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.
BetterBorrow launched in 2020 to provide a quick and simple way to borrow for our customers. 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. You can also find out more about Chetwood, its products and what we stand for.
Get in touch to find out what data we hold about you.
If you have a complaint we want to hear it, so please get in touch with us. We'll review your feedback and come back to you as soon as possible.
If you're not satisfied with our response to your complaint, you can refer your complaint to the Financial Ombudsman Service (FOS). Please note, that the FOS will not look at a complaint until it has been raised with BetterBorrow and we've been given a reasonable time to respond.
We’ll let you know your real rate when you apply, with no impact on your credit score. Our loans have a representative APR of 27.3% . This means that at least 51% of customers receive a rate that is the same as, or lower than, the representative APR.
Representative Example: 27.3% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.3% pa (fixed). Monthly repayment of £178.12. Total amount payable £7,840.93 which includes an arrangement fee of £400.00. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
Our personalised APRs range from 9.2% to 39.8%.
Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
BetterBorrow launched in 2020 to provide a quick and simple way to borrow for our customers.
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. You can also find out more about Chetwood, its products and what we stand for.
We designed our loan alongside our customers and as a result, we’ve created a quick and simple loan that provides you with a better borrowing experience.
Our fast application process gives you an instant online decision that won’t affect your credit score. We’ll show you the APR of your loan upfront, so you’ll know exactly how much your loan will cost. The APR includes the arrangement fee that we add to your loan to cover the costs of setting your loan up.
Once you’ve chosen our loan, the application takes just five minutes and your money will be with you within two hours. You can manage your loan completely online. And if you ever need to talk, our UK support team is available on live chat and email to help you.
Our loans are 27.3% APR Representative.
Representative Example: 27.3% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.3% pa (fixed). Monthly repayment of £178.12. Total amount payable £7,840.93 which includes an arrangement fee of £400.00. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
Our personalised APRs range from 9.2% to 39.8%.
Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
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:
At BetterBorrow, we offer online personal loans from £1,000 to £12,000. We don’t offer different types of loans upfront. Instead, when you apply, we’ll simply offer you the best loan we can.
Our quick and simple loans have all been snapped up, so we're no longer accepting applications.
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, Intuit Credit Karma and Experian.
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:
If you need to put someone else in control of your account, for example, because you lack mental capacity to look after your own financial affairs, please get in touch with us. We’ll need a copy of your registration of Power of Attorney.
You can change your personal details online. Simply log in, click on Account and update your details.
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.
Your annual statement will be sent to you by email, but it'll also be available online. Simply log in to your account and select Messages at the top of the page to review all your loan documents, including your annual statement. This will be available one year after you've taken your loan.
If you’re thinking about closing your loan early, it’s important that you get an early settlement quote first. You can get a quote by: This means that we’ll give you a settlement quote which is your latest outstanding balance, any daily interest due to be applied, plus the equivalent of one or two months’ interest as an early settlement fee dependent on the repayment term of your original loan agreement. Your quote will be valid for 30 days. Closing your loan early will reduce the amount of interest you pay overall.
We may charge an early settlement fee 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 you get a quote to settle your loan, and your next repayment is due within the next three working days, we won’t be able to cancel your Direct Debit in time. So, if you were to settle your loan, you’d effectively overpay your account. Don’t worry - we’ll refund any overpayments within 10 days. If you’d prefer this not to happen, we recommend waiting until 10 days after your next repayment due date to allow for this payment to clear before requesting your early settlement quote.
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.
Our customers aren't able to borrow more on top of their existing loan. If you need some extra support with your loan repayments or would like to chat to us about your loan in general, get in touch with us so we can help.
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.
Your details are held on our secure systems and we'll only discuss your account with you or a party who you nominate, once you've completed our security checks. BetterBorrow is part of Chetwood Financial Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). We are also registered with the Information Commissioner's Office under ZA218401 registration. Find out more about Chetwood at www.chetwood.co.
If you’ve been impacted during this difficult time, don’t worry - we’re here to help.
We have a number of different options we can offer that can help make things more manageable such as a temporary reduced payment plan.
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 advice
StepChange
Citizens Advice
MoneySavingExpert
Viewing your loan information couldn’t be easier. Simply log in to your account and select Overview. All the information about your loan agreement is there. Alternatively, you can review your loan agreement in your Messages.
You can get in touch with us through our BorrowBot, live chat or email. Our BorrowBot is new to BetterBorrow and whilst we’re testing out some of its features, it may not always be available. But don’t worry, you can still speak to our support team on live chat and email. If you’d like to talk to us on the phone, 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 and click on the Get in touch page before chatting to us or sending us an email. This way, we’ll be able to share personal information with you safely and securely.
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 please click on Manage and Close my loan to confirm the amount you need to repay, including your daily interest, as of today. We may charge you a fee to close your loan early which will be explained in full on the Manage page when you get an early settlement quote.
At BetterBorrow as soon as your loan documents are signed, we transfer your money to your bank account. Most customers will receive the money within 30 minutes, but some bank accounts take longer. Either way the money will be in your account within two hours - usually in just 30 minutes.
Our loans are 27.3% APR Representative.
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 your 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. Please be aware that we’ll carry out a soft search when updating your address. This is so we can be confident that the change is secure and we can protect against fraud. This search will only be visible on your credit file to you and won’t impact your credit score.
