FAQs

Our loans have a cooling-off (or ‘grace’) period of 15 days once the loan has been paid out.

If you change your mind about the loan simply tell us within  15 days of receiving the funds. The full amount, including any interest that has built up needs to be returned within 30 days. We won’t charge early settlement fees if you do. Once the loan has been returned, your account will be closed.

If for any reason you miss a payment, we’ll let you know (and your guarantor, if you have one). We will see what options are available to help you get back on track - and don’t worry, we never charge penalties for late payments.

If your monthly repayment is more than 14 days late we are required to report this to the Credit Bureaus. It’s incredibly important that you contact us if this is likely to happen, so we can work together to try and protect your credit file. 

There are a lot of positives to keeping on track with your repayments. One is that it could help to build your credit score. Another is that it puts you on a path to activating our RateDropper feature and unlocking lower interest rates!

If you have a guarantor loan with us, we’ll try and work with you to get the account back on track. If, for some reason we can’t come to an arrangement, we’ll then ask your guarantor to step in. 

If you’re struggling with repayments, we’re here to help you get back on track. Please call us on 01202084527. You can also email [email protected], if you’re more comfortable chatting that way.

It’s pretty easy! Payments will automatically be attempted on your chosen repayment date, using the debit card details you’ve given. You can also make a loan repayment by calling us on 01202084527. To check your loan details and download your documents you should log into your online account. If you want a loan statement, or to request a change to something about your account you’ll need to call us.

Sure! This could also save you money, which we love.

Prepayment 
We don't charge extra fees if you want to prepay (all or some of) your next monthly instalment before it’s due. You can prepay like this as many times as you want during the loan term. 

If you fancy paying more than your next repayment amount, but you’re not aiming to settle the loan in full, then you can make a partial early settlement.

Partial Early Settlement
If you want to pay off a chunk of your loan to reduce the balance and / or loan term, this is known as a partial early settlement. If you want to do this,you must let us know before making a payment. 

You can partially settle your loan by paying more than the monthly repayment amount, but less than the remaining balance. If you want to pay off the whole balance, you’ll need to follow the early settlement process.

Partial early settlement reduces your balance, leading to a recalculation of the time left on your loan term (or if the amount paid is too little it will just reduce the final monthly repayment).

Partial early settlement payments will not count towards your milestone markers and RateDrops.

The most important thing to remember, for partial and full early settlements, is that you'll pay less interest overall, saving you money.

Early settlement

You can also settle the loan in full (see FAQ ‘Can I settle my loan early?’).

We know that life has its (often unpredictable) ups and downs. If you can't make a repayment, it’s important that you let us know as soon as possible. Our agents are here to listen, talk through solutions, and figure out the next steps, together.

If you're a borrower or guarantor struggling to manage your RewardRate payments, please give us a call (during opening hours) on 01202084527.

How you maintain your loan (whether you make payments on time or not) will affect your credit score.

When you make a payment on time, this will be noted on your credit file. The more payments you make on time, and in full, the better your credit file should look. Paying your loan on time and in full each month is a good way to show you’re a reliable borrower.

This is good if you’ve got a low credit score or no credit history. As long as you keep on top of your other bills and financial commitments as well, your credit score could begin to rise.

Please be mindful that if you miss a payment and the account falls behind by 14 days, we’ll have to let the credit reference agencies know. This could affect your credit score, making it harder to borrow in the future.  

It’s important that you keep on top of loan repayments, for your financial and personal wellbeing. We appreciate that things don’t always go to plan however. Let us know as soon as you can on 01202084527 if you're struggling to make your repayments. We’ll do what we can to support you.

If you have an active loan with us then unfortunately we can't lend you more money, as we don't offer top-up loans.

However, you can apply for finance with us six months after paying off your last RewardRate loan.

We’ll always attempt repayment on your chosen repayment date, however, if you pay via direct debit and the date falls on a weekend or bank holiday it might come out the next working day. 

If a repayment date in any month is not a working day or is a date that does not occur every month (for instance, the 31st), we will treat your repayment as being due on the next working day for record keeping and credit purposes.

All of your documents will be stored in your online account. It’s probably easiest if you download the document you need as a pdf and if you can, print it at home. If this isn’t possible just contact us on 01202084527 or [email protected] to tell us what you need and we’ll send it to you.

