CAN I CANCEL MY LOAN?
You should be able to cancel your loan with your lender at any time up to 14 days after the loan has been paid to you. To do this you need to contact your lender directly. If you want to withdraw you must notify them either in writing or over the phone.
Should you cancel your loan you must repay the amount of credit and accrued interest (from the date the credit was provided until you repay the credit) without delay and no longer than 30 calendar days after giving notice of withdrawal. The interest amount that will accrue per day is set out in the loan agreement that you have completed with your lender. If you ask them they will inform you of the amount of interest payable per day.
You should be able to repay the outstanding capital borrowed and interest by contact your lender, using the debit card that they have registered for you or by bank transfer.
CAN I REPAY THE LOAN BEFORE THE REPAYMENT DATE?
Most of our lenders offer this facility, please contact them directly to confirm.
If you have taken a loan out with our lending division The Money Hive, then just contact them on 0161 505 0301 or email them at email@example.com, they will give you a settlement figure, for that day, to repay the outstanding loan. This figure will be less that your original outstanding repayment as we do not charge interest for days you don’t have the loan, unlike some other lenders where you pay of the interest first then the capital.
CAN I APPLY FOR ANOTHER LOAN WITH YOU AFTER THIS ONE?
Each new application is considered on it’s own merit, if you have taken a loan out and paid it back on time over the period you agreed it doesn’t automatically mean you will be approved by the same lender again.
Each lender takes lending responsibly and will consider your application based on your financial situation at that time.
WHAT IS A CONTINOUS PAYMENT AUTHORITY AND HOW DOES IT WORK?
When you complete your loan application, you provide details of your debit card and agree that they can take payments from that card to repay your loan. This is called a Continuous Payment Authority.
The lender will never take more money than they are owed by you and should always tell you at least a day before the payment is due, that they intend to take a payment. The amount they try to take will be the full instalment that is due, as per your signed loan agreement, which may include unpaid interest and charges.
If there is not enough money in your account to pay your loan when it is due, they should contact you and let you know, and where appropriate, try to take the payment at a later time.
They should only ever try to take the payment, using the Continuous Payment Authority, twice for any loan. If they are not able to obtain payment from your card after the second attempt, it will be your responsibility to arrange payment to your lender.
CAN I CANCEL A CONTINUOUS PAYMENT AUTHORITY?
Yes, you can cancel your CPA by contacting your bank, but please also contact your lender as there may be a penalty charge if they try to collect a payment on an agreed date and find the CPA has been cancelled.
If you do cancel the CPA you’ll need to make alternative arrangements with your lender to continue to repay the loan
ARE THERE ANY CHARGES FOR LATE PAYMENTS?
Each lender is different, some charge a £15 penalty and upto 0.8% interest per day, please contact your lender for more details.