit moneyhelper.org.uk
Renewal Policy
To renew your loan, remember that you should contact your lender well in advance, as most of the lenders will charge the same rate of interest and charge fees for next month on the entire loan amount borrowed by you. In case of late or non-payment, a loan renewal/extension could be done automatic but, additional interest or charges may add to you.
Late payments may result in increasing your loan repayment(s) significantly, so please think before you wish to extend or renew your loan.
Representative Example
Amount of credit: £1000 borrowed for 12 months. Total amount repayable is £1357 in 12 monthly instalments of £113.08. Interest charged is £357, interest rate 49.9% pa (fixed).Representative 49.9% APR (Variable).