If you opt in to receive electronic copies of documentation, we’ll send most of it via email. There are certain documents that we still have to send to you in the post. This is in accordance with the Consumer Credit Act. This may include, but isn’t limited to, missed repayment updates (if your account is behind) and other legal notices.

If you’ve opted into going paperless, it’s really important that you take responsibility for checking your online account or email address for notifications. If you want paper documents sent to you too, please let us know.

You won’t have to pay for paper copies but, in the spirit of being environmentally friendly, please only do this when you need to.

We’d like to help you to form healthy financial habits, and checking your documents regularly is a great habit to get into. Any new documentation related to your loan will be popped into your online RewardRate account and sent to you via email as well.

We’ll delete your online account once your loan has been repaid, although you can still request any documentation relating to your loan after it’s been closed. We’ll securely hold the information relating to your loan for seven years, unless you request that it’s deleted (this request is subject to certain conditions).

You can settle your loan at any time with us. To receive an early settlement figure just give us a call on 01202084527. 

If you’re a guarantor on a loan, you can also settle it early.

What is an early settlement figure?

An early settlement figure is the amount of money you need to pay to close your account with us.

You can ask for an early settlement figure at any point during the lifetime of your RewardRate loan. Please note that the amount we quote will expire after 28 days, so you’ll have to request a new figure if you want to settle after this time period.

How will my early settlement figure be calculated?

If you want to settle your loan we’ll apply 28 days’ worth of interest to your current balance (on the day of your early settlement request, using your current interest rate). We'll allow up to 28 days to make this payment. 

Regardless of when you pay your loan off, you'll never part with more than the amount agreed to when you took out your loan. Settling early usually saves you money!

If the RateDropper feature activates on your account in the 28 days after receiving an early settlement figure then we’ll recalculate the settlement amount. Your final figure will be smaller because of the lower APR you’ve unlocked (hooray!).   

Contact our customer care team

If you're unhappy with any aspect of our service and would like us to look into your concerns, please get in contact with us via:

- email at [email protected];

- telephone on 01202084527;

- in writing to: RewardRate, 11a Avenue Centre, Commercial Road, Bournemouth, Dorset, BH2 5RP.

If you're making a complaint in writing then please give us as much information as possible, including:

- your name;

- your account number;

- a summary of your complaint;

- the best time and method by which to contact you, for if we need more information.

"I've raised a complaint. What happens next?"

We'll acknowledge receipt of your complaint within five working days.

When we acknowledge receipt of your complaint, we will explain our next steps. We aim to resolve complaints as soon as we can and for you to receive a final response from us within eight weeks of the complaint being raised. If for any reason we are unable to meet this deadline we will let you know as soon as possible.

Still not happy?

If you've raised a complaint with us but you aren't happy with the outcome, you can refer your complaint to the Financial Ombudsman Service. You can contact them via:

- post to Financial Ombudsman Service, Exchange Tower, London, E14 9SR;

- their website at http://www.financial-ombudsman.org.uk;

- email at [email protected];

- telephone on 0800 023 4567 or 0300 123 9123.

Do you still have questions?

If you have any questions about this procedure (or anything else complaints related) please don't hesitate to contact us on 01202084527.

Sure thing! If you want to change your repayment date, a RewardRate agent can arrange it for you. It’s worth noting that:

• Your first payment date can’t be moved;
• you can have a payment date change approved as long as you’re not more than three days behind on your latest payment.

Do you want to move your repayment date up to 10 days further away from your current repayment date? You can do this once a year! The ‘year’ is unique to you, in that it starts from the date on which your loan was paid out. This could look like moving your agreed repayment date from 1st January, 2023 to any date between then and 11th January, 2023. 

You’re more than welcome to give us a call on 01202084527 if you’d like an agent to explain the options available to you.

The concept of interest can be confusing for many people. Below is an outline of how we charge interest at RewardRate; it's important that you understand this if you're taking out a loan with us.

Each payment you make will go towards repaying both the interest and the balance (being the initial amount you borrowed). Our interest is calculated daily against the remaining balance, so in the beginning more of your payment will go towards repaying your loan's interest. As you continue with your repayments your balance will decrease, meaning the monthly amount you pay in interest does too. 

