Faq

Can I get a loan?

To receive a 12 month loan you must:

• Be over 18 years old
• Be in work or self employed with a regular income
• Be a UK resident
• Have a UK bank account

What are personal loans?

A personal loan is a loan that is made directly to you, the unsecured personal loans we offer are not secured against any property or possessions.

How do I get a personal loan?

Complete the quick loan application form and you will receive an approval notice within 30 minutes. Once approved you agree to the terms and conditions and the loan will be transferred to your bank on the same day or within 24 hours.

How much can I borrow?

You can take a loan for any amount between £400 - £2,000, repay within a 12 month period and use the loan for at your discretion.

The Representative APR for our Payday Loans is 278%. As an example, a loan of £500 taken for 12 months would require payment of £949.01 with 12 monthly repayments of £79.09. The interest would be £449.01 for a loan with an interest rate of 140% (fixed).

How do I repay my loan?

There are two options available for repaying your loan:

1 When you apply for a quick long term loan your repayment schedule is set automatically. With this option you don’t need to fill in any further documents – we do it for you.

2 If you don’t have a debit card you can schedule repayments by setting up a direct debit authorisation* and the loan repayments will be withdrawn from your bank account on pre-arranged dates.

*Presenting a Direct Debit Authorisation to your bank allows them to send the monthly repayment amount due to your loan provider on the day it is due to be paid.

Is it possible to repay my loan early?

You can increase payments or clear the whole loan at any time. Paying the loan early will cost you less as it cuts the interest rate. Unlike many banks, you will not be charged a penalty for paying your loan early.

How much will I be charged for a loan?

What you pay for your loan will depend on how much you borrow, the representative APR is 278%. As a representative example, a loan of £500 repaid over 360 days on a monthly payment schedule would require 12 payments of £79.09. Total repayment for a 12 month loan of £500 would then be £949.01

Will I be charged for late payment?

You should ensure you have enough money to pay your monthly repayment fee otherwise a penalty will be added to the loan. You can manage your loan online to ensure you don’t miss payments and incur additional charges.

What happens if I miss a payment?

Both late payments and missed payments will incur penalty charges. If you miss a payment it will be recorded that you defaulted on the loan.

If repeated payments are missed the lender will begin proceedings to collect the whole amount of the loan plus penalties and interest.

Contact your lender if you have problems with repayments, on occasion they may be able to arrange a late payment without charges.

Find out more about FlexCredit loans in our How It Works section or contact our customer services team.