You can find full details of your Direct Debit when you log in to your account, in Messages.
Rebates are given to customers to repay a proportion of the arrangement fee we charge when setting up your loan. Rebates are given in certain circumstances such as when you settle your loan early, or make an overpayment early in your loan term. However, this depends on how early you do this.
Rebates for Early Settlement
If you settle your loan early, your rebate will include an amount equivalent to any arrangement fee left to be repaid. This is calculated against the deferred settlement date, which is:
Rebates for Overpayments
You may receive a rebate when you make an overpayment while you’re still repaying the arrangement fee. The amount of rebate will be dependent on the value of your overpayment and the amount of the arrangement fee left to be repaid.
Arrangement fee rebates are shown in your Statements and on your Early Settlement Quote.
All arrangement fee rebates will be applied directly to your loan balance.
Please be aware that you will not receive an arrangement fee rebate if you are in arrears, or if you have already repaid your arrangement fee in full.
Representative Example: 27.3% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.3% pa (fixed). Monthly repayment of £178.12. Total amount payable £7,840.93 which includes an arrangement fee of £400.00. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
Our personalised APRs range from 9.2% to 39.8%.
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: 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.
You can easily unsubscribe from emails or texts. Just follow the steps below to update the communication preferences we have saved for you. You can select how you want us to keep in touch and also what updates you'd like to hear about. Please bear in mind that even when you unsubscribe from certain communications, there are still some messages that we're legally obliged to send to help you manage your loan.
The fees that we charge include an Arrangement Fee and an Early Settlement Fee. We won’t charge you a fee if you miss a loan repayment.
Arrangement fees
When you open your loan you’ll be charged an arrangement fee to cover our costs in setting up your loan.
The arrangement fee is included in the total amount payable. This means that you won’t need to pay it separately - instead it’s added to your loan balance and paid via your first few monthly repayments. The total number of repayments required to pay the arrangement fee will vary depending on the amount you’ve borrowed, your APR and your loan term.
You’ll only start to repay the amount you’ve borrowed (the capital) once you’ve paid the arrangement fee in full.
Representative Example: 27.3% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.3% pa (fixed). Monthly repayment of £178.12. Total amount payable £7,840.93 which includes an arrangement fee of £400.00. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
Our personalised APRs range from 9.2% to 39.8%.
Early settlement fees
We may 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
When you request your early settlement figure, 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 depending on the original term of your loan agreement. Your quote will be valid for 30 days.
Closing your loan early will reduce the total amount of interest you pay.
If you want to settle 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 your early settlement quote on the Manage page once you click Calculate my settlement.
If you’ve paid an Arrangement Fee, you won’t be charged an Early Settlement Fee.
Our loans are 27.3% APR Representative.
Your loan rate is on the Overview page of your online account. Simply log in and select Overview. All the information about your loan agreement is there. Alternatively, you can review your loan agreement in Messages when you're logged in.
Rebates are given in certain circumstances such as when you settle your loan early, or make an overpayment early in your loan term. However, this depends on how early you do this. If you haven’t received a rebate it means that you’ve already repaid your arrangement fee in full or aren’t eligible for a rebate because you’re in arrears on your loan.
Arrangement fee rebates are shown in your Statements and on your Early Settlement Quote.
Representative Example: 27.3% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.3% pa (fixed). Monthly repayment of £178.12. Total amount payable £7,840.93 which includes an arrangement fee of £400.00. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
Our personalised APRs range from 9.2% to 39.8%.
All of your loan documents are online for you to access whenever you need them. Viewing your loan information couldn’t be easier. Simply log in to your account, select Messages and you'll be able to view all your documents.
If you’re aware of any change in your current circumstances and think you may struggle to make your next repayment, please get in touch with us so we can help you. If you need to update your personal details, simply log in and click Account.
Confirming your loan has closed couldn’t be easier. Simply log in to your account and select Overview. If there's a remaining balance, it'll show at the top of the page. If not, you'll see a message thanking you for paying off your loan.
You can change your personal details online. Simply login, click on Account and update your details.
We recommend you pick a date close to the day you get paid as most of our customers find this easier to manage. If you feel you really need to change your repayment date, please get in touch with us.
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. 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 temporary reduced payment plan. Get in touch with us and we’ll work together to get things back on track.
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 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.
We can work with you to make sure this doesn’t happen so if you feel you’d benefit from additional support, we’ll 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.
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: The bank account must be: 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.
To view your loan information, simply log in to your account and select Overview. Your 'Remaining term' is shown as well as your 'Loan to be settled' date. Your repayment amount and date are shown at the bottom of the page under the Payments section.
To set your Direct Debit back up, please follow the steps below: It’s important that you have a Direct Debit set up to help you make your monthly repayments on time.
To set your Direct Debit back up, please follow the steps below:
It’s important that you have a Direct Debit set up to help you make your monthly repayments on time.
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: The bank account must be: 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.
You can make overpayments to reduce the interest you pay on your loan at any time. Once you've made your payment, your account will be updated within a few days. To make an overpayment, please log in and click Manage.
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.
When you apply for your loan, you can choose the date you would like your payments to be taken from. 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.
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.
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.
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.
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’ll work with you to understand your situation and offer a tailored solution to help get things back on track
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.
Email or chat to one of our helpful experts now.