What is a late payment charge?

We offer 3 days grace in which either you or your guarantor can make a payment after its due date. On the 4th day a late payment charge will be added to your loan and you will be unable to top-up in future.

If you pay later than your due date the potential charges that can be added (depending on how long you're in arrears for) are £20, then £7 for every letter sent. Meaning up to a maximum of £34 per month. These late payment charges are fully explained on your credit agreement.

We don't ask for charges up-front because we know it can be hard to pay. Instead, we add charges onto the loan balance. We also space the charges apart to allow time to avoid them. We allow 3 days before the first charge is added (no other company we know does this), and then an additional seven days before the next charge. Please bare in mind that we will always attempt the payment from your guarantors bank account if your direct debit and debit card fail, so we can avoid applying these charges.