Frequently Asked Questions
Personal Loans
Q. Can I repay my loan early?
A. Yes, this is possible. Where a loan is taken for a term of 12 months and you decide to repay the loan early, you will not be charged an early settlement fee. For all other loan terms, an early settlement fee of 1 months interest will be charged if the loan is repaid early.
Q. What is the maximum loan term?
A. The maximum term for loans is 5 years.
Q. What is the minimum amount I can borrow?
A. The minimum amount you can borrow is £3,000.
Q. What is the maximum amount I can borrow?
A. The maximum amount you can borrow is £20,000.
Q. Will the loan be secured against my house?
A. No. The personal loan from Moneyback Bank is an unsecured product and therefore not secured on your home.
Q. Do we both need to sign the credit agreement? (If a joint application)
A. Yes. If it is a joint loan, then both people need to sign the credit agreements.
Q. Can I request for my monies to be made payable to someone not on my loan application such as a car dealership?
A. All monies are made payable to the applicant(s) that are named on the loan agreement only.
Application Process
Q. How can I apply for a personal loan?
Q. How will I know if I have been accepted?
A. If you supply your email address in the application form we will email the decision to you, usually within minutes. If you do not provide an email address we will notify you by post within 2 working days.
Q. How quickly can I get my money?
A. On receipt of your signed agreements we can either transfer the balance of your new loan to your selected bank account or send you a cheque in the post.
- If you choose to have your new loan transferred to your selected bank account, this will take up to 4 working days following the receipt of your agreements, which includes the day we do the transfer.
- If you choose Express Loans Service, we must be in receipt of your fully completed and signed loan agreement before the monies can be released.
Please note that some Banks and Building Societies do not accept funds transferred direct, in these instances we will contact you to make alternative arrangements to have your monies released.
Q. What is Express Loans Service?
A. Express Loans Service allows the release of funds into your account on the same day we receive your signed loan agreements back in the office. This is a fast and efficient service for you, with no delays meaning you wil have access to your funds straight away. The service only costs £30.00 and this is only taken once the funds are in your account.
Q. Which agreement papers do I need to return?
A. The loan agreement you need to sign and return is printed on blue paper, with the sections you need to sign indicated by a "pen" image. The white copy of the agreement is for you to keep. Please ensure that you sign and date the Direct Debit slip, and return it in the pre-paid envelope with your signed blue agreement.
Moneyback Payments
Q. How do I qualify for the annual moneyback payment?
A. You will be eligible to receive an annual moneyback payment if you have taken full Personal Loan Protection (an "Accident, Sickness, Unemployment and Life" policy) with your Moneyback loan. The moneyback payment will only be made if you have not cancelled or claimed on the insurance policy and have not missed a monthly payment.
For details of how much moneyback will be paid, visit the moneyback page
Q. How will I get my annual moneyback payment?
A. The annual moneyback payment will be paid on the anniversary of your loan. The payment will be credited directly to the bank account from which your loan direct debits are taken.
Q. Why do you only offer moneyback on insured loans?
A. As a responsible lender, we believe customers should protect their loan repayments against changes in circumstances. This is why we offer moneyback on fully protected loans. Customers who do not take loan protection still benefit from a great market-leading rate.
Personal Loan Protection
For full details about Personal Loan Protection, please see the Policy Summary
Q. Who can benefit from Personal Loan Protection?
A. Loan protection is available to anyone over 18 and under 65 who is working more than 16 hours a week. It makes no difference if you are employed or self-employed, you can still benefit from Personal Loan Protection.
Q. What benefits do I get from taking Personal Loan Protection?
A. By taking our Personal Loan Protection, should the unfortunate happen and you are unable to work either due to an accident, sickness or unemployment, our cover will protect your payments. Thus giving you and your family peace of mind that your payments will still be met. It also provides life cover (with a maximum benefit of up to £50,000), so in the unfortunate event of your death, your loan would be paid off, so your family wouldn't have to bear the burden of the outstanding debt being taken from your estate. In addition, if your loan is for a motor vehicle, the loan protection provides Guaranteed Asset Protection (GAP) cover, which means that in the event of your vehicle being written off by your insurance company, it pays any shortfall between the insurance company payout and the outstanding balance of the loan, up to £5,000, so that you are not left out of pocket. The cover also pays the motor policy excess, up to £250.
