BetterBorrow launched in 2020 to provide a quick and simple way to borrow for our customers. BetterBorrow 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. You can also find out more about Chetwood, its products and what we stand for.
Your personal loan terms and conditions will be provided online, and by email, after you’ve got a quote. Here is a list of other useful documents:
At BetterBorrow, 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.
We designed our loan alongside our customers and as a result, we’ve created a quick and simple loan that provides you with a better borrowing experience. Our fast application process gives you an instant online decision that won’t affect your credit score. We’ll give you one clear rate upfront, so you’ll know exactly how much your loan will cost. Once you’ve chosen our loan, our application takes just five minutes and your money will be with you within two hours. You can manage your loan completely online. And if you ever need to talk, our UK support team are available on live chat and email to help you. Our loans are 21.5% APR Representative.
BetterBorrow launched in 2020 to provide a quick and simple way to borrow for our customers.
BetterBorrow 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. You can also find out more about Chetwood, its products and what we stand for.
To be eligible for a BetterBorrow loan you need to meet the following criteria: All our loans are subject to status and credit checks. We don’t offer joint applications, guarantor loans or loans to businesses.
BetterBorrow 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. Learn more about Chetwood at www.chetwood.co.
Your main source of income is usually your salary. You can tell us what this is, either monthly or annually and the amount, either before or after tax. Most people select monthly after tax as this is the actual amount you get paid every month. You can also include income from additional jobs, income from savings or investments, any permanent benefits that you receive and any regular bonuses. However, you should only include regular income and you should be honest about how much you receive, as we will look to confirm this through our soft search.
No, your BetterBorrow loan can only be transferred into the same account that your monthly Direct Debit will be taken from. This account must be in your name and registered to your current address.
Moving house shouldn't impact your application, as long as you’re registered to vote at your new address. Not being registered to vote can have a negative impact on your credit score. If you’ve been in your current address for less than two years you’ll need to provide us with your previous address details. At BetterBorrow we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans. A soft search 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.
In two minutes we’ll let you know whether you can take our loan and we’ll also give you your real rate, so the rate you see upfront is the rate you get. That way, you’ll know exactly how much your loan will cost. 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 within two hours. You can get your quote by using our loan calculator and clicking 'Get my quote'. Our loans are 21.5% APR Representative.
A Credit Reference Agency is an independent organisation that holds information about consumers and businesses, to help banks and financial institutions decide whether to give them credit. We use a Credit Reference Agency, along with the information you tell us and any information we might already know about you, to help us make our lending decision.
APR stands for the Annual Percentage Rate. This is basically what you'll pay on top of the money you borrow. This cost will already be included within your monthly repayment and your total cost of borrowing.
You can use your loan for almost anything you like, from a new car to improvements to your home, or to help you consolidate your debts into one monthly payment. We don't offer loans to businesses, for investment purposes or to purchase a residential property.
BetterBorrow 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 within two hours. Our loans are 21.5% APR Representative.
As a responsible lender, it's important that we can verify the following details during your application: 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 could 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
When you apply for your loan, you can choose the date you'd 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.
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:
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 give you one clear rate upfront, so you’ll know exactly how much your loan will cost. We do this in just two minutes, and without any impact to your credit score. This 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.
There are three Credit Reference Agencies (CRAs) in the UK - Equifax, Experian and TransUnion. All three are dedicated to collecting information on your financial behaviour and how it has impacted your score. CRAs must share your credit report with you if you request it. 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. They all have different scores but this is completely normal. You can get to know your credit score better with free credit reports at ClearScore, TotallyMoney, Credit Karma and Experian.
At BetterBorrow we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loan. 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. It will show on your credit file but other lenders can't see it when you apply for credit. 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 BetterBorrow loan we’ll conduct a full search and update the Credit Reference Agencies that you've taken a loan with us.
For a small number of customers we'll need a little more information. As a responsible lender, we want to make sure that our loan is good for you and make sure you can afford to repay the loan. Our support team will give you a quick call to discuss your loan application and any additional information that they might need.
If you have a complaint we want to hear it, so please get in touch with us. Our expert team will review your feedback and come back to you as soon as possible. If you're 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 BetterBorrow and we've been given a reasonable time to respond.
We have systems that protect our customers and ourselves against fraud and other crime. We will share your personal information from your application with fraud prevention agencies. If you provide false or inaccurate information and fraud is identified, details of this fraud will be passed to these agencies. Law enforcement agencies may access and use this information. We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:
We use online tools to check that your bank account is registered to your name and address. This helps us to protect against fraud and money laundering. Before you try again, it’s important you check that: If the details above are correct and we’re still unable to verify your account, it may be for either of the following reasons: Unfortunately, if we can’t match your account, we won’t be able to help you with a loan right now.
You have a total of three attempts to enter 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.
Yes, but we recommend that you wait at least six months before reapplying.
You can get in touch at any time through live chat or through our online form. If you'd like to speak to us on the phone, we’ll 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 loan rate is on the 'Overview' page of your online account. Simply log in and select 'Overview'. All the information about your loan agreement is there. Alternatively, you can review your loan agreement in 'Messages' when you're logged in.
