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.
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.
What is the Reward Loan and how does it work? The LiveLend Reward Loan is a loan that rewards you for improvements in your credit score. When your credit score goes up, the interest rate you’ll be charged will go down.
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 9.9%. 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.
The Reward Loan is available exclusively through popular comparison websites such as ClearScore, MoneySuperMarket.com and Experian.
To check your eligibility with no impact on your credit score, simply head over to your preferred financial services comparison provider. There you’ll see all of the loans from across the market that you’re eligible for and that are best suited to your personal needs.
Our loan APRs (Annual Percentage Rates) start at 10.9% to 39.9%.
Representative Example: 25.7% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 25.7% pa (fixed). Monthly repayment of £174.65. Total amount payable £7,335.28. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
Our loans are 25.7% APR Representative.
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. Learn more about the Reward Loan.
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:
How do I change my phone number?
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.
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’ll work with you to understand your situation and offer a tailored solution to help get things back on track.
How do I know what my loan APR is? 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 the Messages section of the site.
How do I change 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 your credit score. The good news is you don't have to worry about missing anything in the post. LiveLend 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.
How do I update my personal details? You can change your personal details online. Simply log in, click on Account and update your details.