LiveLendGroup 2

About Us

Who is LiveLend owned by?

LiveLend is part of Chetwood Financial Limited, company number 09964966, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 740551. Authorisation can be checked on the Financial Services Register at www.fca.org.uk.

Chetwood was set up in March 2016 by financial services experts and technologists. We're focused on improving lives by using technology to create innovative, low cost products. You can find out more about Chetwood here.

Who can apply for a LiveLend loan?

To be eligible for a LiveLend loan you need to meet the following criteria:

  • Be at least 18 years old
  • Be a UK resident 
  • Be employed, self-employed or retired with a pension
  • Have an income of at least £12,000 per year (before tax)
  • Have a credit history that we can see, and a good track record of repaying debt
  • Be able to afford the loan

All our loans are subject to status and our credit checking.

We don’t offer joint applications, guarantor loans or loans to businesses.

What type of loans do you offer?

At LiveLend, we offer online personal loans from £1,000 to £12,000. We don’t offer different types of loans upfront. Instead, when you apply, we’ll simply offer you the best loan we can.

What are the features of your loan?

We've designed our loans alongside our customers and, as a result, we’ve developed a truly fair and flexible loan.

We won't charge you any additional fees. Ever. Not to open your loan, to service it or to close it early. We won’t even charge you if you miss a loan repayment.

We'll always give you an instant decision, and we’ll do it in a way that doesn’t impact your credit score, so that you can get your quote and shop around for the best rate.

We won’t ask you for information that we don't need and with a simple, online application it should only take five minutes to complete. Not only will we give you a decision in two minutes, we’ll also transfer your funds immediately so your money is in your account in under four hours.

From November 29th 2018, all our loans will also come with rewards, which you can read more about here.

Our loans are 14.9% APR Representative.

 

Your Application

How do you decide what rate to charge me?

We think representative rates are confusing. So, when we give you your quote, we’ll also give you your real rate. That way, you’ll know exactly how much your loan will cost. This is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.

Can I apply for a Reward Loan?

Since the 29th November 2018, we only offer the Reward Loan. When you apply for a loan, we'll do our usual checks to make sure our loan is right for you.

You can get a quote online in just two minutes and we’ll do it in a way that doesn’t impact your credit score. Get your quote today by using our loan calculator and clicking 'Get my quote'.

Our loans are 14.9% APR Representative.

How likely am I to be accepted?

You can get a quote online in just two minutes, so you'll know whether you can take our loan. And we’ll do it in a way that doesn’t impact your credit score, so that you can get your quote and shop around for the best rate. You can get your quote by using our loan calculator and clicking 'Get my quote'

To be eligible for a LiveLend loan you need to meet the following criteria:

  • Be at least 18 years old
  • Be a UK resident
  • Be employed, self-employed or retired with a pension
  • Have an income of at least £12,000 per year (before tax)
  • Have a credit history that we can see, and a good track record of repaying debt
  • Be able to afford the loan

All our loans are subject to status and our credit checking.

We don’t offer joint applications, guarantor loans or loans to businesses.

Our loans are 14.9% APR Representative.

How do I apply?

LiveLend loans are available to customers on our website, by using our loan calculator and clicking 'Get my quote'. They're also available on ClearScore.

We understand that you don’t want to spend all day filling in forms. We’ve made things easier and faster, so that you can get your quote online in just two minutes. We’ll do it in a way that doesn’t impact your credit score, so that you can get your quote and shop around for the best rate.

The rest of the application will take just another three minutes and we’ll transfer your funds immediately so your money is in your account in under four hours. You can get your quote by using our loan calculator and clicking 'Get my quote'

Our loans are 14.9% APR Representative.

Your Decision

How do I complain?

If you have a complaint we want to hear it, so please get in touch here. Our expert team will review your feedback and come back to you as soon as possible.

If you are not satisfied with our response to your complaint, you can refer your complaint to the Financial Ombudsman Service (FOS). Please note, that the FOS will not look at a complaint until it has been raised with LiveLend and we have been given a reasonable time to respond. You can contact the FOS here.

Will you be doing a credit check on me?

At LiveLend we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans.

Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'

If you decide to take a LiveLend loan we’ll conduct a full search and update the Credit Reference Agencies that you've taken a loan with us.

Why have you declined my application?

We understand that our decision may be a disappointment, so let us explain how we’ve reached it. As a responsible lender, we always review all the information available to us. That way, we can make a fair decision.

The only information we use is what you told us in your application, information we might already know about you and information provided by Credit Reference Agencies.

When reviewing information we promise to only use soft searches, so there’s no impact on your credit rating.

