Managing your loan

Managing your loan well could improve your credit rating and help you to borrow more in the future

Here are some useful things to know about Morses Club to help you with your loan management. If you follow these steps and manage your loan well you may be able to borrow more in the future.

Make your repayments on time

You will arrange a date and time each week with your agent to collect your repayments. It is important to pay these on time to avoid going into arrears. If you make your repayments on time then it will increase your chances of borrowing in the future and could improve your credit rating.

Make the repayments in full

Continually meeting or exceeding your repayment amounts may increase the chances of you being approved for future credit. If you frequently pay lower than the set amount then your account may go into arrears. Talk to your agent if you cannot make your full repayments.

Missing or late payments - what to do

If you miss a payment the first thing you should do is talk to your agent. We know that sometimes life can get on top of you, and we do not charge for missed or late payments. Try to talk to your agent in advance if you feel that you may have to miss a payment, and they will help you to arrange a more manageable repayment plan. Websites like Stepchange and Citizens Advice are also good places to look if you are struggling to manage your debt.

Charges and interest

We do not normally charge any missed or late payment fees and will always try to help you work out an individual payment plan if you find yourself in financial difficulty. Our interest is fixed - so your repayments will not go up and you know exactly what you will pay back each week.

Paying your loan off early

Unlike some lenders, we do not charge a fee if you want to pay your loan off early. You should talk to your agent if this is something that you are interested in. Depending on how early you pay back your loan you may be entitled to an early settlement rebate.

Taking out a second loan

If you are an existing customer and you want to take out another loan with us then you should talk to your agent. Whether you are able to do this depends on how long you have been a customer, and how well you have been paying back your existing loan.

Representative Example:

£200 loan repayable over 20 weeks at £15.00 per week, Rate of interest 50% fixed; Representative 756.5% APR, Total Amount Payable is £300.

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