frequently asked questions
How does speed-e-loans.com work?
Speed-e-loans.com provides short term loans until pay day. We are fast and efficient and completely on line. If we approve you, the money can be in your bank in two hours.
You decide how much cash you need, we calculate the cost of the loan there and then, and you commit to repay it on the date you select. On the morning of that day we take a single payment from your debit card, after which you'll be welcome to apply again whenever you need speed-e-loans.com. For more info, click on how to get fast cash.
How do I get my speed-e-loan?
As long as you have a paid job, live in the UK, have bank account and a debit card, we will consider you. Please also make sure you are comfortable that you can repay on the agreed date, so it's best not to use speed-e-loans.com if you have any doubts about being able to repay. Our approval system includes a lightning fast credit check, as we're only prepared to lend to people who we think can afford to repay their cash advance on time.
How much fast cash can I borrow?
You can apply for between £100 and £250 the first time you apply for a speed-e-loan. If you repay your loan on time, we'll increase the amount you can apply for next time. The maximum speed-e-loan is £1000 - a sum only available to customers who've built up a good reputation over a period of time. Speed-e-loans.com is committed to a policy of responsible lending.
What's the cost of a speed-e-loan?
Select how much you'd like to borrow on our home page 'Loan Slider', put in your next 2 paydays and we'll work out how much the full repayment is in an instant. We charge interest by the day, so the shorter your loan period the less you'll pay for your cash. We also have a £4.95 transmission fee that helps cover the cost of our super fast two hour cash deposit system. All costs are shown clearly on your personal illustration.
Our loans have a Typical 2334% APR, but please remember that the loan period is only up to your next or following payday. APR is an industry standard calculation that looks at annual repayment costs.
If you decide to repay your speed-e-loans.com loan earlier than expected, you could save money. Click here to login to My Account repay an outstanding loan early.
Does speed-e-loans.com carry out a credit check?
In order to ensure that we are making a good decision, we carry out a super fast instant credit check with no delay to your application. We try and say yes to as many applicants as possible, so don't worry if you have bad credit.
What if my credit rating is not too good?
Not a major problem! Although speed-e-loans.com uses a credit check as part of our decision making process, we also reward customers who answer honestly. Although bad credit doesn't definitely mean 'No', we do reserve the right to decline any applicant that we feel has a persistent recent history of failing to meet financial commitments. Please also remember that a speed-e-loan is not designed to repay or manage existing debt.
Do I need to be a home owner?
We are happy with home owners, private tenants, council tenants, lodgers and if you live with friends or relatives.
Do I need a bank account?
Yes you will need a current bank account for us to pay the loan into. You will also need a debit card.
What licenses do speed-e-loans.com hold?
We are a member of the TBA Association. We also have a Consumer Credit License from the Office of Fair Trading and are registered under the Data Protection Act.
Is speed-e-loans.com right for me?
If it is a short term loan until your next or following payday that you are looking for, then look no further than the speed and flexibility of speed-e-loans.com.
What if I can't afford the debt I already have?
In short – do not apply. If you are having debt problems, get help, don't borrow more. Good quality advice is available at Citizens Advice Bureau (www.citizensadvice.org.uk) and Consumer Credit Counselling Service (www.cccs.co.uk)
How long will it take to get my cash?
We always aim to pay the money into your bank within two hours, frequently well under this. You'll get an email as soon as the cash has been sent. As long as your loan is approved before 3.30pm on a weekday, you'll get paid the same day, if approved after 3.30pm, you'll get the loan on the morning of the following weekday.
When do I have to repay a loan?
We will normally want the loan repaid on your next or the following payday. But we can also, at our discretion, accommodate customers who might want to extend the loan to a subsequent payday. Visit our rates, terms & conditions page for further information.
How do I repay a speed-e-loan?
We will do this automatically using the debit card details attached to your bank account. As long as there are sufficient funds there, the loan is repaid. If there are not sufficient funds, then we will try to collect again within a few days, subject to a failed payment charge.
What happens if I can't repay on the agreed date?
If this happens, you can login to My Account and apply to extend your loan for up to 30 days from the current repayment date. You can only do this 3 times in a row. Your personal illustration will show you how much the cost is.
Please remember that extending a loan will always cost you more and should be avoided if at all possible.
What happens if I don't repay my loan?
Please, please pay back on time otherwise we can't lend to you again!
We have a tariff of charges that will be added to your loan if you ask us to change your repayment date, or don't make sure that enough funds are available for the automated collection through your debit card.
If we can't collect payment from your debit card on the day you selected for any reason, you will incur a £9.95 fee – and interest will also continue to accrue.
If we are declined by your bank a second time and haven't heard from you (please contact us if you have a problem – we want to help) we may hand your account to our collection partner and this could add additional default charges.
Continued failure to repay a loan will also lead to a black mark on your credit record and potential legal action, both of which could make it very difficult to gain credit in the future.
What if I have a complaint?
Please discuss it with us. If you're still unhappy you are free to make a formal complaint in writing to customercare@speed-e-loans.com and we will try and resolve your complaint within 72 hours. As a consumer credit license holder we are also bound by the Financial Services Ombudsman Scheme.
