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.
