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Guaranteed Loans  
Representative Example      Representative 1386.69% APR      Amount of credit: £300.00 for 21 days      Interest: £50.40      Total repayment: £350.40      Interest rate: 0.8% per day fixed rate                                

FAQs

About our loans

  • What is a Forces Loans loan?
    Here at Forces Loans we offer short-term cash advances of up to £800.00 which can be repaid in one lump sum on your next payday or in instalments spread over several subsequent pay periods.
  • How much can I borrow?
    We offer short term loans of £100.00 to £800.00
  • What do I need in order to get a Forces loan?
    To be eligible for a loan, you must be over the age of 18 and a full time serving member of the UK Armed Forces. Your salary must be paid into a UK bank account with an attached debit card.
    You must have an email address and mobile phone.
    The security steps we take when opening your account are a legal requirement, and if you are unable to give us satisfactory proof of your identity, we are not allowed to open an account for you. Please remember the security checks are also for your own protection and we hope they will give you peace of mind.
  • What documents are required to verify my ID?
    Under anti-money laundering regulations, all customers, new and existing, must provide copies of their MOD90, a photo ID, a bank statement and a pay slip not older than 2 months.
  • Do I need a debit card for a loan?
    Yes. We are unable to provide a loan if you do not have a debit card and have not completed and signed a Continuous Payment Authority form.
  • How much do you charge?
    We charge interest at a rate of 0.8% per day (292% p.a. fixed) of the capital amount outstanding until the loan is repaid.
  • What is APR?
    APR is the annualised percentage rate. We have a representative 3351% APR.
  • Why is your representative APR so high?
    The APR calculation required by law means that where a loan is not taken out for a year, the interest rate must be compounded the same number of times the actual loan period would fit into a year. Because an annualised measure is distorting over short periods of time, we always show the total cost of repayment very clearly too.
    APR was designed to compare the cost of loans or card balances of several years. With a loan of a few days or weeks, the equation not only multiplies the actual period of interest up to a year's duration, but also compounds it, assuming interest-on-interest many times over. The result is a grossly distorted number that bears no relation to the actual interest involved.
    We provide more flexible and shorter term loans and that is why our Representative APR is a bigger number, despite the actual cost being much lower. The best thing to do is always check the full cost of repayment when considering any type of credit, especially short term loans, where APR distorts the actual interest charged.
    APR applies to some credit products, such as short term personal loans and credit cards, yet other ways of charging for emergency cash are exempt, namely extortionate overdraft fees being used by UK banks.
  • What are the risks of taking a loan with Forces Loans?
    Our loans are designed to help out with occasional cash flow problems on a short-term basis when money is tight and should not be used as a long-term solution to financial difficulties. They are not suitable for supporting sustained borrowing for longer periods and are not designed to help you manage existing debt.
    If you find yourself in a position where you are borrowing from one company to repay another then you should seek help from a Debt Management company or your nearest Citizens' Advice Bureau. Taking out a loan with us will only add to your financial commitments.
    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
  • Do you contact current or former Employers?
    No, we operate on a strict confidentiality policy.

Application Procedure

  • How do I make an application?
    If, after having read through the information provided on our website, specifically the pre-contract document, you decide you would like to apply for a loan, you will need to complete the application form on our website.
    If you are unsure how to proceed or are unable to complete the form, please contact the office on 0330 700 9999 or 0800 619 2274 and we will go through the application process with you.
  • How long after applying do I receive the money?
    After submitting your application form, we will send you an emailed response within minutes. You will need to sign the forms and return them to us. Upon receipt of your signed Loan Agreement and other requested information (which will be subject to our affordability and creditworthiness assessment), the funds will be paid into your account that same day. Your signed documents must be received by 16:30pm, Monday to Friday, in order to be processed that day. Applications received after 16:30pm or over the weekend will be processed the following working day.

    Please note that the Loan Agreement issued is an 'in principle' decision with NO implication that the loan is guaranteed. All loans are subject to manual documentary verification and an affordability assessment.
  • Do I need to be a home-owner to qualify for a loan?
    No.
  • Do you carry out a credit check to approve a loan?
    Yes. As responsible lenders we carry out a credit assessment which includes information we obtain from a credit reference agency to verify your application information and to help us determine whether your application will be approved or declined. Credit checks also help us determine the amount of your loan offer, if approved. When we run a credit check it will leave a footprint on your credit report. Footprints themselves are not negative, but if a credit report shows that many searches have been done in a short period of time it could be seen by lenders or others as a sign of identity fraud or financial stress.

