Frequently Asked Questions
We've checked some of the most frequent questions we've been asked, and put the answers here for you. If you still have any questions, feel free to contact us.
Can I apply with iloans?
In order to use iLoans, you must be:
- 1) aged 18+
- 2) a UK resident
- 3) in employment with a UK bank account
How do iloans work?
You can apply online for personal loans up to £1,000, paying back over a period of time up to a year. If you apply, you'll get a decision within minutes. Please see our about iLoans page for more information.
How much can I borrow with an iloan?
You can apply for anything between £50 and £1,000.
Am I obliged to take out a loan if I apply?
No. Even if you are accepted, you will not be obliged to accept the lender's offer.
How do I repay my loan?
A payment schedule will be generated automatically if you are accepted. If you choose to take the loan you are offered, the payments will be automatically withdrawn from your account by the lender on the agreed date, either by direct debit or through your debit card. You will sometimes be able to repay early if you wish, meaning that your interest will be reduced.
What is the Annual Percentage Rate?
The representative APR is currently 278% when your chosen repayment period is 12 months. The final APR of your loan agreement will depend on the amount you want to borrow and the length of time you want to borrow it for. Because of the way annual percentage rates work, the less time you take a loan out for, the higher the APR, even if you are paying back less overall. This is a bit confusing, so please see our about iLoans page for more information about charges.
What if I am late with payments?
Late payments will often incur a penalty charge. Please see our responsible lending page for more information about late payments and repeated loans. If you do not think you will be able to repay on time, we suggest strongly that you do not apply.
How do I apply?
Just click the button to your right!
