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 do I apply for a loan?
Simply press the apply now button and fill out our simple application form. We'll give you a decision within minutes.
How much can I borrow?
You can borrow up to £5,000 for a minimum of 3 months to a maximum of period of up to 36 months.
How much will I have to pay back?
The amount that you repay will depend on the lender you are matched with, along with the amount and duration of your loan. You can use the Money Saving Expert's [free loan calculator](https://www.moneysavingexpert.com/loans/cheap-personal-loans?&_ga=2.54761195.1739787909.1525362589-455797788.1522916202#calc) to give you an average example of what you can expect to pay.
What can I use the loan for?
We don't restrict what you can and can't spend your loan on. However, you should remember that a loan is not a form of long-term credit. It is best used to cover one-off costs, or for short-term financial relief.
How long does it take for the loan to reach my bank account?
Approved applicants can receive the loan the same day, and for some, it could take as little as five minutes! However, do bear in mind that transfer times are dependent on your bank and the lender that you choose. To ensure that the process runs smoothly, please double-check that you provide the correct bank details.
How do I repay the loan?
You do not have to do anything or fill out any forms. The repayment of the loan is automatically taken from your debit card on the prearranged date.
Will the information that I give you remain confidential?
Yes. Always. Our applications are 100% safe and secure. We're regulated by ICO, who ensures that we adhere to the data protection regulations at all times, and we'll never pass your information on to third-parties without your permission.
Are there any fees?
Credit Extra Cash will never charge you any fees. Our loan matching service is completely free to use. As a broker, we receive commission from the loan provider if you choose to sign up for a loan from them, but we won't charge you a penny!
What is a matching service?
At Credit Extra Cash, our job is to find you a loan which perfectly matches your application and circumstances. If you're matched successfully with one of our panel of lenders, then you'll be given the opportunity to enter a borrowing agreement with that loan provider. But, please do ensure that you take a look at the lender’s website and loan documents before making a final decision.
What are the consequences of making a late payment or missing a payment altogether?
Payday advances should be used for short-term borrowing needs only, where you are able to pay back the loan within 30 days, or on your next payday. We work with numerous lenders, all of which have their own practices and distinct loan agreement terms and conditions. However, the consequences of non-payment include: 1. Making it more difficult for you to obtain credit in the future. 2. Having to pay late repayment charges to your lender. 3. Paying more for your credit by extending the term of the loan and therefore the period for which you pay interest. 4. Your lender may fill out a report being made to a credit agency. Be sure to read the terms and conditions outlined by the lender you have been matched with carefully. If you are likely to miss a payment or have any trouble making payments, you should contact the lender swiftly and directly.
Do all the lenders on the Credit Extra Cash panel comply with Responsible Lending rules?
We work with over 30 lenders, all of which are contractually committed to Responsible Lending. Therefore all of the organisations that we work with are committed to: * Ensuring that any loan offered is specific to the borrowing needs of customers. * Assessing each customer individually as to whether they are able to repay a loan or not. * Providing clear and concise loan documents and agreements as well as clear lines of communication. * Maintaining high levels of customer service and satisfaction.
Who decides if I can renew my loan?
As as a broker we are not personally involved in the decision to renew your loan. We work with numerous lenders, all of whom have their own specific renewal policies. We encourage you to read the loan agreement terms and conditions specified by the lender we match you with. Should you have any questions, or if you need to renew your loan, please kindly contact the lender you are matched with directly.
Where am I able to get free, reliable and independent advice?
If you feel that your financial situation warrants further advice before you make the decision to apply for a loan, you can obtain this from the [Citizens Advice Bureau](https://www.citizensadvice.org.uk/) or from the debt charity [StepChange](https://www.stepchange.org/Howwecanhelpyou/Debtadvice.aspx). These organisations have experienced advisors that will be able to help you whilst also keeping your information confidential.