    As well as the information we obtain from credit reference agencies, we primarily base our lending decisions on our own unique internal creditworthiness and affordability scoring system which we have devised and developed on the basis of our lending experience.
  • How can I send you the required documents?
    Documents can be sent to us by:
    • Fax: +44 (0)208 922 7021
    • Email: info@forcesloans.co.uk
    • Post: Forces Loans, PO Box 35540, London, NW4 2YT (if posting, we recommend sending documents by way of Special Delivery from your local Post Office)
  • How do I get my money?
    We pay the funds for your new loan directly into your bank account for you to draw on immediately.
  • I am an existing customer, how do I reapply for a new loan?
    If you have had a loan with us before you will not be required to complete the application form again. Please contact the office by way of telephone or email.
  • Why does the amount on my contract differ to the amount I requested?
    On occasion we are unable to approve the amount requested; therefore the loan amount may differ from the amount required. The loan interest amount payable will be adjusted accordingly and will be reflected in the Loan Agreement you receive.
    Subsequent to successfully repaying your loan, we may be able to increase your limit in the future.

Open Loans

  • When is my loan due for repayment?
    All loans are due for repayment on your pay day - the last working day of the month. You can either repay the Capital and Interest in full on your next payday or alternatively, choose to repay the loan via smaller monthly repayments over subsequent pay periods.

    Our minimum loan duration is 10 days.
  • How do I repay my loan?
    Loans are repaid primarily by way of a Direct Debit. We are also able to collect payment from your debit card by way of a manual debit.
  • Can I repay my loan early?
    Yes, you can pay your loan back early. If your find that and you can repay your loan earlier than expected, you could save money. We charge interest by the day so the less time you borrow for, the less you will have to pay back. If you wish to repay early, please contact us. There are no catches or hidden fees.

    Whilst you will be able to pay in full at any time, it is important to remember that if you do pay off your loan within the first 10 days you will be charged interest for 10 days. This does not affect your right to withdraw.
  • Can I defer payment or extend my loan?
    As responsible lenders, deferral of capital repayments will always be at the discretion of Forces Loans and we will only allow a deferral if we are satisfied that you are able to afford it.

    If deferment is permitted, you will still be required to pay the applicable interest for the month. Capital payments will recommence the following month with the interest accrued.

    Please note that extending your loan by deferring repayment of capital will cost you more and mean it will take longer to repay your loan. We discourage you from deferring, please try and repay your debt as quickly as possible to reduce charges. If you are in financial difficulties, you should let us know as soon as possible and we can explore new arrangements for you paying off your debt.

    We must receive your deferral request a minimum of 5 working days before your loan is due for payment.
  • Can I add additional funds?
    Under limited circumstances, we do from time to time offer the facility to increase your loan with us. If a new loan is agreed, we will send you a new Loan Agreement and upon receipt, the additional funds will be added to your existing open balance.

    A new loan will not be agreed if your current open loan was taken the previous month. We do not offer consecutive monthly loans.
  • What if I will be unable to make my next scheduled repayment?
    Please contact us immediately if you know or even suspect in advance that an upcoming payment will fail. We will help you to repay by rescheduling the payment or arranging for a lower repayment amount that month.
  • What is CPA?
    When you take a loan, you agree to repay the balance due by Direct Debit from your bank account where a valid mandate applies. In the alternative, you agree to pay us by Debit Card and permit us to take money from your account using the Debit Card details provided for this purpose. This is referred to as Continuous Payment Authority (CPA). We will confirm to you the repayment date/s and amount/s over the phone and by email when you take the loan.

    Continuous Payment Authority (CPA) is a type of automatic payment that authorises a lender to withdraw sums from a borrower’s nominated bank account using Debit Card details provided, subject to specifically agreed terms which are fully disclosed and agreed through the loan application process. Once agreed by a customer, a CPA allows a business to take a series of agreed payments using a customer’s Debit Card details without having to seek express authorisation for every payment. CPAs can provide an efficient and convenient payment method for customers.

    Customers can cancel their CPA with their bank, card provider or with us directly. Customers advising the bank or card issuer that they have stopped permission for the payments must also notify us. If you cancel your CPA authority for the repayment of your loan with us, you will still be responsible for paying any money that you owe, including interest and any charges which may accrue. An alternative means of repayment must be arranged before cancelling your CPA, such as direct payment into our account. To cancel your CPA with us, you must email accounts@forcesloans.co.uk quoting your contract number and the words 'cancel Continuous Payment Authority' in the subject heading.

    We will use CPA to collect payment from your Debit Card under the following circumstances:

    1. New loan taken too late in the month for a Direct Bank Debit to be set up in time for repayment date. In this case, we will collect payment from your Debit Card under the CPA at the following times on the due date:
    I. 02:30-05:00 – full scheduled amount as agreed when loan taken.
    II. 09:00-12:00 – should the first debit fail, we will attempt to collect the interest amount only.