The key thing to remember is that the interest you pay is higher at the beginning of your loan term. This gradually decreases as you pay off the loan, as long as you make your monthly payments on time and in full (as stated in your loan agreement). 

You’ll never pay more than the amount you originally agreed to. If you stay on track with your repayments you could even pay less than this (with the interest rate drops that paying reliably earns you)!

By making six repayments in a row (and on time) you can reach a milestone that activates our fantastic RateDropper feature. When you reach any milestone the interest rate on your loan will drop seven business days later, making your monthly repayments smaller (and giving you money back to treat yourself with)! Each RewardRate loan contains a limited number of milestones that can be reached.

Want to get your head around the nitty-gritty of it? This is what unlocked milestones (interest rate drops) look like, with any loan term;

Starting APR is 39.9% APR

Milestone HIT 1 = RateDrop 1 to new APR of 37.4% 

Milestone HIT 2 = RateDrop 2 to new APR of 34.9%

Sit back and relax; we’ll automatically calculate what you’ll pay in total and what your new monthly repayment will be. Once you unlock a lower interest rate, it’ll never go back up.

One of the exciting features of a RewardRate loan is that you have the option of taking an annual payment holiday. Hitting the ‘pause’ button on your loan is handy for when you have something like a birthday or travel coming up that you’d rather spend a bit of money on.

You need to have made at least six repayments, in a row and on time, before being eligible to take your first 'holiday'*. When you reach any milestone (provided your account is fully up to date) you will become eligible for one payment holiday. There’s a short turnaround time for this to be actioned; on the seventh business day after making a payment that hits any milestone, your payment holiday will be approved and ready for booking. Again, this rests on your account being up to date with all repayments. 

You need to let us know at least five business days before the payment you’d like to pause is due, if you want to do that. You can also only request a payment holiday for the next instalment that you’re due to pay. Take this as a working example: 

Imagine that you’ve made six repayments, on time and in a row by June 1st, 2023. We’ll drop you a message after seven business days (on June 12th) letting you know that you’re now eligible for a payment holiday. You decide that you want to take your payment holiday from July 1st, 2023. You’ll need to book this by June 26th, 2023. 

Your interest will be frozen during your payment holiday, and taking the holiday won't affect your credit rating. The payment you're skipping will simply be added onto your loan term.

If you’re keen to take a payment holiday because you can’t afford your monthly repayments then please let us know. We have support options available for our customers during difficult financial times. 

*Payment holidays aren't available to guarantors.

*A full list of eligibility criteria can be found under the title ‘Payment Holiday’ in our website terms and conditions. 

The guarantor is someone - usually a friend or family member - who guarantees or vouches for someone. When you act as a guarantor for someone else’s loan, you promise to repay the loan if the borrower can’t. Being a guarantor can make borrowing possible for someone who otherwise might not have access to finance.

Put simply, a guarantor's responsibility is to make loan repayments if the borrower doesn't. 

Ideally a guarantor will never have to do this. We thoroughly check that loans are affordable for both borrowers and guarantors, but sometimes unexpected things happen and a borrower might not be able to keep their loan on track.

If repayments do fall behind, we'll try and work with our borrower directly before involving their guarantor (although we will keep them up-to-date with what's happening). 

We'll only ever ask a guarantor to make a payment(s) on behalf of the borrower if we think that it’s the best way to bring the account back up to date. 

We’ll do this if we can't put a payment plan in place with the borrower, or if the account is about to fall two payments behind.

If the loan falls six payments behind, we have a responsibility to start reporting the loan on the guarantor’s credit file. This means that future payments from this point, (until the loan is finished) that are made on time or late, will show on their credit report. This information is shared with other lenders and may limit the options the guarantor has for credit in the future.

Our guarantor loan starts at an interest rate of 39.9% APR, but can drop to 34.9% APR with our RateDropper feature! Check out some more information here.

No. All RewardRate loans are unsecured, meaning that you can borrow money without offering up security based on a major asset, like a house. The only exception is if we have to resort to court to recover missed payments and a property charging order is granted (which means if you sell or re-mortgage your home before the debt is cleared, the charging order will be paid off from the sale or re-mortgage proceeds). We take steps to avoid this whenever possible.

