Implictions Of Non-Payment
When looking for finance solutions it is important that you borrow only as much as you can afford to repay as non-payment of loans may result in charges and/or raised interest. If you are having problems repaying a loan we suggest contacting your lender as soon as you are aware there is a problem, as otherwise, it may be noted and this may have a negative effect on your credit record.
Late Payment
If you believe that you will be unable to make your loan repayment on time then you should contact your lender immediately to discuss payment options. Lenders may charge a late payment fee. This will vary between lenders. For more information please read the terms and conditions of your loan agreement.
Renewal Policy
If you wish to renew or roll over your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account.
Collections Process
Loans are repaid automatically via direct debit. Repayment dates and repayment amounts are confirmed to you before you accept a loan agreement. If you are having problems making a payment please contact the lender directly so that they can discuss your payment options.