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Your Loan

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.

Our loan APRs (Annual Percentage Rates) start at 12.3% to 39.9%.

Representative Example: 22.5% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 22.5% pa (fixed). Monthly repayment of £167.70. Total amount payable £7,043.59 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.

What happens if I want to close my loan early?

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.

  • 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 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.

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.

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 loan APRs (Annual Percentage Rates) start at 12.3% to 39.9%.

Representative Example: 22.5% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 22.5% pa (fixed). Monthly repayment of £167.70. Total amount payable £7,043.59 Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

 

 

Can I speak to somebody about my loan?

You can get in touch with us through live chat or email. If you’d like to talk to us, we’ll call you back - 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.

If you’re a customer of ours, and you’d like to discuss your loan, please log in before getting in touch with us. This way, we’ll be able to share personal information with you safely and securely.

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

We review your eligibility for a reward based on a credit score provided by Equifax. This score is called a ‘management score’. It’s different from the score you’ll see on your credit reports which show you how likely you are to get accepted for credit. It’s shared with us from Equifax so that we can measure your score movement over time. We compare this score against a score taken directly from Equifax on the day that you apply for our loan. 

We review your eligibility for a reward every three months and for every 25 points that your credit score increases, we'll automatically reduce your loan rate by 2%, as long as you're up to date with your repayments.

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:

Learn more about the Reward Loan.