Fees and charges
At Morses Club we don't like to make things complicated, that's why we're open and honest with you about all the fees and charges for your cash loan before you apply.
- Our interest rate is fixed and will never change from what's agreed at the start of your loan.
- We don't have any missed or late payment fees.
- If you're having trouble making repayments, we will work with you to figure out an alternative payment plan.
- We don't have any loan settlement charges, if you wish to pay your loan off early.
Frequently asked questions
Are they any extra charges for taking out a loan?
We have no upfront costs and don't charge any missed or late payment fees. We will help you work out an individual payment plan if you have difficulty in keeping up with your repayments.
How much is it going to cost me?
The only cost on top of your loan is the fixed interest, so you only pay back your loan amount plus the interest. This is the "Total amount payable" and varies depending on the loan you take out.
To give you an idea:
£400 loan repayable over 39 weeks at £18.96 per week, Rate of interest 113.46% p.a fixed; Representative 498.78% APR, Total amount payable is £739.44
There are no fees on our pay weekly loans. You can find the cost of our loans, including the interest rate and APR on our loan calculator.
What is the APR of my loan?
This depends on which loan you take out:
- 39 week loan: representative 498.78% APR
- 52 week loan: representative 342.94% APR
Your agent will explain all the details of our doorstep loans, including the APR and interest charges, when they visit you to finalise your loan.
When do I start paying back my loan?
Your first repayment will be due 7 days after you have received your loan. Your repayments will then continue on a weekly basis.
Your agent will update you on the details when they come to finalise your loan. Alternatively, you can make repayments online using the Customer App.
It’s important to manage your loan well, try to ensure that your first repayment is on time to avoid going into arrears.
What if I miss a payment?
You will not be charged but you should contact your agent to talk about how to avoid this in the future. You can catch up on missed payments by making them on the Customer App or by contacting our Customer Service Team.
If you miss payments frequently then your local Customer Relationship Manager will contact you to talk about your account history and work out a solution with you.
Please note that continuously missing repayments could negatively impact your credit file, which may affect your ability to borrow in the future.
What if I'm struggling to make repayments?
The first thing to do is to talk to your agent, who can talk to your local Customer Relationship Managers about a solution. It may be possible to reduce your weekly repayments to make them more convenient for you; a Customer Relationship Manager or agent will discuss this with you.
It is important that you talk to your agent as soon as you can.
Can I pay my loan off early?
If you wish to increase the amount that you pay each week then you will be able to pay your loan off early.
Equally, you can pay in one lump sum if you find yourself able to do so - discuss this with your agent if you feel that this is an option.
If you repay your loan early, or if you make overpayments on your loan and make an early partial repayment you may qualify for an early settlement rebate.
Can I make my repayments using a credit card?
We do not accept credit cards as a means of repayment; however, we do accept most major debit cards excluding Electron and American Express.
How much does it cost to contact Morses Club?
There are no extra charges to call our Customer Service Team, it will cost you your standard network rate.