Key Facts About Our Loans
- Before you apply for a loan we will provide you with some legal documents that outline the terms and conditions of your loan and other important information.
- These documents will be displayed on the last page of the online application form, and before you click the ‘apply’ button to submit all your information to us.
- It is important that you read and understand those documents as they explain the terms of your loan, any charges that may apply and your rights as a consumer.
- Before you proceed further with your application, we would like to point out some of the key facts about our loans.
- Further information on all the following ‘key facts’ can be found in your legal documents should you decide to apply for a loan, and the FAQs pages on our website.
Our loans are unsuitable for supporting sustained borrowing over long periods and would be expensive as a means of longer term borrowing. You should not apply for a loan with Nextcredit to manage existing debt or if you are already struggling financially.
You should ensure that the credit offered to you meets your requirements, is suitable for your circumstances and that you can afford to repay it on time.
You should not consider additional lending if you are already in or considering a Debt Management Plan.
The total cost of credit is 0.8% per £100 borrowed, per day for the loan period. Examples are provided on our website. You’ll never pay back more in interest and charges than you borrowed.
How we will communicate with you
We will communicate with you by ‘phone, email, SMS (text) and letter using the information you provide when you apply. You should tell us when your contact details change.
How and when to repay your loan
You must repay your loan on the agreed repayment date/s. These will be set out in your credit agreement.
With the agreement you provide when you apply for a loan with us, we will take your loan repayment directly from your debit card on the repayment date. Alternative repayment methods are available.
Consequences of non-payment
We may charge you if you do not repay your loan on time or if you miss a payment. If this is the case you may end up paying more than you originally expected.
Missing payments may have severe consequences including legal proceedings. Missing payments could make obtaining credit in the future more difficult and/or more expensive as it may adversely affect your credit record.
Late payment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.
You have the right to withdraw from the agreement, within a certain period, without giving reason.
Using your personal information
Personal information which you supply to us may be used in a number of ways, for example:
- To make lending decisions
- For fraud prevention
- For debt collection
- To send you information about other products and services or to put you in touch with other companies whose products and services may be of interest to you
- For statistical analysis
We may share your information with, and obtain information about you from, credit reference agencies or fraud prevention agencies. If false or inaccurate information is provided to us and fraud is identified, details will be passed to fraud prevention agencies to prevent fraud and money laundering.
For further information on how your information is used, how we maintain the security of your information, and your rights to access information we hold on you please visit the How we use your information page on our website.
If you want to:
- Find out more or clarify any information; or,
- Exercise your right to withdraw; or,
- Cancel the Continuous Payment Authority; or,
- Make a complaint
You can do so by contacting us using the contact details on our website.