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 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 .
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 request copies of my loan documents? 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 at the top of the page, and you'll be able to view all your documents.
Are my details stored safely? 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.
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.
We’re also registered with the Information Commissioner's Office under registration ZA218401 and we’re a member of CIFAS, the UK's leading fraud prevention service.
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.
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: 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: 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 update my personal details? You can change your personal details online. Simply log in, click on Account and update your details.
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.
How do I change my phone number?