What happens if I might struggle to repay my loan - can I extend?
We understand that unexpected stuff happens in life - that's why we offer our service! But we normally require full repayment on the date you choose when you apply. That way we won't keep rolling your balance endlessly from month to month, which can sometimes happen with payday loans, credit cards and overdrafts.
If there's an unavoidable short term change in your circumstances, however, you may extend your loan for up to a month from the current promise date on a strictly limited basis. You can do this yourself by logging in to the MyAccount area of the site at least one day before repayment is due.
Simply select the new date and you'll be shown exactly how much extra your repayment will be. Remember that extending a loan will always cost you more and should therefore be avoided if possible. An administration fee will be added to your balance and interest will continue to accrue (at the same rate as normal) during the extension period.
Unlike some less scrupulous lenders, we also require a part-payment of the current balance to approve an extension. All interest and fees accrued to date must be repaid, leaving only the principal amount borrowed to be extended. This not only helps rebuild our faith in you, but also greatly reduces the outstanding balance on which interest will apply. So please only arrange an extension if you're happy with these terms and have the cash available to make a part-payment.
If your change in circumstances is longer term, please contact our collections team on 0844 842 9109 so we can discuss the options available to you and work with you to get this resolved. The collections team is available Monday - Friday, 9am - 10pm.