LiveLendGroup 2

Your Repayments

When will my first payment be taken?

When you apply for your loan, you can choose the date you would 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.

If you've taken a loan, and forgotten what date you selected, you should log in and click on Overview. Your repayment date and history is available at the bottom of the page under 'Your Payments'. You can also find this on your loan documents, if you click on 'Messages'.

You can log in here.

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 into your account, click on 'Manage' and 'Make your payment' and make a payment for your repayment amount, via debit card. You can log in here.

Alternatively, if you're struggling to make your full repayment, you can get in touch with us here so that our expert team can help you.

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.

Why has a monthly repayment been taken after I've settled my loan?

If your usual monthly repayment date was due to be taken 3 working days or less after the date you settled your loan, we wouldn't have been able to cancel your Direct Debit in time. This means that your regular repayment would've been taken as usual but we'll refund the money back to you as soon as we can.

Get in touch if you'd like to speak to us about this.

I’ve been affected by Coronavirus, how can you help?

If you’ve been impacted during this difficult time, don’t worry - we’re here to help.

We have a number of different solutions to help make things more manageable such as: 

Repayment holidays

Would you benefit from pausing your repayments? We can provide a payment break of up to three months.

Taking a repayment holiday will result in additional interest and your loan term will be extended but you won’t need to pay anything during your repayment holiday and this will have no impact on your credit score.  

Please be aware that although a repayment holiday won’t impact your credit score, it will be reported to credit reference agencies (CRAs) so that your credit report can accurately reflect this payment break. This information will be visible to other lenders when they consider lending to you now and in the future.

Temporary reduced payment plans

Can you afford to make smaller repayments? We can chat to you about how you’ve been impacted and offer a temporary payment plan specifically tailored to your needs. 

If you’d like to have a chat about how we can help you whilst things get back on track, get in touch with us now.

We’re currently prioritising those who need urgent support with their next repayment so please bear with us whilst we manage these queries first. We’ll get back to you as soon as possible.

There’s also lots of free and independent advice available to help you manage other areas of your finances. You can take advantage of this support by clicking the links below.

Money Advice Services’ Money Navigator Tool
FCA guidance
StepChange
Citizens Advice
MoneySavingExpert

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 feel you really need to change your repayment date, please get in touch with our expert team here.

Can you send me a reminder before my monthly repayment is due?

Yes, so that we can keep you updated on when your payments will be taken throughout your loan term, we email or text all of our customers three days before their repayment is due. 

If you want to change the way you get your payment reminders, you can update your preferences on the ‘Account’ page when you’re logged in. If you’ve not selected your communication preferences, we’ll send you the reminders by text.

If you’re not receiving these reminders, get in touch with us. 

Can I stop getting monthly payment reminders?

So that we can keep you updated on when payments will be taken throughout your loan term, we email or text all of our customers three days before their repayment is due. 

This helps you keep track of your repayments and also lets you know about any changes that may affect your repayment date or amount such as:

  • If your repayment date lands on a Bank Holiday or a weekend (in this case, your repayment date will always be taken on the next working day)

  • If you’ve earned at least one reward (this means your loan rate will reduce and your monthly repayments will be less)

We believe it’s our responsibility to keep you informed about your upcoming payments so that it’s easier for you to manage your money.

If you want to change the way you get your payment reminders, you can update your preferences on the ‘Account’ page when you’re logged in. If you’ve not selected your communication preferences, we’ll send you the reminders by text.