LiveLendGroup 2

Your Repayments

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.

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 holiday or temporary reduced payment plans.

If you’d like to discuss the solutions we can offer you whilst things get back on track, get in touch with us now.

During this time, we’re prioritising those who need urgent support with their next repayment, so please bear with us whilst we manage these queries first and 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

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. 

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.

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.

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

If your usual monthly repayment date was due to be taken three 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.

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.

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.