LiveLendGroup 2

Your Loan

When will my reward be applied to my Reward Loan?

Every three months, we'll do a reward review to see if you've qualified for a reward. If you have qualified for a reward, we'll put your rate down straight away. We'll do this automatically, so there's no need for you to do anything. We'll apply your reduced loan rate to your next loan repayment. This means your monthly repayment will be less. We'll send you an email to let you know how much your loan rate is reducing by.


 

Can I reinstate my Direct Debit?

Yes. If you'd like to reinstate your Direct Debit so your monthly repayment is taken on the original date you requested on your loan application, please follow the steps below:

  • Log in to your LiveLend account
  • Click the set up a Direct Debit button on the Overview page  

Having a Direct Debit set up will help you make your monthly repayments on time.

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 13.2% to 39.9%.

Representative Example: 21.8% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.8% pa (fixed). Monthly repayment of £166.18. Total amount payable £6,979.74 Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

How do I find out how much I have left to pay on my loan?

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, it’s important that you get a quote first so that we can calculate the total settlement amount required to fully close your loan. Find out more about closing your loan early .

Will checking my credit score every month impact my credit score?

No, don't worry, this check won't impact your credit score and won't be seen by other lenders.


 

Why haven't I earned a reward?

This could be down to a number of reasons.

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 use this score to review your eligibility for a reward every three months. Your score will need to be at least 25 points higher in order to earn a reward and you'll need to be up to date with your loan repayments.

Your loan rate can reduce to 7.9%, so if your loan is at 7.9% or below, you won't be able to earn any more rewards.

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

Our customers aren't currently able to borrow more on top of their existing loan. We're working hard so that we can offer this in the near future.

If you need some extra support with your loan repayments or would like to chat to us about your loan in general, get in touch with us so we can help.

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 13.2% to 39.9%.

Representative Example: 21.8% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.8% pa (fixed). Monthly repayment of £166.18. Total amount payable £6,979.74 Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

 

How do I change my telephone number?

You can change your personal details online. Simply log in, click on Account and update your details.

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.