If a loan hasn’t been paid out then the guarantor on the loan application can be changed. Call us on 01202084527 and we can make the change for you.  

If the loan has been paid out then the only way to stop being a guarantor is to settle the loan in full.

If you’re still in the application process (even if you’ve signed the agreement) and providing no money has been paid out, then you can withdraw your application. You’ll need to tell us if you’d like to do this, before we sign your final paperwork. If you’re having doubts about your commitment then please call us as soon as possible on 01202084527. You can also email [email protected] if you’d prefer.

If the money has been paid out, and you’re within the 15 day cooling off period, then you can hand the loan back to us (plus any interest accrued). This will signify the end of your time with us as the guarantor on that loan. The only way to stop being a guarantor, outside of the cooling off period, is to settle the loan in full. Check out our FAQ titled, ‘Can I settle my loan early?’ if you’d like to pay off a loan that you’re the guarantor on.

You can find some useful information on being a guarantor in this RewardRate blog.

If the borrower misses a payment for any reason, we’ll do all we can to work with them to get the account back on track (we’ll keep their guarantor in the loop too).

If the account remains overdue, and we haven’t been able to put a plan in place with the borrower, we’ll attempt payment from the guarantor’s card just before the next payment is due. 

We’ll always let a guarantor know before we attempt a payment from their debit card. We’ll also let them know how to contact us if making the payment will leave them in a tricky situation. This is why we ask guarantors to keep us posted if their financial situation ever changes.

Yes, our Customer Care team is available to assist you. RewardRate’s usual opening hours are 9am-6pm Monday to Thursday and 8am-5pm on Fridays. We’re available on:

RewardRate Customer Care

Phone: 01202 084527

Email: [email protected]

The terms and conditions of all loans remain as agreed when the loan was taken out. Payment is due in line with this agreement. If you fail to make payments on time then this will affect your credit record. If you have any difficulty in making payments, please call the RewardRate Customer Care team straight away on:

RewardRate Customer Care

Phone: 01202 084527

Email: [email protected]

The terms and conditions remain as agreed when your loan was taken out. If you’re unable to make a payment on time then please call the RewardRate Customer Care team straight away. 

RewardRate Customer Care

Phone: 01202 084527

Email: [email protected]

This doesn’t affect the agreed terms and conditions of your loan.

This isn’t a possibility as the company is no longer providing loans.

If you can’t repay your loan on time then please call the RewardRate Customer Care team straight away.

RewardRate Customer Care

Phone: 01202 084527

Email: [email protected]

Your loan should be repaid as arranged when it was taken out (unless you have other arrangements agreed with our Collections team). Payments will be taken as usual. You do not need to take any additional action.

If you receive any requests to make payment to an alternative account then please inform the RewardRate Customer Care team straight away.

Never give personal or account details to anyone who contacts you unexpectedly. We’ll never ask for your full bank details as a part of identity verification and without you informing us that you need to change them.

Please contact our RewardRate Customer Care team on: 

RewardRate Customer Care

Phone: 01202 084527

Email: [email protected]

The call centre will remain open as normal, but please be aware that we’ll be handling a high volume of calls. Your wait may be longer than usual

The terms and conditions of your RewardRate loan remain as agreed when the loan was taken out.

By making six repayments in a row (and on time) you can reach a milestone that activates the RateDropper feature. When this happens the interest rate on your loan drops, which makes your monthly repayments smaller. Each RewardRate loan contains a limited number of milestones that can be reached. This process remains automatic, so you don’t need to take any action once you’re eligible for this benefit. 

The terms and conditions of your RewardRate loans remain as agreed when the loan was taken out. 

One of the exciting features of a RewardRate loan is that you have the option of taking an annual payment holiday. You need to have made at least six repayments (in a row and on time) before being eligible to take your first 'holiday'. 

Then, after seven business days, you’ll have the ability to book your holiday. 

Your account must be up-to-date with repayments, and you need to let us know at least five business days before the payment you’d like to pause is due. 

You can also only request a payment holiday for the next instalment that you’re due to pay. 

Your interest will be frozen during your payment holiday, and taking the holiday won't affect your credit rating. The payment you're skipping will simply be added onto your loan term.

If you’re keen to take a payment holiday because you can’t afford your monthly repayments then please let us know. We have support options available for our customers during difficult financial times.