Frequently Asked Questions

1. Are you a Broker or a Direct Lender?

We lend directly to you keeping the cost of our loans down.

2. Are you Payday Lenders?

No, we are short-term lenders.

3. So what’s the difference between a payday loan and a short-term loan?

Although they are both short-term loans, payday and short-term loans are very different.

Payday Loans

A payday loan is a very short-term, high-cost loan that gives consumers the money they need until their next payslip. It may be a convenient way to get cash, but it is a very costly way to borrow.

If you don’t pay off the loan in its entirety, you’ll be hit with additional high fees and finance charges and risk falling into a long cycle of debt.

Short Term Loans

A short-term loan has a fixed interest rate and fixed repayment period. Unlike payday loans, an inquiry into your credit history is made when you apply.


4. Aren’t you just the same as the rest of the short term lenders?

No, we are a responsible, but responsive lender and treat our customers as individuals. Why don’t you try our service today?


5. I can’t get credit elsewhere & have a CCJ (County Court Judgement), can you help me?

Yes, you could. We believe everyone can make a fresh start so our assessment is based on your current circumstances, along with information on your credit file, that you have been making an effort to correct your credit.

6. How much can I borrow?

New customers can borrow up to £3000 as a personal loan and charitable organisations can apply for up to £5000. We’ll look at your current circumstances and assess your ability to repay before making a decision on the actual amount. If you are borrowing over £500 your application will need to be supported by a guarantor. Approval is subject to a credit assessment of your application.

7. How much will I have to pay back?

That all depends on how much you borrow and how long for. Visit our Types of Loans page to use our online loan calculator to personalise.

8. How long will I have to pay back my loan?

With us you have the added bonus of choosing weekly or monthly repayments (13, 26 or 52 weeks or 3, 6 or 12 months). Visit our Types of Loans page to use our online loan calculator to personalise.

9. Can I pay back my loan early?

Yes, you have the legal right to repay your loan early, in part or full, at any time.


10. But will it still cost me the same if I pay back my loan early?

No, although the same APR applies we will recalculate your interest and due to the shorter time, the overall amount you’ll pay back will be lower.

An advisor will explain everything to you and answer any questions you may have. Everything will also be very clearly laid out in your loan contract, so you know where you stand.


11. When will I hear if my application has been successful?

If you apply online or by telephone we aim to provide an initial decision within 30 minutes of receiving your application between the hours of 9:30am and 5:30pm on a normal weekday, or before 10:30am the following working day.

If you apply at one of our Service Centres, where possible, we will provide a decision during your appointment.

12. How quickly will I get the money?

Upon approval, the cash is paid out within 2 hours.

13. Is there anything else I should know?

Yes, if you borrow over £500 you will need a guarantor who is over 18, in employment and not a family member.

14. Why do I need a guarantor?

We generally lend to people with poor or no credit history, so one way to ensure we get our money back is the use of guarantors. Generally speaking people do not want to let their friends who have guaranteed a loan application for them down. It is also one way that we the cost of our loans lower compared to a high majority of our competitors.

15. What does APR mean?

APR stands for Annual Percentage Rate. In simple terms this is how much it would cost you in total to pay your loan back over a 12 month period.

16. What does Representative APR mean?

Where loans use a representative APR, this means at least 51% of successful applicants will be given the stated interest rate. For example, if a loan is advertised as being 7.5% representative APR, this means 51% of accepted applicants have to get 7.5% as their rate. The other 49% could get a different rate.

17. What’s the APR for my loan?

Again this depends on the size of the loan and how many weeks you want to pay it back over. Please visit our loan products page for our representative APRs for the various products.

18. What’s the difference between a Personal Loan and a Bond Loan?

Personal Loan

An instalment loan product with options to pay over 3, 6 or 12 months with the option to choose weekly repayments if preferred because you receive some benefits or income on a weekly basis.

Bond Loan

A product that gives borrowers looking for larger sums, but who cannot afford to make instalment payments over the loan term. Here you make interest only payments for the first two months and then make a bullet payment comprising the last month interest and original loan. If for some reason the expected funds to pay the loan is not ready, you can have your loan extended for another 3 months. In either case, you can always call to settle your loan at any point during the loan term by calling your loan account manager for a settlement figure.

19. Will anyone else know about my loan?

No. If you apply for a loan, we’ll treat it with the utmost confidentiality – we always follow the Data Protection Act. However, as your loan contract will explain, your loan may be passed on to a debt collection company if you fail to keep up with your repayments.

20.What is MOGObankconnect?

MOGObankconnect is a quick and easy way to share your online banking transactional data. We have more information on how it works here.

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