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"You've searched for" What credit score do you use to decide if I'm eligible for a reward?:

What credit score do you use to decide if I'm eligible for a reward?

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.

Will you be doing a credit check on me?

At LiveLend we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans.

Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'

If you decide to take a LiveLend loan we’ll conduct a full search and update the Credit Reference Agencies that you've taken a loan with us.

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.

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.

Will you be doing a credit check on me?

At BetterBorrow we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loan. Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. It will show on your credit file but other lenders can't see it when you apply for credit. We’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'.

If you decide to take a BetterBorrow loan we’ll conduct a full search and update the Credit Reference Agencies that you've taken a loan with us.

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.

How do I find out my credit score?

There are three Credit Reference Agencies (CRAs) in the UK - Equifax, Experian and TransUnion. All three are dedicated to collecting information on your financial behaviour and how it has impacted your score.

CRAs must share your credit report with you if you request it. 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.

They all have different scores but this is completely normal. You can get to know your credit score better with free credit reports at ClearScore, Credit Karma and Experian.

Learn more about the Reward Loan.

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.

 

 

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.

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.

 

 

What do you mean by no credit footprint?

At LiveLend we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans. Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'

Can I apply for a Reward Loan?

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.

You can get a quote online in just two minutes and we’ll do it in a way that doesn’t impact your credit score. Get your quote today by using our loan calculator and clicking 'Get my quote'.

Our loans are 22.5% APR Representative.

What do you mean by no credit footprint?

At BetterBorrow we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans.

Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. It will show on your credit file but other lenders can't see it when you apply for credit. We’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'.

What is a soft search?

At LiveLend we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans. Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'

I've recently moved house, will this affect my application?

Moving house shouldn't impact your application, as long as you’re registered to vote at your new address. Not being registered to vote can have a negative impact on you credit score. If you’ve been in your current address for less than two years you’ll need to provide us with your previous address details.

At LiveLend we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans. A soft search will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score.

How likely am I to be accepted?

You can get a quote online in just two minutes, so you'll know whether you can take our loan. And we’ll do it in a way that doesn’t impact your credit score, so that you can get your quote and shop around for the best rate. You can get your quote by using our loan calculator and clicking 'Get my quote'

To be eligible for a LiveLend loan you need to meet the following criteria:

  • Be at least 18 years old
  • Be a UK resident
  • Be employed, self-employed or retired with a pension
  • Have an income of at least £12,000 per year (before tax)
  • Have a credit history that we can see, and a good track record of repaying debt
  • Be able to afford the loan

All our loans are subject to status and our credit checking.

We don’t offer joint applications, guarantor loans or loans to businesses.

Our loans are 22.5% APR Representative.

What is a soft search?

At BetterBorrow we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans.

Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. It will show on your credit file but other lenders can't see it when you apply for credit. We’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'.

What are the features of your loan?

We've designed our loans alongside our customers and, as a result, we’ve developed a truly fair and flexible loan.

We won't charge you any additional fees. Ever. Not to open your loan, to service it or to close it early. We won’t even charge you if you miss a loan repayment.

We'll always give you an instant decision, and we’ll do it in a way that doesn’t impact your credit score, so that you can get your quote and shop around for the best rate.

We won’t ask you for information that we don't need and with a simple, online application it should only take five minutes to complete. Not only will we give you a decision in two minutes, we’ll also transfer your funds immediately so your money is in your account in under four hours.

Since the 29th November 2018, we only offer the Reward Loan.

Our loans are 22.5% APR Representative.

I've recently moved house, will this affect my application?

Moving house shouldn't impact your application, as long as you’re registered to vote at your new address. Not being registered to vote can have a negative impact on your credit score. If you’ve been in your current address for less than two years you’ll need to provide us with your previous address details.

At BetterBorrow we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans. A soft search will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score.

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.

ClearScore
TotallyMoney
Credit Karma
Experian

Why have you done a credit search on me?

If you've used comparison websites to search for a loan, such as ClearScore, TotallyMoneyCredit Karma or Experian, then we might have conducted a soft search to see if we can offer you a loan. You'll be able to see this soft search on your credit report, but other lenders won't be able to see it, and it doesn't damage your credit score.

