About My Finance Club

Your online application will be processed through our website, we have aimed to make things easy and convenient for you. Through the process you will be asked for the following information so please have these handy when completing the application:

• Your employment details
• Your bank details (including sort code and account number)*
• Your debit card details
• Your address details for at least the last 4 years
• Main details about your current income and expenditure.

*Please note that the bank account used must be a sole account in just your name.

Yes of course, our online application process is available for loan requests 24 hours a day, 7 days a week, including bank holidays. Our Helpline team is there to support you from Monday to Friday.

As our processes are automated, providing your application is approved we will transfer the requested cash to your bank account within around 15 minutes of approval although if your application requires additional attention it may take longer.

Typically we consider loans between £100 and £400 however you have the flexibility to select, at the time of application, the amount you wish to borrow within the limits offered on our website.

Once you have selected the amount to borrow you then can specify over how long you wish to borrow the money; we provide you with  the ability to select up to 31 days from the date of the loan is granted to the date the loan needs to be repaid.

We just ask that before you apply you carefully consider the value of the loan you are applying for and that you will be able to repay this balance on or before your repayment date.

We typically charge a daily interest rate of 0.80%, equivalent to 292% per year on the outstanding principle balance borrowed. Full information on the price of a loan and all terms and conditions are presented to you in the application process.

APR is the ‘Annual Percentage Rate’ and represents the cost of a loan over a year. APR can be helpful if you need to compare  similar loans from different lenders because it allows you to determine the relative cost of each loan.

For an illustration of our loan interest charges please refer to the Representative Example on our Home page.

Yes, as part of our application process we do perform credit checks. This policy ensures we only grant loans to customers who we believe will be able to comfortably repay what they borrow.

As part of the credit check process we will leave an application ‘footprint’ on your credit file.

A credit score that is not completely perfect does not necessarily mean that your application will be declined.

We use a wide variety of checks to reach a decision on an application, with your credit score being one of them. You may also be interested to know that if you are trying to improve your credit score then prompt repayment of an authorised loan will help to improve your credit score in the future.

You are advised however that you only borrow what you need, for as long as you need it and as a responsible lender we would not recommend borrowing more than you can comfortably afford to repay.

To apply we initially need you to:

• Be at least 18 years old
• Be a UK resident
• Be in employment, with a net income of at least £1,000 per month
• Have a mobile phone
• Have an active email account
• Have a UK bank account – in your name
• Have a debit card – in your name
• Have fully repaid any existing loans with us

Start the application process via our website Apply button, you will then be taken through the application form.

Unfortunately there is no way of us knowing in advance if you will be accepted prior to an application being processed. Each application we receive is assessed on an individual basis and takes multiple factors into account. Your application is assessed as quickly as possible and confirmation is received via text to your mobile phone.

It is worth remembering that if you have been rejected for credit by other companies it does not necessarily mean that we’ll decline you too.

Having other outstanding credit facilities with other lenders does not exclude you from applying for a loan with us. You will have to ensure however that other loans or credit payments are accurately declared in your monthly outgoings. This information will be verified to credit checks.

Remember it is your responsibility to ensure that you do not borrow more than you can comfortably afford to repay.

Unfortunately not, as a responsible lender we only allow one loan at a time. Once your current loan is repaid then of course you can apply again for further lending.

Our loan funds are sent out using the latest Faster Payments process and in most cases the money will be sent to your nominated bank account within 15 minutes of being fully approved. Providing your bank accepts Faster Payments, then you should have access to the money almost straight away but please be aware this will depend on how fast your bank processes the deposit.

We do not make a charge to transfer loan funds to your bank account.

The rate of interest and any charges payable are shown at the time of application in the Terms and Conditions. You have the opportunity to read the full terms of our loans before you decide to complete the process.

For the vast majority of cases we are able to complete an application online via our automated verification processes without the need to ask for any supporting documents.

In some instances however, we may ask to see documentary evidence to assist in our manual checks. We will request this through the contact information provided.

We are always sorry if you have not been satisfied with any element of the service we have provided to you and are considering the need to raise a complaint.

You can submit a complaint in writing through our Contact Us page by using “Other” option or write to us at our postal address, but for your convenience we suggest you call our Helpline on 0800 0882220 to discuss the matter further so that we are able to resolve the problem as soon as possible. If we cannot resolve the matter we will happily provide full details of our formal complaints process. We aim to resolve all complaints within 8 weeks, after which time you then have a right to complain to the Financial Ombudsman Service.

We are regulated and authorised by the FCA under licence number (FRN) 674521. Our Company Number is 07301026 which can be verified online at – http://www.fca.org.uk/register. Our Information Commissioner’s Office reference is Z2382153.

Our correspondence address for all written correspondence is My Finance Club, PO Box 102, Blyth, NE24 9DR.

Our registered business address is Electric Works, office 3-067, 3 Concourse Way, Sheffield Digital Campus, Sheffield. ENGLAND. S1 2BJ.

We trust that this has resolved your questions relating to our legal and procedural compliance and regulation.