Repayments with Fund Ourselves, like most payday lenders, are repaid in equal monthly instalments.
The amount you are required to pay will be presented to you in writing and this is sent to you in a loan agreement that you will electronically sign beforehand.
The purpose of equal monthly instalments means that you know exactly how much you are going to be repaying each month, with no added fees or surprises.
You simply need to have the repayment amount available in your bank account each month and this will be automatically collected by the team from Fund Ourselves.
- Borrow £200 for 91 days
- Interest rate 214% p.a. (fixed)
- Three repayments of £89.89 each
- Representative 540.03% APR
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Schedule your pay date for collection
When you apply for a payday loan alternative
with Fund Ourselves, you will be required to enter your desired repayment date – and this is the day of the month that you would like the repayments to come out of your bank account.
The majority of customers choose the last working day of the month or the last Friday of the month, because this is when people will usually get paid from work and have money in their account.
Some people prefer to choose the day just after the last working day of the month, giving them a bit of breathing space and time for the money to come into the account and for other pressing bills to be clear.
Customers have the choice to pick any scheduled repayment date that is most practical for them and this could be a specific date of the month e.g 15th or 25th or based on a four-weekly cycle.
Our collections are automated
All repayments collected by Fund Ourselves are completely automated using a process known as continuous payment authority.
This payment process is designed to allow for simple and convenient recurring payments each month.
The process involves tokenising your bank account during the application process and allowing Fund Ourselves to collect the arranged amount from your account on the scheduled date, similar to a direct debit.
For customers, this means that any repayments are automatically collected and there is no need to phone up, send a cheque in the post or make a manual bank transfer – since this is all take care of.
Repay early with no extra fees
Fund Ourselves gives the option for customers to make early repayments if they would like to. With loans lasting up to 3 months, borrowers may find that they are in a position to repay their loan early and would like to clear their balance.
We proudly offer no early exit fees and customers can repay their account early, at any time.
In fact, early repayment may reduce the overall cost of your loan since the loan is open for less time and accruing less interest overall.
What happens if I cannot repay my payday loan on time?
If you cannot repay your payday loan on time, Fund Ourselves may offer you an extension for up to 12 months, with no added fees. This feature is something that separates us from a lot of short term lenders
in our industry, who are prone to charging default fees and allow for daily interest to be charged.
Whilst we offer an extension with no fees, failing to keep up with payments on time may negatively impact your credit rating
and ability to access finance from elsewhere.