What happens if I don't pay my short term loan?

If you expect to struggle to make one of your repayments, contacting us straight away is the absolute best that you can do. We’ll set to work creating a payment schedule that will work for you, so that you can clear your debt without leaving you short of cash for your other essential spending.

If one of our borrowers continues to miss repayments, we may need to escalate a collections case, with the courts being the past resort for us. We want to support our customers and we’ll never judge you for struggling to repay. However, it’s important that borrowers in arrears cooperate with any new payment plans, as they are put in place to help people to avoid extra penalties and charges that come about when they miss payments.

The FCA introduced caps on the cost of borrowing short term loans. This means that you’ll never pay more than 100% of your loan amount in fees, interest and penalties - even if you end up in the courts over your unpaid short term loan.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.