Personal

1. TERM LOAN

A Term Loan is an advance, granted for a specific purpose, repayable by agreed amount(s) within a fixed period. While repayment arrangements may be structured to meet particular requirements most Term Loans are subject to regular repayments (monthly, quarterly, etc.) by way of equal instalments with the aim of repaying principal and interest over the term of the borrowing. The amount of the agreed repayment is established in the light of the interest rate prevailing at the time the Term Loan is granted and subsequent variations in that rate are accommodated at the discretion of the Lender by way of :-

(i) an adjustment in the amount of the final repayment or

(ii) an adjustment in the number of repayments or

(iii) a revision of the amount of the regular repayments during the period of the loan,

Otherwise existing repayments will continue until the facility is repaid despite the fact that this will alter the period originally envisaged.

Repayments in excess of those agreed may be made at any time during the term of the Term Loan without penalty.

 

2. INTEREST

The interest rate, which is subject to variation during the period of lending, is determined by reference to the borrower's category and the term, purpose and security for the advance. Interest is calculated on the daily balance outstanding after adjustment is made for cheques in the course of collection, and is charged to accounts at the relevant Lender charge dates.

 

3. SURCHARGES

Any sum not paid by the Borrower to the Lender by its due date shall be subject to an additional interest charge at the rate of 0.75% per month or part of a month (i.e. 9% per annum) subject to a minimum of £2.54 per month from such due date until payment, in addition to the relevant interest charge, to accrue both before and after any judgment and shall be charged to the Borrower's accounts and payable at the same time, in the same manner as the relevant interest charge. The said rate or minimum amount may at any time and from time to time be changed by the Lender at its absolute discretion.

Additionally, where any sum is not paid by its due date, the Lender may, at its discretion, alter the amount which is subject to the additional interest charge. In the event of any such change or alteration occurring during the continuance of this facility, the Lender will give to the Borrower a minimum of one month's prior notice that such change or alteration is to take place. Any such additional interest charge is intended to constitute liquidated damages to the Lender including compensation for its increased administrative and related general costs occasioned by the default of the Borrower. Notice under this clause may be given by the Lender to the Borrower by any means the Lender considers reasonable.

 

4. SECURITY

Any security held now or at any future time shall be security for all liabilities. All legal charges and other costs associated with the completion of the Lender's security requirements, are the customers responsibility and will be debited to your account (where applicable) as they arise.

 

5. JOINT BORROWINGS

Where an advance is granted to two or more persons, the liability to the Lender shall be joint and several.

 

6. AUTHORITY

The Lender is authorised by the customer(s) to disclose information relating to the account(s) or any security held in relation to the account(s) to any person acting as agent or to other third parties engaged by the Lender in connection with the account(s).

Regulatory Compliance

 

The Financial Conduct Authority (FCA) does not regulate some forms of buy to lets, commercial mortgages, secured loans, unsecured loans, earned wage access schemes, bridging loans, trusts, overseas mortgages, and conveyancing or debt management.

Not all borrowers will qualify for a loan, and not all applicants will be approved for their requested loan amounts, and loan repayment periods vary by loan type also. We may use collection services for non-payment of loans.

You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action. Loans are subject to status and affordability. Loan rates will depend on your credit profile. UK residents only.

Not all our loans require a collateral, but any property used as security, which may include your home or business (incl operating premises), may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

No Upfront Fees. All applicable fees are VAT inclusive.