    2. Direct Bank Debit cancelled during the month. In this case, we will collect payment from your Debit Card under the CPA at the following times on the due date:
    I. 02:30-05:00 – full scheduled amount as agreed when loan taken.
    II. 09:00-12:00 – should the first debit fail, we will attempt to collect the interest amount only.

    3. Direct Bank Debit fails on the due date. Should your scheduled repayment fail on the agreed date, we will make every effort to contact you and find out why. If payment was due via Direct Bank Debit, we will attempt to collect the full scheduled amount from your Debit Card under the CPA agreement as soon as we find out on the following working day (i.e. day after repayment due):
    I. 10:00-13:00 – full scheduled amount as agreed when loan taken.
    II. 15:00-17:30 – should the first debit fail, we will attempt to collect the interest amount only.

    4. At any time with your implicit authorisation.

    We will contact you to come to an alternate arrangement if we were unable to collect the full scheduled amount or interest. It is in your best interest to discuss the situation with us as ignoring it will not make it go away. Any further attempts to collect from your account will only be made after you have given your express authorisation.

    We never use a CPA after two failed attempts unless you have agreed to the payment and given your consent.

    We never use a CPA to take a part payment unless you have agreed to the payment and given your consent.
  • What happens if I do not repay on the due date?
    The vast majority of our customers repay on time with no complications. We hope that it never comes to this, but here is an explanation of what could happen if you fail to repay your loan on the due date.

    If our collection attempt is declined by your bank due to insufficient funds or a failure by you to inform us of a change in bank details, we will do our best to contact you throughout the day by way of telephone and email. We always hope to resolve the situation that day, but if we have been unable to contact you to collect payment or come to an alternate arrangement by 17:00pm on the due date, you will incur a £15.00 missed payment fee towards the cost of a failed collection.
    We will make further attempts to contact you to discuss the situation over the next days and weeks. We will always do our best to come to an arrangement with you and help you resolve things, but can only do so if you contact us. Ignoring our messages will not make the debt go away. In the event that a payment is missed, we have the right to charge interest as long as any part of the loan remains outstanding, at a rate no higher than the rate applicable under the agreement. Whilst we do not believe in multiple charges, interest will continue to accrue on your balance at a rate of 0.8% per day (80p per day per £100.00 capital open) from the due date until either payment is received or for a maximum of 60 days if payment is not received or if we can't reach a fair agreement in the meantime. This rate will not be adjusted.

    Continued failure to repay your loan may result in your details being passed to a debt collections agency for further recovery action. This will not incur any additional charges, but your credit score may be affected. Legal proceedings may be instigated following continued failure to repay, making it more difficult and expensive for you to obtain credit in the future.

    Finally, our trust in you will be hit hard and we probably will not be able to lend to you again. Please do not apply for a loan if you think you might struggle to pay it back in full and on time. It's really not worth the potential consequences.

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
  • What should I do if my bank account or debit card details change?
    If you change bank accounts or get a new debit card then you must contact us as soon as possible to let us know. If payment fails due to you not informing us of a change of details, we may initiate collection procedures.

Contacting Us

  • How can I contact you?
    We can be contacted in the following ways:
    • Telephone (in UK): 0800 619 2274 or 0330 700 9999
    • Telephone (abroad): +44 208 922 5258
    • Email: info@forcesloans.co.uk
    • Fax: +44 (0)208 922 7021
    • Post: Forces Loans, PO Box 35540, London, NW4 2YT
  • What are your opening times?
    The office is open 9:00am-18:00pm, Monday to Friday (excluding bank holidays).
  • How do I make a complaint?
    Here at Forces Loans we endeavour to provide a high-quality service and supply a good product with each loan. We hope that you will never need to do so, but if you are unhappy with any part of the loan process then please tell us. You can let us know about your concern by phone on 0800 619 2274 or by emailing info@forcesloans.co.uk. We aim to respond to any complaint within 48 hours and we will make an effort to resolve your complaint within 14 days. If your complaint is particularly complex then it may take longer to resolve. If this is the case then we will write to tell you why we have not been able to do so and when we will be able to give you an adequate response.
    Once a decision has been made and if you are not satisfied with the outcome, you have the option of taking your complaint to the Financial Ombudsman Service (FOS). This organisation helps settle disputes between businesses and their customers. You will need to allow us to respond to your complaint and should allow sufficient time for us to issue a final response before referring the matter to the FOS.
    We will enclose a leaflet from the FOS in our final response letter to assist you if you decide to pursue this further course of action and ask for an independent review. You should contact the Financial Ombudsman Service within six months of receiving our final response:
    Financial Ombudsman Service (FOS) South Quay Plaza
    183 Marsh Wall
    London E14 9SR
    Tel: 0845 080 1800
    Email: complaint.info@financial-ombudsman.org.uk
    Website: www.financial-ombudsman.org.uk