Q. Are my loan payments covered if I lose my job through redundancy during the loan term?
A. If you've been in continuous employment for at least 6 months when you take out the loan, and have had the loan for at least 30 days, you'll be covered if you are made compulsorily redundant and your payments will be made for 18 months, or until you return to work, whichever occurs first.
Q. What if I can't work through sickness or I have an accident and can't keep up my repayments?
A. Our cover is designed for situations just like this. Provided you fulfil our other conditions, our protection covers you if you are unable to work as a result of an accident, sickness or injury for at least 14 continuous days. Your repayments will be made for up to 60 months or until you are able to return to work, whichever occurs first.
Q. With cover, if I were to die during the loan term would the remaining balance be taken from my estate?
A. No, in this situation the loan would be paid off and would not affect the amount left to your loved ones.
Q. What is not covered by Personal Loan Protection?
A. As you would expect there are some common sense exclusions to our Personal Loan Protection. The main ones are detailed below, full details are available on request if required.
For unemployment cover:
If you were not in continuous work for 6 months immediately before your employment ended, if at the start date you knew you were going to be made unemployed; or if your employment ends within 30 days of the start date; or if you become voluntarily unemployed including retirement; or if you work on a fixed term contract which ends (unless you have been in continuous work with the same employer for at least 12 months and your contract has been renewed at least once); or if unemployment results from your own misconduct.
For accident and sickness cover:
If your disability results from any condition, injury or disease which you knew about during the 12 months before the start date; normal pregnancy; psychiatric illnesses including stress unless certified by an appropriate specialist; backache or related conditions unless there is supporting medical evidence; any cosmetic modification; self inflicted injuries; or alcohol; or drug abuse; or chronic conditions.
For life cover:
We will not pay life benefit if your death results from any condition, injury or disease which you knew about during the 12 months before the start date, or any death caused by either suicide or self inflicted injury within the first 12 months of the start date.
For Guaranteed Asset Protection (GAP) cover:
If your motor vehicle does not have comprehensive motor insurance.
Q. Is it possible to only protect my payments against redundancy?
A. At present we don't offer a policy which just protects against redundancy. Our comprehensive cover provides all round cover, so no matter what happens, whether it be an accident, sickness, unemployment or even death, we believe in providing a package of benefits which will provide for you in any eventuality.
Q. How do I make a claim against my Loan Protection?
A. To make a claim for loss of employment due to accident or sickness you may download an accident and sickness claim form* or a loss of employment claim form* , follow the instructions to complete the form and return to us. Alternatively, for any other type of claim, call us on 0870 400 4700.
*To read a PDF document you will need Adobe Acrobat Reader 6.0 or above. To download please visit the Adobe website.
Q. If I take out Personal Loan Protection will I be automatically accepted?
A. No, taking out Personal Loan Protection does not mean your loan application will be automatically accepted.
Existing Loan Customers
Q. What should I do if I have an existing Moneyback Bank Loan?
A. If you have an existing loan with Moneyback Bank, you can apply for more money whenever you need it. As an existing customer, it might not cost you any more each month. You can simply replace your current loan arrangement to suit you. Alternatively, if you can afford to increase your loan repayments each month, you could clear your current loan and have even more money to spend,
Q. Do I still need to return a direct debit form?
A. Yes. As you are signing a new credit agreement your bank requires a new authorisation for the changed amounts, from you.
Q. I have just made another payment on my existing Moneyback Bank loan, what should I do?
A. You need do nothing. Any overpayment on your existing loan will be refunded along with your new loan, or as a separate cheque.
General
Q. Is this site secure?
A. Moneyback Bank take a serious view on security and protection of customer information. This site has been designed in accordance with financial industry standards and best practices.
Q. Why are there so many questions on the application form?
A. It is important to gather as much information on all applicants as possible in order to make a fair and informed decision.
It is important to answer in full all of the questions on the application form as any error may impact on whether we accept your application. It will also affect the speed in which your application is processed. It is particularly important to list all the addresses that you have lived at for the last 5 years.
Q. I am a member of the British Forces and live at a BFPO address, can I still apply for a Personal Loan with Moneyback Bank?
A. Yes, we welcome applicants from BFPO. Please call our UK based call centre on 0845 3004166 where an advisor will be happy to help.