Customers of the Loan Ranger benefit from the convenience of repayment in three monthly equal instalments with text and email reminders prior to the agreed collection date confirming your payment details and the amount to be debited.
It is of vital importance that you keep to the agreed dates set out in the loan agreement as failure to meet the repayment schedule will place your account into arrears and this information will be passed to a credit reference agency.
Should a repayment date be missed, there is a one off default fee of £15 and the daily interest of 0.80% will continue to accrue until the loan has been repaid. If your circumstances change, please contact us to arrange a more flexible repayment plan.
Extensions, Renewal and Rollovers
Please note that the Loan Ranger does not provide renewals or rollovers. However, in accordance with our responsible lending criteria, the Loan Ranger may offer you a repayment plan if your circumstances change.
Whilst the Loan Ranger does not provide rollovers, the reference is to a small fee which can delay the repayment of your loan. It does not reduce the final balance but in fact dramatically increases the cost of the loan by rolling over.
Non-payment and your credit file
Should your circumstances change and you can no longer afford to make your repayments, your credit file will be impacted upon and record it. This in turn may affect your chance of obtaining credit in the future. To ensure your credit report remains intact, make sure you can meet the repayments prior to securing funding.
What are the alternatives to payday loans?
It is always advisable to make sure you check out all the alternatives before you take out a payday loan. Please see ‘what are the alternatives to payday loans’ for more information on the alternatives to payday loans and other types of financial aid and assistance.