Implications of Non Payment
Lenders follow their own principles and policies regarding fees and interest if you don’t pay on time. While most of them will contact you by phone or letter to rearrange payment, remember that non-payment can lead to extra charges and increased interest rate which eventually affects your credit score. It’s important that you read the lender’s website’s charges section before finalising the loan.
Lenders usually contact you by phone, email or letter to arrange payment as non-payment can lead to charges and higher interest rates affecting your credit score. There is the possibility of your debt being passed on to a collection agency and consequent further charges with continued non-payment.
Make sure you contact your lender well before your repayment date if you plan to renew your loan. You will most probably be charged the same rate of interest and fees for the next month on the entire loan amount. The loan renewal/extension is automatic and leads to more interest and charges to your account in the event of a non-payment.
Find the answers to all of your questions
Is the full application made online?
Yes, you apply online by filling out a form to see if you qualify for pre-approval. Selected paperwork may be required, so you might have to send in some documentation as well.
How are repayments made?
Unlike other loans, you do not make fixed repayments; a small percentage of your daily card sales is taken out as repayment. If you don’t get paid, neither do we, so you never have to worry about being able to afford your repayments.
What amount am I allowed to borrow?
You can get anywhere from £2,500 to £300,000, as long as you fit the few and very simple criteria requested by Merchant Cash Express.