Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Frequently Asked Questions

We’ve tried to amass everything you need to know into the options below, but if there is something we've missed, feel free to visit our contact us page.

How do I apply for a loan with Clever Loans?

The process of applying for a loan on Clever Loans is quick and easy. You simply tell us how much you’re looking to borrow over what period, and fill in our short online form. We then search our lender panel for you, and if accepted, you are given a no obligation quote. If you choose to accept the quote, you are then sent a loan agreement within minutes.

What loan amounts do you offer?

Clever Loans offer loans from £100 to £5,000 but the amount you are eligible to borrow can differ depending on your personal circumstances.

Can I use the loan for anything?

Generally, there are not any restrictions on what you can do with the funds you receive from your loan. However, the short-term loans we offer on Clever Loans are meant to be used for emergencies and are not to be used frivolously.

When will I receive the money?

Once you are approved for the loan and accept the offer, your cash could be sent within minutes**. The time that it takes for the cash to be received into your account will depend on your bank’s policies and procedures.

What are the criteria for being accepted for a loan with Clever Loans?

If you are over 18, receiving a regular income of £750 per month or more you are likely to meet the basic criteria. You will need a bank account with a valid debit card, be a UK resident and the lender must be able to prove your identity. If we cannot find you a lender that will accept your loan application, we may transfer you directly to alternative firms and services. These can range from guarantor loans to credit building tools which may incur a monthly cost if you choose to use them.

Can I have multiple loans at once?

It is not recommended to do so – most lenders will need you to pay off any existing loans before considering you for a new loan. You should not borrow more than you can afford to repay comfortably, to avoid interest charges and any damage to your credit score.

Do you use credit scoring or credit reference agencies?

We will carry out a soft search on your credit file to match you with the most suitable lender(s) or broker(s) on our panel, and they may also carry out a soft search to assess your eligibility for the product you are applying for. These searches will only be visible to you and they will not affect your credit rating.

Why is the APR range offered on Clever Loans so wide?

We work with a vast range of lenders to enable customers with all range of circumstances to be able to find a loan, so our APRs have a large range – our prime lenders offer very low APRs from 9.3% APR and other lenders offer loans over shorter periods or to customers with bad credit ratings, which represent the upper end of our scale as the APRs are generally higher on these products.

When will my repayments start?

Your repayments will depend on which product you decide to apply for, over which repayment period. Your lender will confirm your repayment dates with you in their loan agreement. This will include the date of your first repayment and the number of repayments to be taken thereafter.

How will my repayments be taken?

Your repayments will be taken via direct debit or continuous payment authority, so they are completely automatic.

What is CPA (Continuous Payment Authority)?

Continuous Payment Authority means repayments are authorised to be taken from your bank account directly by your chosen lender. The lender can also make multiple attempts to withdraw the funds if they’re not available in your account. This method is not used by all lenders but some do opt to utilise this – you will receive details of this in your loan agreement if this is the case for your lender. You can choose to cancel your CPA at any time by contacting your bank and requesting a cancellation or contacting your lender directly.

Is any information I supply on your form when applying secure?

All your personal data is 100% secure. We keep all data completely confidential and only keep it as long as necessary. All the information we hold is stored in compliance with GDPR 2016, and we keep it 100% secure in accordance with our privacy policy.

Can I still apply if I don’t have a debit card?

Unfortunately, you will not be able to apply if you don’t have a debit card, it’s a requirement of our lenders that all applicants have a valid UK bank account that can accept direct debit repayments.

What if I cannot make a repayment?

Before applying for a loan, you should seriously consider if you can afford your repayments and you should avoid accepting a loan if you are unsure if you will be able to make the repayments. If something happens after you apply for your loan and your circumstances change, meaning you think you may be unable to make a repayment on the date you agreed with your lender, it is important to contact your lender immediately so you can discuss your options and see if they can help. If you are experiencing financial difficulty and have mounting debts, it is strongly advised that you avoid taking any other loans or forms of credit. We would also advise you to seek help and speak to someone about your situation as soon as possible. There are plenty of options for free advice and support, including Step Change Debt Charity, Citizens Advice Bureau & The National Debt Helpline.

How do Clever Loans get paid?

Our service is completely free for our users and we do not charge you for using our service. However, if you decide to accept a loan offer from a lender through Clever Loans, then we may receive a commission from the lender.