Frequently Asked Questions

Table of Contents

What will happen if I forget to pay in time?

If you forget to make your payment on time, we are obliged to charge you £12. This amount is set for every installment that you’ve missed. If we do not receive your payment, we will start a collection procedure, because you will get into arrears with your loan. If you miss several monthly payments, we have the right to increase your entire outstanding balance, moreover, all interests that were accrued and unpaid shall be deemed as those which must be paid. The collection procedure will be applied to you for the total amount (your outstanding loan + accrued interests).

How much time is given for me to pay off my personal loan?

In order to repay your loan, you have 12 months, you can also do this earlier without incurring any penalties.

How can I make my payments?

There are two possible ways of convenient repayment available for you. You can choose the one you like the most, and make payments directly from your home:

  1. Direct Debit Authorisation: If you don’t have a debit card, your monthly payments will be charged from your bank account automatically.
  2. Debit Card: Your monthly payments will be automatically charged from your debit card on a specific day without any additional fees. In such a way you will never forget to make your payments on a due date.

The principle of work of a Direct Debit Authorisation payment system

The principle of work is very similar to a cheque write out. Every month a

Direct Debit Authorisation

presents your bank a cheque for payment of the loan, after this the bank will send a required amount needed to pay instalments on a due date.

Is it possible to pay off the loan earlier?

Yes. If you are able to pay off the part or the whole of your loan earlier, we will be charged no additional fees for that. In fact, it is even better for you, because earlier you pay, fewer interests it will be charged. Remember that interests are counted for the period you owe the loan.

My regular payment is £250, once I’ve paid an extra £100, why my following payment wasn’t reduced to £150?

If you make an early partial payment, it is applied to your current or upcoming installment, in the case when you’ve paid an additional sum of money, it is credited to the principal and not the following due payment. That is why your next payment will be as it was scheduled. Nevertheless, the total amount of your loan will become less for another £100.

I pay as it was scheduled, but only a small amount of my payment is applied to my principal balance. Why?

As a rule, the first several payments are mostly covering the interests, the less is applied to the principal balance. In the progress of your payments, the most money will go to the principal balance and the less for the covering of the interests. Such a payment scheme is applied when you pay off the loan for the car or house.

Is it possible to check my payment schedule?

Yes, of course. Just log into your account on OneWord web site and you will see the schedule of your due payments!

If I want to inform the Collection Department about my payment, what do I need to do?

For your personal protection, we strongly recommend you not to email or fax any credit card information to the Collections Department.

How soon can I receive another loan, if I’ve already paid off the first one?

If you have enough money on your debit card in order to pay off the loan than once you will make your last payment, the loan will be cleared and you will have the possibility to apply for a new loan in a few seconds. Your bank account will be funded the new loan the same day you’ve applied for it.

For example: If you make the last payment on your due date on Monday, the payment will clear off the same day and you can apply for a new loan on Monday as well.

If you use the DDI scheme, it will be needed two working days in order to clear the payment from your bank account. Then you will be able to get another loan. The new loan is funded to your bank account the working day after the previous payment is cleared.

For example Your full payment comes on your due date on Monday. The payment will clear on Wednesday and the new loan will be funded to your bank account on Thursday.

What if I don’t have a perfect credit history?

Even though, you can apply for new credit. It’s alright.

If I am late with my payment?

The payment is considered late even if the payment was made the next day after the due date. In this case, you will be charged a flat fee in the amount of £12 per installment. If you don’t want to miss the due date, make your payments through a debit card or make sure, that there is a sufficient amount of money in your bank account.

If I can’t pay on a due date, how can I avoid defaulting?

If you see that there is not enough money on your account, contact our Customer Service and we will try to help you to set up a one-time courtesy due to date adjustment. Your bank will receive payment advice on the day before payment is initiated. You need to call as early as possible.

I still need advice!

Is it possible to contact OneWord directly with my questions?

Yes, you should write to us per our chat online form and we will directly answer any of your questions.

How to update my account information

I want to update my customer profile?

