FAQ

Below is a selection of the most popular questions often asked by our customers.

If you need to know something that is not answered below, please do not hesitate to contact us on 02071931141 or by completing our quick enquiry form.

Is Even Loans a broker or direct lender?

Even Loans is a direct lender offering responsible lending.

What are the requirements to qualify for a loan?

To qualify for an Even Loans loan, you must be at least 18 or over, a UK resident, have a UK bank account, debit card and a UK phone number. You will also need to pass our affordability assessment and satisfy our minimum income threshold.

If you meet any of these criterias, you can click here to get your application started.

If you are in financial hardship and require help, please contact moneyadviceservice.org for free impartial debt advice before applying for a loan

What is the maximum amount I can borrow?

New customers have an initial maximum borrowing limit of £100 for a maximum of 3 months. This is to protect you from financial hardship. As you successfully pay back your loan on time and in full, we upgrade your borrowing limit so you can choose to borrow more the next time.

Each loan application is subject to verification of details, affordability assessment and credit history checks.

What is the interest on a £100 loan?

Our rate is very competitive compared to other short term loan firms. We charge a competitive rate of 0.6% per day for every £100 borrowed. This means a maximum interest rate of 18% over a period of 30 days. This is less than the maximum interest charge allowed by the Financial Conduct Authority (FCA). We don’t charge any additional borrowing fees.

If you would like to apply for a loan, click here to proceed to the application page.

How quick do I get the money once approved?

Once your application has been verified and a final decision reached to approve your loan, we aim to get the money into your bank account within the day.

What is a representative APR?

The Representative APR (Annual Percentage Rate) represents the highest APR at which majority of loans made through advertisements are written at. This is usually at least 51% of loans. Although we are required by regulations to present this, we are equally as delighted to show you how transparent we are in terms of the percentage representative of the loans made.

However, APRs are an unsatisfactory measure for comparison and actual cost of short term loans. This is because Even Loans offer short term loans between 1 to 3 months but APR represents the annual calculations, forcing the multiplication of the actual percentage rate.

How are the instalments calculated?

With a loan from Even Loans, we take into account the loan amount and loan term. We split the total repayment evenly across the loan term so that you know how much to expect each instalment period.

As an example, if you borrow £100 over the term of 3 months, the instalments will be calculated as below:

Capital Outstanding: £100, Loan term: 3 Months, Total repayment: £130.
£130 divided by 3 months: Month 1: £43.34, Month 2: £43.33, Month 3: £43.33.

Do short term loans affect my credit history?

Yes, short term loans affect your credit history. If you pay your loan with us on time, it will be updated and reflected in your credit history that your debt has been repaid. Likewise if you do not pay your loan, this will be recorded on your credit history and may affect your ability to take any loan in future dates.

Is it possible to pay back my loan early?

Yes, you can pay back your loan in full or partially at any time by either logging in to your members area to make online payments or emailing our customer service team on loans@evenloans.co.uk.

What is the Even Loans complaint procedure?

Should you wish to make a complaint, please contact us at loans@evenloans.co.uk. Please ensure that you include in your email the following:

  • – Your loan reference number
  • – Your full name, address and date of birth
  • – A daytime telephone number in case we need to contact you about your complaint
  • – The best method of response (i.e. in writing, by email or by telephone)
  • – A detailed description of what your complaint is about
What if I miss a payment?

Our first response is to contact you in order to understand why the payment was missed. We simply want to understand the best way to help you.

If your repayment remains unpaid without alternative arrangements, it is likely that your account will fall into default. When this happens, we will set out the next steps required to secure the outstanding balance.

However, we are commited to you and as a result, we will work with you to ensure a default doesn’t happen.

How do you collect repayments?

We collect repayments via Continuous Payment Authority (CPA). Each time your repayment is due, we will collect it from your debit card automatically as stated in our terms and conditions unless told otherwise.

You can cancel this CPA at any time either by contacting your bank directly, or by contacting us in writing, by emailing loans@evenloans.co.uk or by calling us on 0207 1931 141. Please note that if you do cancel CPA, you will still owe us your outstanding balance and you will be required to make due repayments by alternative methods.

You can contact our Customer Support Team for details and options on how to pay us. We will do our best to ensure you never miss a payment by reminding you to make payments before each due date.

Can I modify my agreement?

If you wish to modify your agreement, you can contact our Customer Servce Team in writing by email, loans@evenoans.co.uk or by telephone, 0207 1931 141.

Please note, modifying your agreement is subject to a new affordability assessment before setting this up.

What is a summary of borrowing?

We are required to provide a summary of borrowing to all customers. It provides an overview of the total cost of your borrowing. The summary is made available to you when:

  • – You settle your loan balance with us; or
  • – Three months have passed since you made your last payment to us and we have not closed your account; or
  • – Your account with us is closed as a result of default or forbearance.

Your summary of borrowing will be made available to you in your members area within a few days of the above circumstances taking place. If you have any further queries regarding the summary or would like to request a summary, please do not hesitate to contact us using our contact us page.

Is there an Even Loans members area?

We have a members area designated for each of our customers. Through your members area, you are able to manage your account, update your contact details, request and pay your loan early and view any relevant documents regarding your loan.

You will be prompted to create an account when applying for a loan.