Managing your loan

  1. Accepting your loan offer

    Once your loan application has been approved you'll receive an email from us to confirm. If you're happy with the APR and your monthly repayments and would like to proceed, you'll need to confirm that you wish to accept the loan offer. To do this, you should:

    • Click on the link in the email and log in to your borrower dashboard
    • Find the relevant loan and click ‘Accept loan offer’
    • Read through and accept the loan documentation, and then click 'Continue'
    • Confirm your bank details for your monthly Direct Debit repayment, and then click 'Next'
    • Provide the address of your bank/building society from which the Direct Debit will be taken, and then click 'Next'
    • Review the final Direct Debit instruction, and then click 'Next'
    • We will confirm that the funds have been transferred to your account via email; likely on the next working day
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  2. Cooling-off period

    Once you've accepted your loan agreement you'll have up to 14 days to cancel your loan in case you change your mind, known as your 'right of withdrawal'. You can let us know you wish to cancel your loan in any one of the following ways:

    • Email us at cs@lendingworks.co.uk
    • Call our Customer Services team on 020 7096 8512
    • Write to us at 60 Gray's Inn Road, London, WC1X 8AQ

    When we receive notice that you wish to cancel your agreement, we'll ask you to return the funds within 30 days. Once we receive the funds we'll cancel your loan, without charge.

    To read more on right of withdrawal periods, please click here.

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  3. Changing your monthly repayment date

    Once your loan application has been approved you'll be instructed to set up a monthly Direct Debit for your scheduled loan repayments (using the bank account details you provided during the application process).

    Once your loan has been paid you'll be able to change the date on which your repayments are collected. To find out how best to do this, and more information about it, please follow these steps:

    • Log in to your borrower dashboard
    • Find the relevant active loan, and then click ‘View/Change Payments’
    • Click 'Change repayment date'

    This will provide you with detailed information regarding switching your repayment date, which you can action by contacting our Customer Service team on 020 7096 8512 or at cs@lendingworks.co.uk. Alternatively you can let us know your preferred repayment date during the application process.

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  4. Making overpayments

    You can make overpayments on your loan at any time, without incurring any additional charges. If you want to make an overpayment, please:

    • Log in to your borrower dashboard
    • Find the relevant active loan, and then click ‘Make overpayment’
    • Transfer the relevant amount into Lending Works' bank account using the details provided
    • We will confirm via email once your overpayment has been received and credit your loan balance

    Once we've processed your overpayment, the amount of your next scheduled payment will remain the same (though the amount of interest will be reduced to reflect your overpayment so you'll be paying off more of your loan balance). All future payments on your loan will then be reduced to reflect your overpayment. You can check how much interest the overpayment will save you by using our Overpayment Calculator within your account.

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  5. Settling your loan early

    You can settle your loan early at any time. We will not charge you for doing so, unlike most lenders. If you want to settle your loan early, please:

    • Log in to your borrower dashboard
    • Find the relevant active loan, and then click ‘Settle loan’
    • Pay the value of the settlement figure into Lending Works' bank account using the reference provided
    • We will confirm that the loan has been fully repaid via email once we've received the funds and applied them to your account
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  6. Closing your borrower account

    If you have cancelled your loan agreement as per the Terms and Conditions, or you have repaid your loan in full and wish to terminate your account with Lending Works, you will need to contact us so that we can close down your borrower account for you. You can do this by either calling us on 020 7096 8512, or by sending an email requesting an account closure to cs@lendingworks.co.uk.

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