How It Works

We will gather information from you throughout the application process and may check your credit file. Our decision to lend to you is based upon a lot of information, and from our point of view, we want to feel comfortable that you are capable of repaying the loan within the specified time period without financial hardship.

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.

Our short term instalment loans provide the option to borrow what you need between £100 and £1000 over a period of 14 days to 12 months. Lending of this type is an expensive form of credit which is unsuitable for supporting sustained borrowing over long periods of time. It is not an appropriate form of borrowing if you are in financial difficulty and you should carefully consider whether this type of credit is appropriate for your circumstances.

Click our “get started” button on the home page and fill out our online application form. We’ll let you know within a few seconds whether your application has been successful.

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.

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. There is more information on CPA and repayments under our FAQ page.

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.

We cannot offer loans to everyone.

We want to ensure that your credit limit is manageable, that you won't get yourself into financial stress and that you'll repay your loan on the due date. To assess your level of risk, and therefore whether or not you will be approved for a loan, we will look at three main factors:

Capacity – Can you afford to repay the loan?

Liabilities – What do you already owe to other lenders?

Credit – 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.

Before approving a loan, we as a responsible lender, may check your credit rating, which has been built up over time. If you have ever borrowed or applied to borrow money, you will have a credit file.

If you have a history of being late with repayments, your credit rating might be affected. Information stays on your credit file for years, so it's important to tidy up your credit file before you apply for credit.

There are some steps you can take concerning your credit file that may assist with loan approval:

Step 1: Check that your credit file is accurate. Sometimes records are not updated and you are entitled to correct them.

Step 2: Repair your record by paying any outstanding debts. You may be able to negotiate a longer repayment period or part-payment arrangement.

Step 3: If you think your credit rating is borderline, raise this issue with us as a lender. Honesty about the situation shows you are responsible, and ensure that you stress the problems have been resolved.

Step 4: If your credit rating is very poor, consider delaying your application and focusing on repairing your credit file and increasing your savings.

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

If after assessing your loan application we are unable to offer you a loan, we may ask you if you would like us to put you in touch with one of our carefully selected partners who may be able to assist you with acquiring a loan. If it is appropriate to pass your details on in this way, we will always ask you for your consent to do so and we will never pass on your card payment details.

Nextcredit does not have access to a panel of lenders but we may be able to put you in touch with a broker who does. This means that you will have access to a wider range of lenders, which may increase your chance of securing credit elsewhere. Nextcredit will never charge you a fee for offering this service but we may receive a commission from some of the companies we may refer you to.

If your requirements match those of another lender, you will automatically be re-directed to their website.

Although Nextcredit carefully selects its partners, we cannot be held responsible for their actions or those who you may subsequently be put in touch with. For this reason, before entering into any contract, we recommend you read the terms and conditions carefully so you know what you are signing up to. You should always check whether the firm you are using is a lender or broker and whether you will be charged a fee for using their services. Be careful about who you give your card details to and check to see what your data will be used for.