With the help of email and password, you can log in to your personal account. After you are logged in, you will see the link to the section Manage My Account, where you can easily change your personal data.

I want to change my password

With the help of email and password, you can log into your personal account. There in the section Manage My Account, you can click the Change section and modify your password.

I forgot my password

In the customer login section you will find the ‘Forgot Password’ link. When you go to this link, you should click Send Me My Password button. A letter with a new password will be sent to your email address. Then, you will have the possibility to change your password. Try to invent such a password that is familiar to you and you will not forget it for a long time. In order to continue, update your password.

What to do if I want to cancel my loan?

You can cancel your loan but only before it is issued. For this, contact us or write us an email. If the loan was issued but you’ve changed your mind several days after, you have the possibility to pay back early and you will only owe for the time the loan was out.

What to do in order to receive emails from you?

When your loan is approved, we send you an email. Every month, we say reminders and confirmations about payment as well. If you still do not receive emails from us, please add our email address to the whitelist or to your spam good list. If you want to receive promotional information, you can do this simply by changing settings in the Manage My Account section.

Why you run credit checks during the loan approval process?

At our website, we run credit checks in order to verify your application information. In such a way, we also determine the amount of the potential loan. We follow all the information about our potential borrower to find out if he/she has the possibility to pay off the debt without any problems.

If I will borrow from your website, will it affect my credit history?

If we lend you money and you will pay off your debt in time without any penalties and postpones, the credit bureau will receive such information about your credit file. You should remember, if you fail to pay in time, it badly impacts your credit score.

What about the security of my information?

The questions of privacy and security are of high importance to us. We keep with all electronic and physical procedural safeguards in order to guard the personal information of every user.

I want to find out more about personal loans

How to understand a personal loan?

The unsecured loans from £400 to £2,000 which are given for the period not longer than12 months are considered to be personal loans. People often take such loans in a case of emergency expenses or when it is needed, for instance, to make urgent home or car repairing works.

For how long the personal loan is given?

Personal loans are issued for the period of no longer than 12 months. The payments are scheduled and are made every month.

What do I need in order to apply?

  • Details on bank account
  • Employment and income data

How long it will take to receive my personal loan?

We can process your application within 30 minutes upon receive. After an approval, funds are immediately sent to your account. We have a service of 10-Minute Transfer which is free of charge!!!

Tell me more about borrowing a personal loan?

At first, you should fill our five-minute online application form. When your application is approved, we sent you the money on your bank account. We made this transfer within 10 minutes and do it for free. After that, you should fulfil your monthly payments until you will clear your debt. The scheme is rather simple.

What requirements should I follow in order to get the personal loan?

If you want to get an approval, you must:

  • Be at least 18 years of age
  • Be a resident of the United Kingdom
  • Have a valid account in a bank
  • To be employed or self-employed

How much money can I receive?

You can receive from £400 to £2,000.

If my personal loan is approved, how I will get to know about this?

We will send you an email about your personal loan approval on your email address.

The costs

The cost of my loan

Your loan costs depend on the amount which was approved for your personal loan. For instance, you were borrowed £500 for 12 months. Monthly payment which is scheduled in this case amounted to £79.09 with an APR of 276.41%. Representative 278% APR.

Am I charged any additional fees when I apply for a personal loan?

You are not charged any additional fees connected with your personal loan. There are no application fee, no origination fee and no closing costs.

If I ay off my loan earlier, will I save?

Of course, if you pay off earlier, you incur the interests that have accrued on your outstanding balance. Considering you’ve taken a loan for a period of 12-month, but you are able to pay the whole sum in two months. The interests would be charged only for the two months that you had the loan outstanding. You will be charged no additional fees or penalties for paying off your loan earlier.

If I pay more money as it was scheduled on my due date, will I save?

If you pay more than it was originally scheduled, you principal balance is becoming less, the total amount of interest you owe is reduced as well.

Are there any discounts?

If you will refer to a friend through the Refer-a-Friend programme, for your next personal loan, you’ll receive 10% off the simple interest rate.