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Why have I got a rebate?

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TitleWhy have I got a rebate?

Rebates are given to customers to repay a proportion of the arrangement fee we charge when setting up your loan. Rebates are given in certain circumstances such as when you settle your loan early, or make an overpayment early in your loan term. However, this depends on how early you do this. 

Rebates for Early Settlement
If you settle your loan early, your rebate will include an amount equivalent to any arrangement fee left to be repaid. This is calculated against the deferred settlement date, which is:

  • Your loan start date +28 days for loans with a term of 12 months or less
  • Your loan start date +58 days for loans with a term longer than 12 months.

Rebates for Overpayments
You may receive a rebate when you make an overpayment while you’re still repaying the arrangement fee. The amount of rebate will be dependent on the value of your overpayment and the amount of the arrangement fee left to be repaid. 

Arrangement fee rebates are shown in your Statements and on your Early Settlement Quote. 

All arrangement fee rebates will be applied directly to your loan balance. 

Please be aware that you will not receive an arrangement fee rebate if you are in arrears, or if you have already repaid your 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%.

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