If you've applied for a loan with us we'll do a soft search, also known as a quotation search, to work out whether you’re approved for our loan. Only you will be able to see this on your credit report.

If you believe that you haven't applied for a loan, on our website or through a comparison site, please get in touch with us and we'll take a look for you.

What is a Credit Reference Agency?

A Credit Reference Agency is an independent organisation that holds information about consumers or businesses (or both), to help banks and financial institutions decide whether to give them credit. We use a Credit Reference Agency, along with the information you tell us and any information we might already know about you, to help us make our lending decision.

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 do I find out my credit score?

There are three Credit Reference Agencies (CRAs) in the UK - Equifax, Experian and TransUnion. All three are dedicated to collecting information on your financial behaviour and how it has impacted your score.

CRAs must share your credit report with you if you request it. 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.

They all have different scores but this is completely normal. You can get to know your credit score better with free credit reports at ClearScore, TotallyMoney, Credit Karma and Experian.

What is a Credit Reference Agency?

A Credit Reference Agency is an independent organisation that holds information about consumers and businesses, to help banks and financial institutions decide whether to give them credit.

We use a Credit Reference Agency, along with the information you tell us and any information we might already know about you, to help us make our lending decision.

Why have you done a credit search on me?

If you've used comparison websites to search for a loan, such as ClearScore, TotallyMoney, Credit Karma or Experian, then we might have conducted a soft search to see if we can offer you a loan. You'll be able to see this soft search on your credit report, but other lenders won't be able to see it, and it doesn't damage your credit score.

If you've applied for a loan with us we'll do a soft search, also known as a quotation search, to work out whether you’re approved for our loan. Only you will be able to see this on your credit report.

If you believe that you haven't applied for a loan, on our website or through a comparison site, please get in touch with us and we'll take a look for you.

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.


 

How do I apply?

LiveLend loans are available to customers on our website, by using our loan calculator and clicking 'Get my quote'. They’re also available on sites such as ClearScore, Freedom Finance and Experian.

We understand that you don’t want to spend all day filling in forms. We’ve made things easier and faster, so that you can get your quote online in just two minutes. We’ll do it in a way that doesn’t impact your credit score, so that you can get your quote and shop around for the best rate.

The rest of the application will take just another three minutes and we’ll transfer your funds immediately so your money is in your account in under four hours.

Our loans are 22.5% APR Representative.

Do you offer repayment holidays?

If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. At LiveLend, we won’t charge you any additional fees. Ever. However, missing a repayment will result in you paying additional interest on your loan, and could have a negative impact on your credit score.

We can work with you to make sure this doesn’t happen so if you feel you’d benefit from some extra support, our support team will speak to you about the solutions we can offer in more detail. Get in touch with us and we’ll work together to get things back on track.

What fraud prevention agencies do you use?

We have systems that protect our customers and ourselves against fraud and other crime. We will share your personal information from your application with fraud prevention agencies. If you provide false or inaccurate information and fraud is identified, details of this fraud will be passed to these agencies. Law enforcement agencies may access and use this information.

We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:

  • Checking details on applications for credit and credit related or other facilities
  • Managing credit and credit related accounts or facilities
  • Recovering debt
  • Checking details of job applicants and employees

At LiveLend we use the following fraud prevention agencies:

Synectics
CIFAS

Why is the rate you have offered me different to the advertised rate?

We have to use representative rates on our website to comply with regulation, but we know that these rates can be confusing. So, when we give you your quote, we’ll give you one clear rate upfront, so you’ll know exactly how much your loan will cost. We do this in just two minutes, and without any impact to your credit score.

This rate is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.

I want to change the amount I repay monthly as I can’t afford it anymore, what do I do?

If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. At LiveLend, we won’t charge you for missing a repayment will result in you paying additional interest on your loan, and could have a negative impact on your credit score.

We can work with you to make sure this doesn’t happen so if you feel you’d benefit from some breathing space, our dedicated support team will give you a call to understand your situation and help you find a solution that’s right for you.  Get in touch with us and we’ll help you get things back on track.

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.

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.

How do you decide what rate to charge me?

