LiveLendGroup 2

Your Loan

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 5.9%. 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 10.5% to 39.9%.

Representative Example: 15.9% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 15.9% pa (fixed). Monthly repayment of £153.36. Total amount payable £6,441.29. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

How do I improve my credit score?

There are three Credit Reference Agencies (CRAs) in the UK - Equifax, Experian and CallCredit (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 at ClearScore, TotallyMoneyCredit Karma and Experian.

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, so if you'd like to work on earning a reduced loan rate, take a look at your Equifax credit score. We’ll look at this credit score 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.

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 CallCredit (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 at ClearScore, TotallyMoney, Credit Karma and Experian.

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, so if you'd like to work on earning a reduced loan rate, take a look at your Equifax credit score. We’ll look at this credit score 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.

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.

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 5.9%.      

Our personalised APR ranges from 10.5% to 39.9%.

Representative Example: 15.9% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 15.9% pa (fixed). Monthly repayment of £153.36. Total amount payable £6,441.29. 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'
Click '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.

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 right before your next repayment is due.

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.

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'
Click 'Close my loan'
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.

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.