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FAQ

Frequently Asked Questions

1. Are you a broker or a direct lender?

We are a direct lender, lending money directly to you – the borrower. Being a direct lender means we can keep the costs of our loans as low as possible.

2. Do you offer payday loans?

No, we offer short-term loans. Payday loans require you to repay your loan in full when your next pay cheque comes in. Their very short-term duration means that often they carry high charges and fees, so are a costly way to borrow. Short-term loans are different. These come with fixed interest rates and a longer, planned repayment period; usually between 2 – 12 months. Unlike payday loans, short-term loans require an inquiry into your credit history, to ensure you can afford the repayments.

3. Aren’t you just the same as the rest of the short-term lenders?

No, we don’t think so. We pride ourselves on being an understanding, responsible lender that considers every loan application on a case-by-case basis. Our expert team are always on hand to discuss your loan application with you to ensure you select a loan amount, term and repayment plan that suits you. If we don’t think a short-term loan is right for you, we’ll tell you – plain and simple. We also offer lower APRs than many of our competitors and consistently search for ways to lower the cost of our loan products for you, the borrower.

4. Are short-term loans right for everyone?

No. Short-term loans should only be used as their name suggests; as a short-term financial solution. They are not designed as long-term solutions to cashflow or debt problems and you should carefully consider whether or not a short-term loan is right for you before taking one out. If you have any doubts as to whether or not you are able to repay your short-term loan, you should not apply for one.

5. I can’t get credit elsewhere & have a CCJ (County Court Judgement), can you help me?

We may be able to, yes. We see the person behind the application, that’s why we assess every applicant on a case-by-case basis. We take into account your current circumstances, along with the information on your credit file, to make a decision on whether or not a JL Money short-term loan is right for you.

6. How much can I borrow?

We offer a wide range of loans to suit different needs. Our loan amounts vary according to the type of loan that you opt for and we’ll look at your current circumstances and assess your ability to repay before making a decision on the actual amount that we lend. The amount you can borrow according to loan type is as follows:

Short-Term Personal Loan: £200 – £500

Short-Term Guarantor Loan: £550 – £2,000

Premium Loan: £2,500 – £10,000

Bespoke Loan: £5,000 – £100,000

Business Loan: £2,000 – £25,000

Approval is subject to a full assessment of your application.

7. Why do I need a guarantor?

Guarantors are used to secure your loan, ensuring that you have someone to repay your loan for you if for any reason you are unable to. As we lend to some customers who have poor credit history, guarantors enable us to be more flexible with who we are able to lend money to, and also allow us to keep the cost of our loans lower than many of our competitors.

8. Who can I use as a guarantor?

A guarantor must be a UK resident aged 18 or over currently in employment and cannot be a family member. Upon application, we will require proof of your guarantor’s income and address.

9. How much will I have to pay back if I take out a loan?

That all depends on the amount you borrow and how long you borrow it for. When applying for a loan, your repayment plan will be clearly laid out for you, so you know exactly how much you have to repay based on the amount and duration you wish to borrow for. Visit Our Loans page and use our online loan calculator to find out more.

10. How long will I have to pay back my loan?

Again, that is dependent on the type of loan you take out. We offer a range of short-term loans with flexible repayment plans. You can choose to pay back your loan weekly, fortnightly, four-weekly or monthly over the following durations:

Short-Term Personal Loan: 0 – 6 months

Short-Term Guarantor Loan: 0 – 12 months

Premium Loan: 13 – 24 months

Bespoke Loan: 1 – 12 months (longer durations can be considered on a case-by-case basis)

Business Loan: 1 – 12 months

11. Can I pay back my loan early?

Absolutely, yes. You are able to repay your loan early, in part or in full, at any time over your loan period if you wish. You won’t incur any additional charges for paying back your loan early.

12. Will it still cost me the same if I pay back my loan early?

No, it won’t. Although the same APR will apply, we will recalculate what you owe based on the shorter duration you’ve held the loan for, so the total amount you pay back will actually be lower. This will all be explained clearly in your loan contract for you.

13. What happens if I miss a repayment?

We understand that sometimes things can happen, so we never charge any additional fees for late or missed payments. All we ask is that you get in touch with us if your circumstances change, or if you’re worried about keeping up with your repayment plan. We’ll do our best to work with you to resolve the issue and get you back on track.

14. When will I hear if my application has been successful?

If you apply online or by telephone, we aim to provide an initial decision within 30 minutes of receiving your application, providing we receive your application between the hours of 9:30am and 5:30pm Monday – Friday. If you apply out of these hours, our automated decision engine will send you a response within an hour.

If you apply at one of our Service Centres, where possible, we will provide you with a decision during your appointment.

15. How quickly will I get the money?

Upon approval, your loan will be paid into your account within 2 hours.

16. What does APR mean?

APR stands for Annual Percentage Rate. In simple terms, this is how much it would cost you to pay back your loan in total over a 12 month period.

17. What does Representative APR mean?

Where loans use a representative APR, this means at least 51% of successful applicants will be given the stated interest rate. For example, if a loan is advertised as being 7.5% representative APR, this means that 51% of accepted applicants have to receive 7.5% as their APR.

18. What is the APR for my loan?

This completely depends on how much you want to borrow and the period you wish to borrow it for. Our representative APRs are all detailed clearly on Our Loans page if you want to find out more.

19. What’s the difference between a Short-Term Loan and a Payday Loan?

A short-term loan works on an instalment repayment basis, allowing you to repay your loan on a weekly, fortnightly or four-weekly basis over 3, 6 or 12 months. You are able to repay your loan in full at any point over the duration of your loan period if you wish to do so early and won’t incur any additional charges. Short-term loans often use guarantors and check your credit profile before agreeing to lend to you.

Typically, a payday loan is a very short-term, high-cost loan which requires you to pay back your loan amount plus interest in full within 30 days or less. Payday loans do not require credit profile checks and are typically unsecured, meaning no guarantor is needed.

20. Will anyone else know about my loan?

No. At JL Money, we treat all of our customers with the utmost confidentially and follow the Data Protection Act at all times. However, as your loan contract will explain, your loan may be passed on to a debt collection company if you fail to keep up with your repayments.

21. What is MOGObankconnect?

MOGObankconnect is a quick, easy and secure way to share your online banking transactional data with us during your application. Find out more about how it works here

Still haven’t found an answer to your question? Get in touch with us via email at loans@jlmoney.co.uk or call 020 3302 4020 (9:30am – 5:30pm, Mon- Fri). A member of our team will be happy to help.