We think representative rates are confusing. So, when we give you your quote, we’ll also give you your real rate. That way, you’ll know exactly how much your loan will cost. This is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.

Can I decide what date of the month the payments leave my account?

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 might start the following month.

I don't have a perfect credit rating, can I take a loan with you?

Yes, at LiveLend, we understand that people miss payments from time to time, but we also want to make sure you can afford to repay the loan. So, we use lots of data to help us make our lending decision, and we’ll pick up the phone for a chat if we have any questions.

Will I be charged for missing a payment?

At BetterBorrow we won't charge you a fee 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. Get in touch with us so that we can help you.

What fraud prevention agencies do you use?

We have systems that protect our customers and ourselves against fraud and other crime. We will share your personal information from your application with fraud prevention agencies. If you provide false or inaccurate information and fraud is identified, details of this fraud will be passed to these agencies. Law enforcement agencies may access and use this information.

We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:

  • Checking details on applications for credit and credit related or other facilities
  • Managing credit and credit related accounts or facilities
  • Recovering debt
  • Checking details of job applicants and employees 

How do you decide what rate to charge me?

When we give you your quote, we’ll give you one clear rate. That way, you'll know exactly how much your loan will cost.

This is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.

Can I decide what date of the month the payments leave my account?

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 might start the following month.

I don't have a perfect credit rating, can I take a loan with you?

Yes, at BetterBorrow, we understand that people miss payments from time to time, but we also want to make sure you can afford to repay the loan. So, we use lots of data to help us make our lending decision.

Who can apply for a LiveLend loan?

To be eligible for a LiveLend loan you need to meet the following criteria:

  • Be at least 18 years old
  • Be a UK resident 
  • Be employed, self-employed or retired with a pension
  • Have an income of at least £12,000 per year (before tax)
  • Have a credit history that we can see, and a good track record of repaying debt
  • Be able to afford the loan

All our loans are subject to status and our credit checking.

We don’t offer joint applications, guarantor loans or loans to businesses.

Why have you declined my application?

We understand that our decision may be a disappointment, so let us explain how we’ve reached it. As a responsible lender, we always review all the information available to us. That way, we can make a fair decision.

The only information we use is what you told us in your application, information we might already know about you and information provided by Credit Reference Agencies.

When reviewing information we promise to only use soft searches, so there’s no impact on your credit rating.

We consider several factors including:

  • Your employment status. For example, if you're unemployed or you've only been in your job for a short time
  • Your residential status. For example, if you've lived at your address for only a short time
  • Your payment history for other loans or credit card repayments
  • Your current level of borrowing and existing commitments
  • Any information we already hold about you

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.

Get in touch with us so that we can help you.

Who can apply for a BetterBorrow loan?

To be eligible for a BetterBorrow loan you need to meet the following criteria:

  • Be at least 18 years old Be a UK resident
  • Be employed, self-employed or retired with a pension
  • Have an income of at least £12,000 per year (before tax)
  • Have a credit history that we can see, and a good track record of repaying debt
  • Be able to afford the loan
  • Have a bank account registered in your name and to your current address

All our loans are subject to status and credit checks. We don’t offer joint applications, guarantor loans or loans to businesses.

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.

Why can't you verify my personal details?

As a responsible lender, it's important that we can verify the following details during your application:

  • Your name and date of birth
  • Your email address
  • Your phone number
  • Your address history and residential status
  • Your employment status
  • Your income and expenditure, including essential expenses and financial commitments

We also use a Credit Reference Agency (CRA), along with the information you tell us, to help correctly match your details and make a lending decision. CRAs such as Equifax, TransUnion and Experian, collect information about your which helps lenders verify your identity.

If the personal details they hold about you are not up to date or don't match what you've entered during your loan application, this may be the reason we can't verify your identity right now.

It's important that you make sure the information CRAs hold about you is correct. You can check what information they have by clicking the link below and accessing your credit report.

www.equifax.co.uk
www.transunionstatreport.co.uk
www.experian.co.uk

Why is the rate you have offered me different to the advertised rate?

We have to use representative rates on our website to comply with regulation, but we know that these rates can be confusing. So, when we give you your quote, we’ll also give you your real rate. We do this in just two minutes, and without any impact to your credit report, so that you know exactly how much your loan will cost.

