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. 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? To find out how much you have left to pay on your loan, call 0345 840 0281 between 8am to 6pm Monday to Friday (excluding bank and public holidays in England and Wales).
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 by calling our team on 0345 840 0281 between 8am to 6pm Monday to Friday (excluding bank and public holidays in England and Wales). 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.
Changing your bank details won't automatically update your Direct Debit. If you need to change your Direct Debit, get in touch with us.
How do I change my phone number? You can change your phone number by calling 0345 840 0281 between 8am to 6pm Monday to Friday (excluding bank and public holidays in England and Wales).
How do I request copies of my loan documents? If you need copies, please contact us and we’ll send them to you by post.
Can I reinstate my Direct Debit? Yes. If you'd like to reinstate your Direct Debit so your monthly repayment is taken on the original date you requested on your loan application, call 0345 840 0281 between 8am to 6pm Monday to Friday (excluding bank and public holidays in England and Wales).
How do I change my address? You can change your address by calling 0345 840 0281 between 8am to 6pm Monday to Friday (excluding bank and public holidays in England and Wales). 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. 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.
Why has a monthly repayment been taken after I've settled my loan? 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 by calling our team on 0345 840 0281 between 8am to 6pm Monday to Friday (excluding bank and public holidays in England and Wales).
I cancelled my Direct Debit by accident, how do I set it back up? If you've cancelled your Direct Debit by mistake and would like to set it back up, call 0345 840 0281 between 8am to 6pm Monday to Friday (excluding bank and public holidays in England and Wales).