LiveLendGroup 2

Your Repayments

When will my first payment be taken?

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 repayments may start the following month.

If you’ve taken a loan and forgotten what date you selected, you can log in and click Overview. Your repayment date and history will be available at the bottom of the page under Your Payments. You can also find these details in your loan documents in Messages.

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 really need to change your repayment date, please get in touch with us.

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 in to your account, click on Manage, select Make your Payment and make your repayment by debit card.

Alternatively, if you're struggling to make your full repayment, please get in touch with us so we can help you.

If I miss a payment, will you put my loan rate back up on my Reward Loan?

No, once your loan rate has been reduced, we’ll never put your rate back up. You can't earn further rewards whilst you're behind on your payments, but as soon as you’re up to date with your payments you’ll be able to reduce your rate again.

Once you’re back on top with your repayments, we’ll review your credit score in the usual way every three months and you’ll have the opportunity to earn more rewards.

How can I find out how many loan repayments I have left to make?

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. 

How do I set up a new Direct Debit?

To set your Direct Debit back up, please follow the steps below:

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

It’s important that you have a Direct Debit set up to help you make your monthly repayments on time.

I'm struggling to make my repayments, what do I do?

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'll work with you to understand your situation and offer solutions such as a temporary reduced payment plan.

 

Can my loan repayments be made from a different bank account?

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:

  • Log in to your account
  • Click Account
  • Click View my details
  • Scroll down to Bank details
  • Update the fields with your new bank account details

If you prefer, you can use the Current Account Switch Service which will automatically transfer your Direct Debit across. Learn more about the Current Account Switch Service.

The bank account must be:

  • In your name
  • Registered to your address
  • Able to accept Faster Payments
  • Able to set up Direct Debits

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.

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.

Will I be charged for missing a payment?

At LiveLend we won't charge you a fee. Ever. Not even if you miss a loan repayment. We’ve designed our loans alongside our customers and, as a result, we’ve developed a truly fair and flexible loan.

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.