What is the cooling off period?

AlexC (1 year ago)

My caseworker mentioned there was a cooling off period, what does this mean?

FLM Loans (7 mths ago)

With all new loan agreements that get paid out we offer a 14 day cooling off period. This is from the point it gets paid into your guarantors account.

 

If you were to pay back the money we have lent to you within those 14 days we won't charge you a single penny. You can simply log in online and pay it all back, then let us know you have done this. We will also take off any broker commision that was added to your account.

 

Once this is done, your loan account will be closed down automatically.

Comments (8)

Ben (8 mths ago)

I would like to pay my loan of in full what is the settlement?

FLM Loans (8 mths ago)

All you need to do is log into your account and check the balance. That's all you need to pay to settle your loan with no extra charges or interest.

weepy96 (7 mths ago)

Do you automatically close and inform clients in writing that there account is fully paid up

FLM Loans (7 mths ago)

Hi weepy96,

When you have paid off your loan, your account will be closed automatically and you can request for a closure letter to be sent to you and your guarantor.

Thanks

donna (3 mths ago)

hi how do i get a settlement figure

FLM Loans (3 mths ago)

Hi donna,

If you log in to your account on our website, you will be able to see your current balance, which is effectively your settlement figure, as we do not add any early settlement charges or the interest that would occur for the rest of the loan term. You just simply pay off the balance to settle the loan.

Thanks

em21 (2 mths ago)

I want to repay my loan within the 14 day cooling off period, do i still have to pay the broker fee on top of the £3000 lent by FLM?

FLM Loans (2 mths ago)

Hi em21,

If you pay back the full amount borrowed within 14 days, then you won't need to pay the brokerage fee. The fee will be written off by us.

Thanks


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