FAQS

Nextcredit offer short-term instalment loans of £100 to £1000, payable over 14 days to 12 months. You can chose the amount you wish to borrow, the period of time you wish to borrow the monies over, or the number of instalments.

Nextcredit may request extra paperwork from you, such as your most recent payslip if you are employed, or if you are self employed your most recent bank statements.

Short term loans are designed to provide you with a lump sum cash advance payable over a period of time that is affordable to you. You can borrow between £100 and £1000 and choose to repay this between 1 and 12 instalments. Short term loans are an expensive form of credit and are unsuitable for supporting sustained borrowing; short term loans are not an appropriate form of borrowing if you are in financial difficulty.

You will need to be a UK citizen, self employed or in permanent employment with an active UK bank account, plus a valid debit card to repay the loan. Choose how much you would like to borrow and the period of time over which you would like to repay the instalments, then fill out our application form. We'll run some checks and may contact you regarding your loan application before we approve or pay out your loan.

To prevent fraud and guard against money laundering we may use credit reference and fraud prevention agencies who collect publicly available information and then match it to the information you provide.

As a responsible lender we check a number of things, including whether your credit limit is manageable and what your other credit commitments are. We may use credit reference and fraud prevention agencies to do so.

You can request to see a copy of your credit history and get advice on how to improve your credit rating here:

www.ukcreditratings.com

www.callcreditcheck.com

www.annualcreditreport.co.uk

www.equifax.co.uk

www.creditexpert.co.uk

You should only ask to borrow what you need. You should consider carefully how much you need and over what period of time. Throughout the application process, we will be assessing your financial circumstances so it is important that you consider how much you need and when you can repay it, before commencing the application process.

If your application is completed and approved before 3pm Monday - Friday, we will pay out your loan on the same day. If it is outside of these hours, then loans will be paid on the next working day.

Once approved, we'll use the Faster Payment service so if your bank supports this, monies can be in your account in 10-15 minutes once we've made the payment and sent you our email, although sometimes your bank can take a few hours to update your account.

In rare circumstances beyond our control, payment may take longer however, it should never be more than the end of one business day following the day the funds were sent by us.

We cannot offer loans to everyone. We have criteria for our loans that you must meet in order to be successfully granted a loan. We look at three main factors:

Capacity - Can you afford to repay the loan?

Liabilities - What do you already owe to other lenders?

Capacity - Are you a good financial risk?

We will be interested in your history of repaying other loans and debts and will use this to determine whether you are likely to repay this loan. Other factors such as your occupation and a history of stable employment and residence will be used to build a credit profile together with other types of information we gather about you when you apply.

If we aren't able to offer you a loan at the time you apply, we may be able to assist you in acquiring a loan from another lender. If we do this, we will tell you that we are acting in our capacity as a broker and not a lender and you will need to agree to us providing this service.

Your loan repayment will be taken from your debit card on the loan repayment date. When you accept the Loan Agreement, you agree to us debiting your card. This type of agreement for payment is known as a Continuous Payment Authority or CPA. For more information, see What is CPA? You need ensure that the funds are available to collect on the repayment date.

CPA stands for Continuous Payment Authority. CPA is when you have given your consent for us to debit your debit card in order to repay your loan. You need to agree to repay by CPA in order to get a loan from Nextcredit.

Yes you can. Please log into your online account for the balance of your loan and click the Make A Payment button. Alternatively, please call us to make payment by card over the telephone or pay directly into our bank account.

Please contact us if you think you will be unable to repay your loan on the due date. Sometimes things happen that we’re unable to control & we will try to work with you to help find a solution.

Late payment can cause you serious money problems. For help go to moneyadviceservice.org.uk

You can cancel your CPA anytime (including before your promise date) by writing “Cancel Continuous Payment Authority“ in an email to info@nextcredit.co.uk, by calling us or by contacting your bank directly. Remember, you will need to provide at least 48 hours notice so if your loan is due within the next few days, please call us during office hours. If you cancel the CPA, you must contact us to arrange another way to pay your loan.

It is important that you read your loan agreement to understand the charges we will apply in the event of non-payment. You will normally be charged a late payment fee and/or late payment interest (which is in addition to any ordinary interest due) for an agreed period of time or to a cap of double the amount you originally borrowed. Full details can be found in your loan agreement.

APR stands for Annual Percentage Rate. It is a legal requirement for APR to be shown on products where you borrow money, such as loans or credit cards. It is there so that you can make an easy and fair comparison with other lenders. If you would like to compare our APR with other lenders or to get more information on loans that are available, you can visit a comparison website such as:

www.allthelenders.org.uk

www.moneysavingexpert.com

Please do not apply for a loan if you are experiencing financial difficulties. There are a number of free debt-counselling organisations who can help you - see our Helpful Information page for details.

If we do not deliver the standard of service that you expect or you have a complaint, please email us at info@nextcredit.co.uk or write to us at Nextcredit Ltd, Unit 10, Basepoint Centres, Oakfield Close, Tewkesbury Business Park, Tewkesbury, Gloucestershire, GL20 8SD or telephone us on 01631 708602.

We will investigate your complaint and respond accordingly. If you are not happy with our final response, you can refer the matter to the Financial Ombudsman Service, Exchange Tower, London E14 9SR (telephone 0800 023 4567 (free of charge) or 0300 123 9123 – calls to this number cost no more than calls to 01 and 02 numbers). You can find out more information about the Financial Ombudsman and how to contact them on their website www.financial-ombudsman.org.uk

Online Dispute Resolution (ODR) Service
The ODR service has been established by the European Commission to help residents in the European Union (EU) who have bought goods or services online, get their complaint resolved.

The route is designed mainly to facilitate complaints where the customer and providers are in different countries but you may also be eligible to use this service.

We would encourage you to directly refer to the Financial Ombudsman Service (FOS) as the ODR Platform will simply refer you to that service. Full details of the FOS are stated above.

However, if you prefer to make your complaint via this route, you can access the ODR platform here: http://ec.europa.eu/odr

Yes we are authorised and regulated by the Financial Conduct Authority, Number 674586.

Payment can be made by card by logging into your online account and clicking the "make a payment" option. Alternatively, you can call us and we can take your payment by card over the telephone.

Nextcredit is a direct lender. Applications can only be made online by clicking the links on our home page.

Although our business is direct lending, if you are unsuccessful in obtaining a loan from Nextcredit, we may sometimes be able to offer credit broking services to assist with meeting your loan requirements. We will tell you when we are acting in our capacity of broker and obtain your consent prior to passing information to one of our carefully selected partners.

Nextcredit is a direct lender and we offer competitive short-term and instalment loans. If you would like to compare our loans with other lenders or to get more information on loans that are available, you can visit a comparison website such as:

www.allthelenders.org.uk

www.moneysavingexpert.com