Loan Terms & Conditions

Please note, the following terms and conditions are not a replacement of your loan agreement. Please read your loan agreement carefully before signing as you will be bound by the terms in the agreement. Please note that references to we means Fair for You Ltd and our subsidiaries and associates.

1. Fair for You is a responsible lender. We give every loan application we receive careful consideration and make a decision based on the income and expenditure and overall ability to repay the loan. We aim to ensure that any loan approved, does not result in them facing financial difficulties and a struggle with repayments.

2. We reserve the right to decline certain applications. If we do reject an application, this will be following an assessment of the application by our personal lending team. A loan refusal simply means that on this occasion we feel unable to offer the amount of loan that has been requested. In some circumstances, we may offer a reduced amount.

3. Following the assessment and approval process, we may make a loan offer. Any loan offer made by Fair for You will be subject to:

  • Address verification
  • Affordability and credit check
  • The completion and return of a Loan Agreement

3. When borrowing from Fair for You, you are signing a legally binding loan agreement. Should you have any doubts as to the meaning of any part of the loan agreement, you should consider seeking independent advice from a solicitor, the Citizens Advice Bureau or other similar organisation.

4. Interest on Fair for You loans is not front loaded (added in full at the start of the loan). Instead, interest is calculated on a daily basis on the decreasing loan balance. We believe this is the fairest way to charge interest and should result in you paying back less interest over the course of the loan term.

5. Interest will be payable on a loan, or any part of it as is advanced, from the date of the advance. Interest rates are fixed at the time of borrowing and the interest rate to be charged will be stated clearly on your loan agreement.

6. For all Fair for You loans, the maximum interest rate we are permitted to charge is 4.25% per month on the outstanding loan balance. This equates to an Annual Percentage Rate (APR) of 64.8%.

7. In signing your loan agreement you are agreeing to repay the loan, plus interest in instalments. As the lender, we are authorised to debit the account with the payments specified in the loan agreement until all monies due (including interest to the date of closure) have been repaid.

8. Loans may be repaid in full at any time with no early repayment penalties. Additional payments to reduce the outstanding loan balance can also be made at any time without any penalties or charges.

9. As borrower you are advised that the loan agreement is a legally binding contract and that if you fail to comply with any of its terms, you may render yourself liable to further action, which may include court action to obtain repayment of all sums due under the loan agreement. In cases of default, as borrower you should also be aware that Fair for You may seek to recover funds due via any Department for Work and Pensions benefit payments which you may receive.

10. As lender, Fair for You may terminate the loan agreement and demand immediate repayment of all sums due in respect of the loan agreement after giving any written notice required by law if:

  • The borrower shall fail in any material respect to keep any part of the loan agreement.
  • The borrower shall have deliberately given false information or given inaccurate information in connection with the loan agreement or any other credit agreement between the borrower and the lender.
  • The borrower shall be the subject of a court action which has the effect of taking away from the borrower’s control of the whole or a substantial part of the borrower’s assets.
  • The borrower shall become incapable in law of managing their own affairs.
  • The borrower shall either be declared bankrupt or grant a Trust Deed for their creditors. In such case all the interest that would have been payable if the loan agreement had run its full term shall become payable forthwith.

11. Should the lender terminate the loan agreement or should the borrower default, the lender is entitled to the repayment of the whole sums due under the loan agreement and may retain monies held by the lender for the borrower in any other type of account and apply the said monies held on or towards payment of the balance outstanding in terms of the loan agreement.