Can I speak to somebody about my loan? You can get in touch with us through our LiveBot, live chat or email. Our LiveBot is new to LiveLend 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.
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.
My circumstances have changed, what do I do? 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 that we can help you.
Alternatively you can update your personal details online by logging in and clicking Account.
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.
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 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:
Why haven't I earned a reward? This could be down to a number of reasons. 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 use this score to review your eligibility for a reward every three months. Your score will need to be at least 25 points higher in order to earn a reward and you'll need to be up to date with your loan repayments. Your loan rate can reduce to 9.9%, so if your loan is at 9.9% or below, you won't be able to earn any more rewards.
How long will it take for the money to go into my account? At LiveLend as soon as your loan documents are signed, we transfer your money to your bank account. Most customers will receive the money instantly, but some bank accounts take longer. Either way the money will be in your account in under four hours.
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.
Will my rate go back up on my Reward Loan, if my credit score decreases?