Fines for defaulting on the repayment
An initial arrears fee of £12 will be charged if we are not able to collect the amount you owe on the repayment dates. If this persists an additional default fee of £10 will be charged. Interest will also continue to accrue on your outstanding loan amount.
The amount you need to repay us will depend on two factors:
The amount you borrow from us
We have created 4, 5 and 6 pay cycle loans based on the loan amount. These plans are focused on giving you the option of lower monthly repayment amounts. If you’re borrowing £80, your repayment schedule will follow the 4-cycle plan. £120 and £160 loans will follow the 5-cycle plan, while the 6-cycle plan is applicable for loans of £200 or greater. You will have to pay only the interest on the first pay date followed by the monthly interest due (reducing balance) along with a fraction of the principal, which will be split in equal instalments, for the remainder of the term.