KEY INFORMATION ABOUT PAYDAY LOANS

1. Implications of late payment

Late Payment Charges - If you default, our tariff charges are as follows:

An Overdue Charge is payable if your debt is overdue by 7 days or more – equivalent to 15% of your debt (£30 minimum); tracing you at your address if you move address without first notifying us - £50; Failing to inform us that you have changed employment and failing to provide new details - £50; In addition, you must pay us any reasonable expenses and costs we may incur in taking steps to enforce, or attempt to enforce, our rights against you under this Agreement, and you will be charged interest, both before and after judgment, at the rate set out above from the date payment falls due until payment is made.

Penalty Interest - Penalty interest is charged at 1% of your debt per day. (e.g. if your outstanding debt is £250 and you are due to repay on 1st of July, you will be charged £2.50 per day from 1st of July. If you repaid on 5th July your penalty interest charge would be £12.50, totaling £262.50 to clear your debt plus additional charges as stated above if applicable).

Debt Collection - If your debt is overdue for 7 days or more, we reserve the right to add an initial collection fee of £176.25 for collection expenses. Daily interest on the outstanding debt will continue to accrue until the debt is fully repaid.

Card Payments - By accepting this agreement you are irrevocably authorising us to take multiple payments of varied amounts until the debt is repaid in full. This includes penalty interest and late payment charges as detailed above.

2. Implications of non-payment

Missed Payment Charges - If you default, our tariff charges are as follows:

An Overdue Charge is payable if your debt is overdue by 7 days or more – equivalent to 15% of your debt (£30 minimum); tracing you at your address if you move address without first notifying us - £50; Failing to inform us that you have changed employment and failing to provide new details - £50; In addition, you must pay us any reasonable expenses and costs we may incur in taking steps to enforce, or attempt to enforce, our rights against you under this Agreement, and you will be charged interest, both before and after judgment, at the rate set out above from the date payment falls due until payment is made.

Penalty Interest - Penalty interest is charged at 1% of your debt per day. (e.g. if your outstanding debt is £250 and you are due to repay on 1st of July, you will be charged £2.50 per day from 1st of July. If you repaid on 5th July your penalty interest charge would be £12.50, giving a total of £262.50 to clear your debt plus additional charges as stated above if applicable).

Debt Collection - If your debt is overdue for 7 days or more, we reserve the right to add an initial collection fee of £176.25 for collection expenses. Daily interest on the outstanding debt will continue to accrue until the debt is fully repaid.

If after 90 days of your loan falling due, your debt is still outstanding, you will be issued with a default notice. Your details may also be passed to Credit Referencing Agencies (CRF’s) which may affect your ability to obtain credit in the future. There is a default charge of £75. This will be added to your outstanding balance.

3. Code of Practice/Policy on responsible lending

A payday loan is not a long term solution to ongoing financial problems. We strongly recommend against using this product to help pay for regular credit commitments. In the case where you feel you have debt problems which you feel can not be solved by you individually, we recommend you contact the Consumer Credit Counselling Service, a charity dedicated to providing confidential, free counselling and money management assistance to financially distressed families and individuals or visit www.cccs.co.uk

Swift Money is committed to responsible lending. Our charges are fixed and there are no hidden extras - so you know how much you will repay at all times. We adhere to all Consumer Credit and Data Protection Act guidelines to protect you, your personal information and provide you with understandable legal agreements.

We work to "Know Your Customer" guidelines, meaning we will not advance a loan until we have taken all reasonable steps to confirm your identity. Most of all, we will not lend you money we do not believe you can pay back.

4. Disclosure of fees including the APR (annual percentage rate)

Interest is charged at the rate of 30% which equates to a representative APR of 2964.43%.

Please Note: The total charge for credit includes interest applied to the Transfer Fee.

5. Payday Loan renewal policy & Extensions

On full repayment of your loan you will be offered the opportunity to reapply for a loan. Acceptance will be dependant in status and your repayment history with us.

Loan Extensions: f you are unable to repay your loan in full, you can apply for a loan extension. Your application must be submitted 24 working hours before your repayment is due. Requests received after this time cannot be relied upon. Until written confirmation of your extension has been sent to you, your loan will remain payable in full. We reserve the right to refuse your application for an extension.

Extensions are subject to a minimum payment comprised of 1 month’s interest plus a £25 extension fee. This minimum payment is payable in full on your original repayment date. You may extend for full loan balance for up to 3 consecutive months, although after 1 month we reserve the right to request that you make an additional capital payment in order to start decreasing your loan.

Extensions will be confirmed by email to your preferred email account. You will not be required to sign a new agreement. Any Extensions of this agreement are legally binding and covered by this agreement. If you do not pay your extension fee on the due date or if you default on an Extension, your loan will revert to the original terms and full payment will be due from the original repayment date. Interest and charges will be due from the original repayment date.

6. Contact information/business address

Swift Money, Ebenezer House, 5a Poole Road, Bournemouth, BH2 5QJ

T: 0845 508 6408, F: 0871 288 3731, E: info@swiftmoney.co.uk

7. Compliance with other state or local regulations related to short-term loans

We trade in compliance with all short-term loan regulations and under the guidance of the Office of Fair Trading (OFT).

Privacy Policy

Contact Us

Please contact us with any questions that you have or for more information.

Swift Money

PO Box 7158, Bournemouth, BH1 9PE

T: 0845 508 6408

F: 0871 288 3731

E: info@swiftmoney.co.uk

Open Monday to Friday, 9am to 6pm

We endeavour to keep response times down to a low as possible however during busy periods we may take up to 48 hours to reply to your emails.