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.
All Of Your Questions Answered Simply
How Much Money Can I Get?
For Kredit offers businesses anything from £5,000 to £500,000. The amount you receive will depend on how much money your business takes in card sales each month.
How Long Will It All Take To Be Approved And Receive The Money?
You'll be pre-approved in under ten minutes and the money will enter your account in as little as 7-14 days.
What Do I Need To Qualify?
The criteria is simple. You must be a UK business that's been running for 1 year or more, and you need to be making a good volume of card sales each month.
Does It Matter If I Have Bad Credit?
No. For Kredit will not reject your application if you have bad credit. We are not interested in your personal credit history. We only want to know how many card sales you make.
How Do Repayments Work?
Repayments are not taken as fixed figure amounts. Instead, repayments are made by taking a small percentage of your future card sales. If you make less money one day, you'll also repay less. This reduces the risk of defaulting on repayments and ensures that repayments are flexible.