Implications of Non Payment
Lenders follow their own principles and policies regarding fees and interest if you don’t pay on time. While most of them will contact you by phone or letter to rearrange payment, remember that non-payment can lead to extra charges and increased interest rate which eventually affects your credit score. It’s important that you read the lender’s website’s charges section before finalising the loan.
Lenders usually contact you by phone, email or letter to arrange payment as non-payment can lead to charges and higher interest rates affecting your credit score. There is the possibility of your debt being passed on to a collection agency and consequent further charges with continued non-payment.
Make sure you contact your lender well before your repayment date if you plan to renew your loan. You will most probably be charged the same rate of interest and fees for the next month on the entire loan amount. The loan renewal/extension is automatic and leads to more interest and charges to your account in the event of a non-payment.
Frequently Asked Questions
How much money can I apply for?
You can apply for a loan amount of anywhere between £300 to £5,000. Do bear in mind however that the amount you apply for and the amount that you are actually granted may vary slightly based on several factors such as your employment status, monthly income and credit history.
How do I repay the loan?
Repayment terms are always agreed upfront with the lender, prior to the exchange of any money. Repay in small, fixed monthly instalments and choose to pay back your loan over a period of 1 to 24 months.
What does Representative APR mean?
It is an overall, representative example of the amount of interest you’ll be expected to pay on your loan. Different lenders impose different annual percentage rates, so this figure can vary slightly dependant upon which lender it is that your application is matched to.
What information will I need to provide in my application?
To complete an application with Flexy Finance, you’ll need to include:
- A list of any addresses which you have lived at for the past three years
- Your monthly income
- Any outgoing expenses, such as bills and rental or mortgage payments.
- A valid landline, telephone number
- Details of your current employer, such as the name and address of the company