Viewing your loan information couldn’t be easier. Simply log in to your account and select 'Overview'. Your current balance is shown at the top of the page. If you're thinking about closing your loan early please click on 'Manage' and 'Close my loan' to confirm the amount you need to repay, including your daily interest, as of today. We may charge you a fee to close your loan early which will be explained in full on the ‘Manage’ page when you get an early settlement quote.
You can change your address details online. Simply log in, click on 'Account' and update your details. If you've recently moved house, we'd suggest waiting 6-8 weeks to change your address details so your information is updated and you're registered to vote on the Electoral Register. Not being registered to vote can have a negative impact on you credit score. The good news is you don't have to worry about missing anything in the post. BetterBorrow emails all of your important documents straight to you, wherever you are.
To view your loan information, simply log in to your account and select 'Overview'. Your 'Remaining term' is shown as well as your 'Loan to be settled' date. Your repayment amount and date are shown at the bottom of the page under the 'Payments' section.
You can change your personal details online. Simply log in, click on 'Account' and update your details.
Your details are held on our secure systems and we'll only discuss your account with you or a party who you nominate, once you've completed our security checks. BetterBorrow is part of Chetwood Financial Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). We are also registered with the Information Commissioner's Office, in compliance with the Data Protection Act 1998, under ZA218401 registration. Find out more about Chetwood at www.chetwood.co.
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 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.
Click 'Manage'
Scroll down to the 'Close my loan' section
Click 'Calculate my settlement'
Viewing your loan information couldn’t be easier. Simply log in to your account and select 'Overview'. All the information about your loan agreement is there. Alternatively, you can review your loan agreement in your 'Messages'.
All of your loan documents are online for you to access whenever you need them. Viewing your loan information couldn’t be easier. Simply log in to your account, select the Messages tab at the top of the page, and you'll be able to view all your documents.
If you’d like to change the bank account your monthly repayments are taken from, follow the steps below. First, check we can verify your new details online: The bank account must be: Changing your bank details won't automatically update your Direct Debit. If you need to change your Direct Debit, get in touch with us. As a responsible lender, it’s important that we can verify your new details. If we can’t, you won’t be able to use a different bank account and we’ll continue to take your loan repayments from the bank account we verified when you took out the loan with us. If you’ll struggle to make your repayments from this account, get in touch with us so we can help.
If you're thinking about closing your loan early, it’s important that you get a quote first so that we can calculate the total settlement amount required to fully close your loan.
You can get a quote by simply following the steps below.
We’ll charge an early settlement fee of up to 58 days additional interest if you choose to close your loan early. How we calculate this is determined by the Consumer Credit (Early Settlement) Regulations 2004 and is summarised below.
If your original loan term is 12 months or less, we’ll charge up to 28 days’ interest and include this in your early settlement quote
If your original loan term is over 12 months, we’ll charge up to 58 days’ interest and include this in your early settlement quote
So, depending on the length of your loan term, you’ll be given a quote which is your latest balance, any daily interest due to be applied, plus the equivalent of one or two month’s interest. Your quote will be valid for 30 days.
If you get a quote to settle your loan and your loan repayment is due in the next three working days or less, we won't be able to cancel your Direct Debit in time. So, if you were to settle your loan, your regular repayment will be taken as usual and we'll refund the money back to you within 10 days. If you'd prefer this not to happen, you can always wait and request an early settlement quote straight after your monthly repayment has left your bank.
If your monthly repayment is already due but you haven’t made this payment, we’ll assume you’re still going to make this payment as usual, so it won’t be included in the settlement quote. This means if you go ahead and settle your loan before making this month’s repayment, you’ll still need to make one final payment to fully close your loan. If you’d prefer this not to happen, we recommend you wait and request an early settlement quote at least eight days after your last repayment has been made.
Closing your loan early will reduce the total amount of interest you pay.
If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. It's important that you get in touch with us straight away so that we can help. We will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.
If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. It's important that you get in touch with us straight away so that we can help. We will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.
If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. It's important that you get in touch with us straight away so that we can help. We will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track. If you are able to make your loan repayment you can follow the steps below.
If you've recently missed a repayment, don’t panic. You can still make your payment quickly and simply online by following the steps below. If you’re struggling to make your repayment, it's important that you get in touch with us straight away so that we can help. We will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.
If you’re aware of any change in your current circumstances and think you may struggle to make your next repayment, please get in touch with us so we can help you. If you need to update your personal details, simply log in and click 'Account'.
At BetterBorrow we won't charge you a fee 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. Get in touch with us so that we can help you.
We recommend you pick a date close to the day you get paid as most of our customers find this easier to manage. We'd prefer you not 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 us.
You can make overpayments to reduce the interest you pay on your loan at any time. Once you've made your payment, your account will be updated within a few days. To make an overpayment, please log in and click 'Manage'.
Email or chat to one of our helpful experts now.