This real rate is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.

Why can't you verify my bank details?

As a 100% digital bank, we use online electronic tools to verify your details.

When sharing your bank details during your loan application, it's important you check that:

  • Your bank details are correct
  • The bank account is registered in your name and current address
  • Your bank accepts faster payments

You have a total of three attempts to submit your bank details. If we haven't been able to match your details during your first attempt, you can try entering a different bank account as long as it fits the criteria above.

If we’re still unable to verify your details, it may be that your bank account is one that hasn’t adapted to the industry standard, that came into effect in 1998, where established banks share useful information directly with credit reference agencies (CRAs) and online financial services like ourselves. Some of the accounts that fit this criteria are listed below.

  • Bank accounts opened before 1998
  • Some of the new challenger banks

Our digital approach to allows our customers to manage their loan completely online wherever they are but it also means we keep costs low so that we can continue to offer great rates. This does mean, however, that some customers won’t be able to take a loan with us, depending on who they bank with, as we mention above.

Unfortunately, if we can’t match your account then you won’t be able to take a loan with us right now. We welcome more support from established banks to increase the number of accounts they share with us. Until then, we’re working hard to welcome even more customers to LiveLend.

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 will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.

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 have you declined my application?

We understand that our decision may be a disappointment, so let us explain how we’ve reached it. As a responsible lender, we always review all the information available to us. That way, we can make a fair decision.

The only information we use is what you told us in your application, information we might already know about you and information provided by Credit Reference Agencies.

When reviewing information we promise to only use soft searches, so there’s no impact on your credit rating.

We consider several factors including:

  • Your employment status. For example, if you're unemployed or you've only been in your job for a short time
  • Your residential status. For example, if you've lived at your address for only a short time
  • Your payment history for other loans or credit card repayments
  • Your current level of borrowing and existing commitments
  • Any information we already hold about you 

Why can't you verify my personal details?

As a responsible lender, it's important that we can verify the following details during your application:

  • Your name and date of birthday
  • Your email address
  • Your phone number
  • Your address history and residential status
  • Your employment status
  • Your income and expenditure, including essential expenses and financial commitments 

We also use a Credit Reference Agency (CRA), along with the information you tell us, to help correctly match your details and make a lending decision. CRAs such as Equifax, TransUnion and Experian, collect information about your which helps lenders verify your identity.

If the personal details they hold about you are not up to date or don't match what you've entered during your loan application, this could be the reason we can't verify your identity right now.

It's important that you make sure the information CRAs hold about you is correct. You can check what information they have by clicking the link below and accessing your credit report.

www.equifax.co.uk
www.transunionstatreport.co.uk
www.experian.co.uk

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.


 

Why can't you verify my bank details?

As a 100% digital bank, we use online tools to verify your details.

When sharing your bank details during your loan application, it's important you check that:

  • Your bank details are correct
  • The bank account is registered in your name and current address
  • Your bank accepts faster payments 

You have a total of three attempts to submit your bank details. If we haven't been able to match your details during your first attempt, you can try entering a different bank account as long as it fits the criteria above. If we’re still unable to verify your details, it may be that your bank account is one that hasn’t adapted to the industry standard, that came into effect in 1998, where established banks share useful information directly with credit reference agencies (CRAs) and online financial services like ourselves.

Some of the accounts that fit this criteria are listed below.

  • Bank accounts opened before 1998
  • Some of the new challenger banks 

Our digital approach allows our customers to manage their loan completely online, allowing us to keep costs low so that we can continue to offer great rates. This does mean, however, that some customers won’t be able to take a loan with us, depending on who they bank with, as we mention above.

Unfortunately, if we can’t match your account then you won’t be able to take a loan with us right now. We welcome more support from established banks to increase the number of accounts they share with us. Until then, we’re working hard to welcome even more customers to BetterBorrow.

How do I update my address?

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

If you've recently moved house, we'd suggest waiting 6-8 weeks to change your address details so your information is updated and you're registered to vote on the Electoral Register. Not being registered to vote can have a negative impact on you credit score.

