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
What types of loans do you offer?
We offer short-term, unsecured loans of between £100 to £5,000 with a repayment period of 1 – 36 months. You can receive the loan in as little as 24 hours and we welcome all applications irrespective of your credit history.
How much money can I apply for?
You can apply for a loan amount of anywhere between £100 to £5,000. The amount that you’re offered may vary slightly from the amount that you apply for based on several additional factors; your employment status, monthly income and credit history.
Who can apply for a loan using Flexy Finance?
Qualifying for a loan using Flexy Finance is simple. All we ask is that:
- You’re a UK Resident
- You’re 18 years old or above
- You have a UK bank account
- You earn a minimum of £800 p/m
Can I still apply if I have bad credit?
Yes, we welcome applications from all credit histories. We have an extensive range of lenders on our panel, all of whom have different qualifying criteria and are open to accepting applications from those with bad credit. So, providing that you can demonstrate that you can afford to repay the loan, e.g. proof of income, you can still qualify for a loan with poor credit.
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
- Details of your current employer, such as the name and address of the company
Do you charge any application fees?
No. Making an application for a loan through Flexy Finance is entirely free of charge and applications can be made quickly and conveniently by filling out our simple online form.
Will you contact my employer?
It is likely that your employer will need to be contacted to verify your position and income. However, please be assured that your personal and financial information will not, at any time, be disclosed to your employer.
How do I repay the loan?
Your repayment terms will always be agreed upfront directly with the lender, prior to an agreement being finalised or the exchange of any money. You repay in small, fixed monthly instalments and can choose to pay back your loan back over a period of 1 to 24 months.
How long will it take me to repay the loan?
Repayment periods vary dependent upon the amount you choose to borrow and range from 1-24 months. If you only apply for the minimum available amount (£300), it is likely that your repayment term will be shorter than if you were to borrow the maximum loan amount of £5,000. Repayments are always pre-agreed upfront with the lender before the agreement is finalised, so you’ll have ample opportunity to ensure that you’re happy with the repayment terms before proceeding with the loan.
What will happen if I make a late repayment? Will I be charged a late fee?
It is best to avoid late repayments wherever possible as it may affect your ability to obtain credit in the future. However, if you are concerned that you are going to miss a repayment, you should contact the loan provider directly, as soon as possible. The lender can offer you further guidance and support as to how to get back on track with repaying the loan. Whether you are charged a late fee will depend on the lender you are matched with, so always ensure that you read their terms and conditions thoroughly so that you are aware of all, and any, additional fees which they may charge.
What is a Representative APR?
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 dependent upon which lender it is that your application is matched to.