Loans FAQs

All your loans related questions in one place

Can I take a break from loan payments?

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.

What's the relationship between and Monevo?

We’ve partnered with Monevo to provide our customers with Monevo’s easy application process and simple price comparison. They have a wide range of providers giving our customers the chance to find our best loan offers available to them.

Who are Monevo?

Monevo is one of Europe’s largest lending marketplace and platform. They’re part of Quint Group, a multi-award-winning operator of fintech businesses, founded in early 2009.

How are the loans on offer through Monevo different from a payday loan?

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%.

Is my account and loan with, the bank/lender or with Monevo?

Your loan account will be a separate agreement between you and the bank/lender you chose following your Monevo application. Monevo is a licensed credit broker, which means they save you the effort of checking and applying with each lender.

Will I have online access to my loan account(s)?

This will depend on which lender you choose for your loan. If you do have online access, the lender will send you log in details.

Can I cancel my loan?

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.

Can I pay off a loan with a different loan?

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.

Can I pay off my loan early? Will I have to pay fees?

There isn't usually a fee associated with repaying your loan early, however the lender may charge you some of the interest due on the loan. You’d never pay more than your loan balance and in most cases you should see a significant saving by making an early repayment rather than keeping a loan for its full term.

Can someone else pay off my loan?

Yes, someone can pay off the loan for you. If the loan is being cleared by funds from someone else’s account, the lender will want to speak to them first.

Do I need a guarantor to take out a bad credit loan?

Not always. Lenders will look at your situation before making a decision and some will be able to make you an offer without insisting on a guarantor.

Do I need to be in work or have a full-time job to get a loan?

No, you don’t need to be in full time employment. Lenders will consider any type of employment status as part of the application process.

Do I need to have a steady income to get a loan?

No it’s not a requirement. A steady income does give a lender the reassurance that you have a regular amount of money coming in which will help you repay the loan. However, lenders will look at your own individual circumstances before making a decision.

How do I cancel, amend or pay off my loan?

If you’d like to make changes to your loan, including overpaying, repaying it early or you have any general questions about it please get in touch directly with your lender.

How do I take out a loan?

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.

How quickly will I get a decision on my loan application?

It takes around 30 seconds to get pre-approval for a loan. Once you pick a lender and click to visit their site they may need to carry out other checks to validate your application, like checking your payslips.

I can’t pay off my loan because:

  • I’m emigrating to another country
If you move abroad then your financial agreements in the UK will still remain as they are unless you repay them. If you’re having difficulty repaying the loan then you should speak to your lender.
  • I’m going to prison
If you’re going to prison then your financial agreements will stay the same. Again, if you’re having difficulty making the repayments, speak to your lender. They’llry and help if you're in financial distress.
  • The borrower has died
On death any personal debts will be repaid by the estate of the deceased. If there are no funds left to pay off the loan then the debts will usually be written off.

I need to make changes to my loan because:

  • My personal details have changed (moving house, new contact details, employment status, change of name)
You can change your personal details with your lender. It's always a good idea to update your lender with any changes to your personal details so they can contact you should they need to.
  • I need to change the length of the loan term
You might be able to change the length of your loan term. Speak to your lender to see if this is something they’re willing to do.
  • I want to increase the loan amount
If you’re looking to increase your loan amount, you’ll need to take out a new agreement which means taking out a new loan. However, you won’t need to do this if you stay with the same lender, so it's worth checking the loan options available to you. That’s where a soft search loan service such as our partnership with Monevo could help.

What happens if I have a question about Monevo?

If you’ve applied for a loan through, then your application is managed by Monevo UK and not You can visit Monevo’s website at

Alternatively, you can email their customer services team at Their customer services team aim to respond to all messages within 2 business days.