LiveLendGroup 2

About Us

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 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.

Since the 29th November 2018, we only offer the Reward Loan, which you can read more about here.

Our loans are 20.9% APR Representative.

 

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.

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.

Your Application

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 sites such as ClearScore, TotallyMoney and Experian.

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.

Our loans are 20.9% APR Representative.

Why can't you verify my personal details?

As a responsible lender, it's important that we can verify the following details during your application:
  • Your name and date of birth
  • Your email address
  • Your phone number
  • Your address history and residential status
  • Your employment status
  • Your income and expenditure, including essential expenses and financial commitments
We also use a Credit Reference Agency (CRA), along with the information you tell us, to help correctly match your details and make a lending decision. CRAs such as Equifax, TransUnion and Experian, collect information about your which helps lenders verify your identity.

If the personal details they hold about you are not up to date or don't match what you've entered during your loan application, this may be the reason we can't verify your identity right now.

It's important that you make sure the information CRAs hold about you is correct. You can check what information they have by clicking the link below and accessing your credit report.

www.equifax.co.uk
www.transunionstatreport.co.uk
www.experian.co.uk

Why can't you verify my bank details?

As a 100% digital bank, we use online electronic tools to verify your details.

When sharing your bank details during your loan application, it's important you check that:
  • Your bank details are correct
  • The bank account is registered in your name and current address
  • Your bank accepts faster payments
You have a total of three attempts to submit your bank details. If we haven't been able to match your details during your first attempt, you can try entering a different bank account as long as it fits the criteria above.

If we’re still unable to verify your details, it may be that your bank account is one that hasn’t adapted to the industry standard, that came into effect in 1998, where established banks share useful information directly with credit reference agencies (CRAs) and online financial services like ourselves. Some of the accounts that fit this criteria are listed below.
  • Bank accounts opened before 1998
  • Some of the new challenger banks
Our digital approach to allows our customers to manage their loan completely online wherever they are but it also means we keep costs low so that we can continue to offer great rates. This does mean, however, that some customers won’t be able to take a loan with us, depending on who they bank with, as we mention above.

Unfortunately, if we can’t match your account then you won’t be able to take a loan with us right now. We welcome more support from established banks to increase the number of accounts they share with us. Until then, we’re working hard to welcome even more customers to LiveLend

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 20.9% 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 20.9% APR Representative.

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.

Your Decision

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're unemployed or you've only been in your job for a short time
  • Your residential status. For example, if you've 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

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.

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.

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

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.

Why is my Reward Loan score different than my other credit score I can see?

There are three Credit Reference Agencies (CRAs) in the UK - Equifax, Experian and TransUnion. They all have different scores but this is completely normal. All three are dedicated to collecting information on your financial behaviour and how it has impacted your score.

It’s good practice to look at all of your credit scores on a regular basis so you can keep an eye on any changes. You can get to know your credit score better with free credit reports using the links below:

The credit score we use to review your eligibility for rewards is taken directly from Equifax on the day that you apply for our loan. We’ll always use this score to review your eligibility for a reward every three months and if your score has gone up by 25 points, we’ll automatically reduce your loan rate by 2%, as long as you’re up to date with your repayments.

If you'd like to find out more about CRAs, take a look at Which?'s helpful guide.

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 to 7.9%.      

Our personalised APR ranges from 13.2% to 39.9%.

Representative Example: 20.9% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 20.9% pa (fixed). Monthly repayment of £164.23. Total amount payable £6,897.62. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

What happens if I want to close my loan early?

You can get a quote to close your loan at any point online. Simply follow the steps below:

Log in to your account
Click 'Manage'
Scroll down to the 'Close your loan' section
Click 'Calculate my settlement'

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.

Your quote will be valid for 30 days.

If you settle your loan and your loan repayment is due in the next 3 working days or less, we won't be able to cancel your Direct Debit in time. This means that your regular repayment will be taken as usual, after you've settled, but we'll refund the money back to you as soon as we can.

If you'd prefer this not to happen, you can always request an early settlement quote straight after your monthly repayment has left your bank so you can avoid settling your loan right before your next repayment is due.

How do I improve my credit score?

There are three Credit Reference Agencies (CRAs) in the UK - Equifax, Experian and TransUnion. They all have different scores but this is completely normal. All three are dedicated to collecting information on your financial behaviour and how it has impacted your score.

It’s good practice to look at all of your credit scores on a regular basis so you can keep an eye on any changes. You can get to know your credit score better with free credit reports using the links below:

The credit score we use to review your eligibility for rewards is taken directly from Equifax on the day that you apply for our loan. We’ll always use this score to review your eligibility for a reward every three months and if your score has gone up by 25 points, we’ll automatically reduce your loan rate by 2%, as long as you’re up to date with your repayments.

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 repayments, so your loan will cost you less! Your loan rate can reduce to 7.9%. We'll never put your rate back up, even if your score gets worse. 

The credit score we use to review your eligibility for rewards is taken directly from Equifax on the day that you apply for our loan. We’ll always use this score for your Reward Loan.

Our personalised APR ranges from 13.2% to 39.9%.

Representative Example: 20.9% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 20.9% pa (fixed). Monthly repayment of £164.23. Total amount payable £6,897.62. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

How do I withdraw from my loan agreement?

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 following these steps:

Log in to your account
Click 'Manage'
Scroll down to the 'Close my loan' section
Click 'Calculate my settlement'

You'll then be asked to confirm whether or not you wish to continue withdrawing from your loan agreement.

If you do, 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.

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 earnt 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.

Your Repayments

Can I pay more than my monthly repayment amount?

You can make overpayments anytime during your loan term by following these simple steps.

 Log in to your account

  • Click ‘Manage’

  • Use the 'Make an overpayment' section to make your monthly payment

  • Choose whether you’d like the overpayment to reduce your loan term or monthly repayment amount by ticking one of the following options:

    • ‘I would like to keep my monthly payment the same and reduce my loan term’

    • ‘I would like to reduce my monthly repayment and keep my loan term the same’

 Once you've made your payment, your account will be updated within a few days. The good news is that at LiveLend we don't charge you for making overpayments, or for repaying your loan early. So you save interest and pay your loan off quicker.

I’ve been affected by Coronavirus, how can you help?

As news of the Coronavirus develops, we hope you and your loved ones remain safe.

We understand that this is a really difficult time and there’s a lot of uncertainty. Don’t worry, we’re here to help. We have a number of different options we can offer such as taking some breathing space or temporary payment plans that can help make things more manageable.

We’re experiencing lots of contact right now, so we’re prioritising customers who are struggling with their upcoming repayment. If you’re not able to make your next repayment, please get in touch with us now. If you’re not yet impacted by the Coronavirus, we ask that you don’t get in touch with us just now. 

There’s also lots of free and independent advice available to help you manage other areas of your finances.

You can take advantage of this support by clicking the links below.

Money Advice Service
StepChange
Citizens Advice
MoneySavingExpert

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 'Your Payments'. You can also find this on your loan documents, if you click on 'Messages'.

You can log in here.

Why has a monthly repayment been taken after I've settled my loan?

If your usual monthly repayment date was due to be taken 3 working days or less after the date you settled your loan, we wouldn't have been able to cancel your Direct Debit in time. This means that your regular repayment would've been taken as usual but we'll refund the money back to you as soon as we can.

Get in touch if you'd like to speak to us about this.

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.