We consider several factors including:

  • Your employment status. For example, if you are unemployed or you have only been in your job for a short time
  • Your residential status. For example, if you have lived at your address for only a short time
  • Your payment history for other loans or credit card repayments
  • Your current level of borrowing and existing commitments
  • Any information we already hold about you

Why is the rate you have offered me different to the advertised rate?

We have to use representative rates on our website to comply with regulation, but we know that these rates can be confusing. So, when we give you your quote, we’ll also give you your real rate. We do this in just two minutes, and without any impact to your credit report, so that you know exactly how much your loan will cost.

This real rate is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.

Your Loan

I already have a loan with you, can I borrow more?

Once you've had your loan for a while, we'll review your eligibility to borrow more. If we think you might be able to borrow more, this option will be available to you when you're logged into your account. If this option isn't available, then unfortunately, you're not able to borrow more with us right now.

You can check your eligibility regularly by logging into your account. This won’t impact your credit score.

Can I earn more than one reward every 3 months, on my Reward Loan?

Yes, we don't limit the number of rewards you can get at each review period. So, if your credit score increases by 100 points, we'll reduce your loan rate by 8%. You can continue to earn rewards every three months, as long as you're up to date with repayments, if your score has increased by 25 points or more.

Your loan rate can reduce all the way down to 7.9% so if your loan rate is 7.9%, you won’t be able to earn a reward.                                                

Representative Example: 14.9% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 14.9% pa (fixed). Monthly repayment of £151.19. Total amount payable £6,350.06. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

Our personalised APR ranges from 9.9% to 36.7%. 

Will my rate go back up on my Reward Loan, if my credit score decreases?

No, your rate can only go down. Once you've earned a reward and reduced your rate, it will never go back up again. Even if your credit score gets worse, we’ll never put your rate up.

What is the Reward Loan and how does it work?

Since the 29th November 2018, we only offer the Reward Loan. When you apply for a loan, we'll do our usual checks to make sure our loan is right for you.

We'll look at your credit score every three months and if your credit score has gone up by 25 points, we'll automatically reduce your loan rate. Don't worry, this check won't affect your credit score. For every 25 points that your credit score increases, we'll reduce your loan rate by 2%, as long as you're up to date with your repayments.

We'll reduce your loan rate straight away and reduce your monthly repayment, so your loan will cost you less! Your loan rate can reduce all the way down to 7.9%. Best of all, if your credit score gets worse, we'll never put your rate back up.                                                              

Representative Example: 14.9% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 14.9% pa (fixed). Monthly repayment of £151.19. Total amount payable £6,350.06. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.        

Our personalised APR ranges from 9.9% to 36.7%.

Can I speak to somebody about my loan?

You can get in touch at any time through live chat or through our online form here. If we need to talk to you, we’ll always call you - so you won't ever have to wait on hold again. We made the decision not to have a phone number, in order to keep our costs low so that we can offer you the best rates possible.

Your Repayments

How do I change my repayment date for my loan?

We recommend you pick a date close to the day you get paid as most of our customers find this easier to manage. You won’t be able to change your repayment date within the first six months of your loan. If you feel you really need to change your repayment date, please get in touch with our expert team here.

What happens if I miss a payment?

At LiveLend we won't charge you a fee. Ever. Not even if you miss a loan repayment. However, missing a repayment will result in you paying additional interest on your loan, and will have a negative impact on your credit score.

If you're struggling to make your next repayment, or have already missed a repayment, don’t panic. Please log into your account, click on Manage and Make your payment and make a payment for your repayment amount, via debit card. You can log in here.

Alternatively, if you're struggling to make your full repayment, you can get in touch with us here so that our expert team can help you.

What happens if I want to close my loan early?

You can get a quote to close your loan at any point. All you need to do is log in and click on Manage and then Close my loan. You’ll be given a quote which is your latest balance, plus any daily interest due to be applied. There are no fees to close your loan early and closing your loan early will reduce the interest you pay. We’ll show you how much interest you’ll save online. Your quote is valid for 30 days.

If you decide to cancel your loan within 14 days, starting the day after you have signed the agreement, you can withdraw from your agreement online, by selecting Manage and Close my loan. You'll then need to click Withdraw from my agreement.  If you do this you're obliged to settle your loan balance within 30 days, from the day after you give us notice. If you don't settle, you're liable for the full balance of your loan, plus interest. This can't be reversed. You can log in here.

When will my first payment be taken?

When you apply for your loan, you can choose the date you would like your payments to be taken from your account. We recommend you pick a date close to the day you get paid as most of our customers find this easier to manage. Depending what date you pick, your loan might start the following month.

If you've taken a loan, and forgotten what date you selected, you should log in and click on Overview. Your repayment date and history is available at the bottom of the page under Payments. You can also find this on your loan documents, if you click on Messages.

You can log in here.