The good news is you don't have to worry about missing anything in the post. BetterBorrow emails all of your important documents straight to you, wherever you are.

What can I use my loan for?

You can use your loan for almost anything you like, from a new car to improvements to your home, or to help you consolidate your debts into one monthly payment. We don't offer loans for investment purposes or for purchase of residential property. We don't offer loans to businesses.

What proof of identity will I need to use?

We don’t require any documentation from you online.  As part of your soft search we will verify your identity and if we have any further questions or cannot match your information online, one of our expert team will call you directly.

What can I use my loan for?

You can use your loan for almost anything you like, from a new car to improvements to your home, or to help you consolidate your debts into one monthly payment. We don't offer loans to businesses, for investment purposes or to purchase a residential property.

What proof of identity will I need to use?

We don’t require any documentation from you online. As part of your soft search we will verify your identity and if we have any further questions or cannot match your information online, one of our expert team will call you directly.

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' 
We’ll charge an early settlement fee of up to 58 days additional interest if you choose to close your loan early. How we calculate this is determined by the Consumer Credit (Early Settlement) Regulations 2004 and is summarised below.

If your original loan term is 12 months or less, we’ll charge up to 28 days’ interest and include this in your early settlement quote
If your original loan term is over 12 months, we’ll charge up to 58 days’ interest and include this in your early settlement quote

So, depending on the length of your loan term, you’ll be given a quote which is your latest balance, any daily interest due to be applied, plus the equivalent of one or two month’s interest. 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.

Closing your loan early will reduce the total amount of interest you pay.

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.

How do I change my bank details for my monthly repayments?

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.

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.

What happens if I want to make an overpayment on my loan?

You can make overpayments, to reduce the interest you pay on your loan 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.

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.

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

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.

If changing your repayment date would make things easier for you, just let us know and we’ll make this change for you.

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.

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.

What do I need to include in my monthly expenses?

You should include your essential expenses and financial commitments. For example:

  • your share of the mortgage or rent;
  • any existing loan or credit card repayments;
  • utility bills such as gas, electricity, water, council tax;
  • any monthly commitments such as mobile phone, broadband, sky, insurance;
  • food costs;
  • childcare costs; and
  • travel costs

Can I cancel my application?

Sure, you can cancel your application at any time before you receive your loan. You don't need to let us know, your quote will automatically expire.

If you've received your loan but have changed your mind, you have 14 days from receiving the money to tell us that you would like to withdraw from your loan agreement. If you decide to cancel your loan within 14 days we won't charge you any interest, as long as you pay us the total loan amount within 30 days of cancellation.

How do I change my bank details for payments?

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

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.

What happens if I miss a payment?

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 will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.

If you are able to make your loan repayment you can follow the steps below.

  • Log in to your account
  • Click 'Manage'
  • Click 'Make a payment'
  • Use a debit card to make your repayment

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

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.

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.

Where can I find your full terms and conditions?

Your personal loan terms and conditions will be provided online, and by email, after you’ve got a quote.

Here is a list of other useful documents:

Privacy Policy 
Terms of use 
Cookies Policy
Complaints Policy

.

Where can I find your full terms and conditions?

Your personal loan terms and conditions will be provided online, and by email, after you’ve got a quote.

Here is a list of other useful documents:

I have missed a payment, what do I do?

If you've recently missed a repayment, don’t panic. You can still make your payment quickly and simply online by following the steps below. 

  • Log in to your account
  • Click 'Manage'
  • Click 'Make a payment'
  • Use a debit card to make your repayment 

If you’re struggling to make your repayment, it's important that you get in touch with us straight away so that we can help. We will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan.

Get in touch with us and we’ll work together to get things back on track.

Do you offer repayment holidays?

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 will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.

Why can’t you verify my bank account?

We use online tools to check that your bank account is registered to your name and address. This helps us to protect against fraud and money laundering.

Before you try again, it’s important you check that:

  • Your bank details are correct
  • The bank account is registered in your name and current address
  • Your bank accepts faster payments   
You have a total of three attempts to enter your bank details. If we haven't been able to match your details during your first attempt, you can try entering a different bank account as long as it fits the criteria above.

