All your loans related questions in one place
Due to the exceptional circumstances that Covid-19 has brought upon all of us, the Financial Conduct Authority (FCA) has instructed all lenders to offer customers a payment break of up to three months if they have any cash flow problems due to being impacted by the pandemic. While it’s possible to take a break from payments, any interest due on your loan won’t be frozen during the break. We recommend talking to your lender about any possible break from payments.
Under normal circumstances, you need to speak to your lender directly to discuss a break in your loan repayments. Each lender will have a different policy on whether a payment break or holiday is allowed and what it means to the interest or the loan term.
Monevo offers personal loans, guarantor loans, secured loans and car finance products. They don’t offer payday loans. A pay day loan is normally a relatively small amount of money, between £50 and £1000. It’s lent at a high rate of interest, with the proviso that the borrower will repay it when they get paid next.
Loans offered by Monevo run for a minimum of 6 months and with a maximum APR of 99.9%.
You can cancel your loan within 14 days of taking it out. This applies to any finance agreement. It's known as the cooling off period.
After the first 14 days, you can’t cancel but you have the right to repay your loan early if you wish. Get in touch with your lender if you're hoping to do this. Normally if you do repay early, you won’t pay the total amount of interest you would have if you repaid the loan over its full term.
Yes. One of the most common reasons for applying for a loan is debt consolidation. You can always pay off a loan with another one. It could help to make the payments more affordable by spreading them out over a longer time period or it could reduce the term so you pay it off quicker.
We recommend checking which loans you might be eligible for by using a soft search loan service like our partnership with Monevo.
Monevo will search their whole panel of lender so you don’t have to. Simply fill in the application form and they’ll do the rest. You’ll get a tailored list of results to choose from, in order of price, with the cheapest loan product first. Simply choose the loan you want to apply for, then click on the lender and you’ll be taken to their site where you can complete the loan application.
When getting a quote, if for some reason your application has been rejected, it won’t have an effect on your credit score but we recommend checking your credit report to make sure there’s no incorrect information on there. If your circumstances change, feel free to reapply and check your results.
If you’re concerned about your finances, the Money Advice Service provides some great information and support for free.
- I’m emigrating to another country
- I’m going to prison
- The borrower has died
- My personal details have changed (moving house, new contact details, employment status, change of name)
- I need to change the length of the loan term
- I want to increase the loan amount
Alternatively, you can email their customer services team at email@example.com. Their customer services team aim to respond to all messages within 2 business days.