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Important information

Collection practices

Once you have received your instalment loan amount, if for any reason you think you will be unable to meet any arranged repayments, or if you think there will be any difficulty repaying any part of your loan, then you must contact the provider of your loan directly as soon as you become aware.

Contacting your lender will provide you with the best opportunity to perhaps reschedule your loan repayments or discuss further options in more detail to avoid adverse action. Changing repayments of your loan amount could incur further charges or interest, the details of which can only be discussed directly with the lender of your instalment loan. If no attempt is made to contact your lender and update them on any circumstantial changes or make the lender aware of any difficulty in paying back what you owe; they reserve the right to pass on your details to third party debt collections agencies or organisations that will attempt to recover the debt.

Lenders usually reserve the right to utilise the Continuous Payment Authority to continue to attempt to take payment from your card up to 90 days past your due date. This is only done if it is in line with the terms of your agreement. Please check your own Terms and Conditions on your signed loan agreement for details.

Non payment implications

• Don’t borrow money if you know you will struggle to pay it back
• Don’t ignore the situation, contact your lender as your first port of call

Please be aware that if do not repay your loan at the agreed date between yourself and your lender, this will result in your lender reporting your case to the Credit Reference Agencies; which may have a negative effect on your credit score. This may negatively impact your ability to obtain credit in the future for services such as car finance, mobile phone contracts or satellite TV subscriptions. If you default, you may be charged a collection fee (which varies from one lender to another), plus interest on the balance outstanding at the interest rate payable under the agreement. You must pay your lender any reasonable expenses and costs that may be incurred in taking steps to enforce (for example, via County Court Judgments), or attempt to enforce, the lenders rights against you under your agreement.

Instalment loan renewal policy

Your lender may be willing to renew your loan. If you wish to do this you should contact them as soon as you know. Our lenders generally charge the same or better rates for loans if you have successfully repaid a loan to them in the past. Remember our lenders have to check that you can afford any loan. Any decision you make regarding the renewal of a loan should be made with full consideration of all the costs and your situation at that time.

Late or non-payment could lead to further interest and/or charges being added to your account.

National Loans are the first port of call when you need a quick injection of cash in the month and to spread the repayments out over a number of months. This is a good alternative to a short term loans or payday loans. We have the ability to search our select panel of short term lenders in a matter of minutes, returning a decision to you within the same time.

Of course everyone is aware of the convenience that National Loans offer in terms of how quickly you can get a decision. The National Loans ethos is to offer that same convenience and speed offered by payday loans lenders but offer loans that leave you a little more breathing space with repayment.

Of course you will never find any hidden fees for our services and all loan applications will only be the first step in your loan approval. By simply submitting an application with us does not tie you into a loan agreement.

This is a misunderstanding some borrowers’ have. You will only be liable for a loan and repayment after agreeing to the loan contract and signing electronically online with your lender before receiving your cash.

Online loans over a longer period

A loan through national-loans.co.uk is a great alternative to a short term loans because unlike traditional payday loans, you can pay back over a longer period, up to 60 months.

When you apply for an online loan with National Loans you are not usually required to fax over any supporting documents such as bank statements or employer references. Our lenders are normally able to provide a decision, simply through submission of a basic 5-minute form.

National Loans through National Loans are approved online and funded directly to your UK bank account. However, the repayment can be made over several months, rather than just one month.

We tend to find that instalment loans suits most borrowers as they have longer to repay. The decision to apply for a loan should be the result of consideration and full understanding of the loan terms within the agreement.

No obligation application

Providing you fulfil the simple eligibility criteria, you should have no problems with making an application. Just because you make an application, does in no way mean you will be accepted for a loan. This is the same process as when you apply for short term loans. Your initial application will be screened by the lender which is most likely to approve your application, based on the details that you have provided on your application.

If you meet all the criteria for a loan and your credit screening is successful, you will then be presented with the best available instalment loan for your circumstances. You are under no obligation to accept this loan offer and will not be liable for anything until a loan agreement has been signed.

So if you required a loan of £400 for example and are only offered £200, you are in no way obligated to take the loan offered and have every right to change your mind or not proceed.