If the details above are correct and we’re still unable to verify your account, it may be for either of the following reasons: 

  • Some bank accounts opened before 1998 can’t be confirmed, as this is when the industry standard came into effect
  • Some of the new challenger banks also can’t be checked 

Unfortunately, if we can’t match your account, we won’t be able to help you with a loan right now.

What personal details will you ask for?

We know that you don’t want to spend all day filling in forms. To get your quote we will only ask for:

  • Your personal details, (name, address, date of birth, email address and phone number)
  • Your address history and residential status
  • Your employment status
  • Your income and expenditure, including essential expenses and financial commitments

You can get your quote by using our loan calculator and clicking 'Get my quote'

Who is LiveLend owned by?

LiveLend is part of Chetwood Financial Limited, company number 09964966, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 740551. Authorisation can be checked on the Financial Services Register at www.fca.org.uk.

Chetwood was set up in March 2016 by financial services experts and technologists. We're focused on improving lives by using technology to create innovative, low cost products.

Find out more about Chetwood.

How long will the application take?

In two minutes we’ll let you know whether you can take our loan and we’ll also give you your real rate. That way, you’ll know exactly how much your loan will cost. The rest of the application will take just another three minutes and we’ll transfer your funds immediately so your money is in your account in under four hours. You can get your quote by using our loan calculator and clicking 'Get my quote'.

Our loans are 22.5% APR Representative.

How long has LiveLend been trading?

LiveLend is part of Chetwood Financial Limited, company number 09964966, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 740551.

Authorisation can be checked on the Financial Services Register at www.fca.org.uk. Chetwood was set up in March 2016 by financial services experts and technologists. We are focused on improving lives by using technology to create innovative, low cost products. You can find out more about Chetwood here.

How quickly will I get a decision?

In two minutes we’ll let you know whether you can take our loan and we’ll also give you your real rate. That way, you’ll know exactly how much your LiveLend loan will cost.

What do I need to include in my monthly expenses?

You should include your essential expenses and financial commitments.

For example:

  • Your share of the mortgage or rent
  • Any existing loan or credit card repayments Utility bills such as gas, electricity, water, council tax
  • Any monthly commitments such as mobile phone, broadband, sky, insurance;
  • Food costs
  • Childcare costs
  • Travel costs 

Can I pause my application and come back to it?

No, not yet, but we know you're busy, so we give you your quote in just two minutes. Your quote will let you know whether you can take out our loan, and we’ll also give you your real rate. That way, you’ll know exactly how much your loan will cost. The rest of the application will take just another three minutes and we’ll transfer your funds immediately so your money is in your account in under four hours. You can get your quote by using our loan calculator and clicking 'Get my quote'

Our loans are 22.5% APR Representative.

How quickly will I get a decision?

In two minutes we’ll let you know whether you can take our loan and we’ll also give you your real rate, so the rate you see upfront is the rate you get. That way, you’ll know exactly how much your loan will cost.

Who is BetterBorrow owned by?

BetterBorrow is part of Chetwood Financial Limited, company number 09964966, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 740551. Authorisation can be checked on the Financial Services Register at www.fca.org.uk.

Chetwood was set up in March 2016 by financial services experts and technologists. We're focused on improving lives by using technology to create innovative, low cost products. Learn more about Chetwood at www.chetwood.co.

What personal details will you ask for?

We know that you don’t want to spend all day filling in forms so we've created a hassle-free online application.

To get a quote in just two minutes, we'll only ask for the following details::

  • Your personal details, (name, address, date of birth, email address and phone number)
  • Your address history and residential status
  • Your employment status
  • Your income and expenditure, including essential expenses and financial commitments 

You can get your quote by using our loan calculator and clicking 'Get my quote'.

I cancelled my Direct Debit by accident, how do I set it back up?

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. 

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’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

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.

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 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 BetterBorrow 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.

I want to change the amount I repay monthly as I can’t afford it anymore, 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 will work with you to understand your situation and offer solutions such as a repayment holiday or a temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.

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 .

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.

I have missed a payment, what do I do?

If you’ve missed a payment by accident, please log in to your account, click on Manage and make a payment for your repayment amount by debit card.

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.