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FAQ’s – General questions

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Q. Who can get a loan?

A. Anybody that is resident in United Kingdom, over 18 years old, and is in regular paid employment or self-employed with a regular income – and can show that he/she has the ability to repay the loan.

Q. How much money am I able to borrow?

A. You can request anything up to £1000.

Q. Over what period of time may I take a loan for?

A. For Instalment loans, our minimum loan duration is 2 months and our maximum is 6 months. For Payday loans our minimum loan duration is 5 days and our maximum is 38 days.

Q. How much will the loan cost me?

A. We want to keep it simple and easy to understand. Irrespective of the amount borrowed, the interest rate is 0.5% per day (or part thereof). Each £100 of loan will therefore cost you 50 pence in interest for each day that it is outstanding.

Q. Are there any hidden charges involved in taking a loan with you?

A. No, there are no hidden charges. If you default on your debt, however, you will pay default interest at the same rate of 0.5% per day up to the cap described below.

If you miss any payment we will charge you a one-time default fee of £15 in respect of the first missed payment. However, the total default fees payable under the agreement will not exceed £15. We will not apply any default charge where there is a payment arrangement already in place which we have agreed with you.

You will never pay back more than 100% of your original loan amount. That means if you took out a £100 loan, you will never repay more than £200 in total.

Q. Can I pay back the loan before the day that we initially agreed?

A. Yes. No problem. Once the loan is in effect, you can choose to repay it at any time prior to the agreed date. There are no early payment penalties. You pay interest only for the days that the loan is outstanding.

Q. Are you a direct lender or a broker?

We are a direct lender, not a credit broker. If your application for a loan is successful, your loan contract will be with Quidie Limited trading as Fernovo.

Q. Can I extend the loan?

A. We do not allow customers to extend or ‘rollover’ their loans. If you are experiencing financial difficulties or just want to talk about your options contact us as soon as possible and let us help you find the right solution.

Q. Will I get a loan?

A. We are unable to say if your application will be successful or not. All applications are carefully considered and are subject to affordability and credit checks. You would have to apply in order to get a response.

Q. My credit score is poor - will I get a loan?

A. We understand that our customers may not have a good credit history, but as responsible lenders, we must also ensure that our loans are affordable. So we consider a variety of affordability factors such as income, expenditures and recent credit behaviour alongside your credit score, in order to make fair lending decisions.

Q. Can I apply over the phone?

A. We can help you to understand and complete the application form. But we cannot complete the application for you over the telephone.

Q. How do you decide whether I can repay the loan?

A. We undertake detailed credit and affordability assessments based on the details that you have provided and information received from credit rating agencies. Please see our Responsible Lending Policy for more details.

Q. Why can’t I take more than one loan out with you?

A. As part of our responsible lending policy, we only allow customers to take out one loan at a time. We believe that this is necessary to ensure that customers can repay their loans and are not put into financial difficulty through over-borrowing.

Q. How does the Continuous Payment Authority (CPA) work?

A. When you agree to pay us what you owe by Continuous Payment Authority (CPA), this allows us to apply for payment to your bank using the debit card details that you have provided. You give us permission to use the CPA in the contractual documentation that you signed when agreeing to your loan.

We will only attempt to take full payment from you on two occasions, on the payment due date and for the amount agreed with you. Our first attempt is at 04:30 and the second is at 17:00.

In the event that our full payment attempts fail, we will attempt to contact you to find out the reason for non-payment and to discuss a suitable payment arrangement with you.

We will not attempt to take payments from you where you subsequently inform us that the agreed repayment arrangement would place you in further financial hardship or that there are insufficient funds in your account.

If at any time you are unable to repay your loan as a result of financial hardship, please contact us as soon as possible for help.

Q. Can I cancel the continuous payment authority?

A. Yes, you can. The CPA can be cancelled at any point by contacting us and/or your bank. But if the CPA is cancelled, you are still expected to agree to an alternative payment method. So please contact us first for help with any financial difficulties and to agree on affordable repayments.

Q. Do you take any pre-loan charges (Fees)?

A. No, there are no pre-loan charges. But your debit card will be checked to verify that your account is active by pre-authorising a deduction of £0.01 from your debit card.

This transaction will be cancelled in a few days by your bank. The number of days before this transaction cancels may vary depending on which bank you use.

Q. How will my CREDIT SCORE be affected by applying for this loan?

A. When you apply for a loan with us, we check your credit history using the NOVOQUOTE check. This is only a quote check and it will NOT show on your credit records unless we actually grant you a loan.

Q. I am unemployed, why can’t I receive a loan?

A. As a responsible lender, we are obliged to ensure that our loans remain affordable. So not accepting unemployed customers is a commercial decision that we have taken to protect those who may be more vulnerable to incurring financial hardship.

Q. Do I have to be employed full-time to receive a loan?

A. Not necessarily, but as a responsible lender, we are obliged to complete full affordability checks to ensure that our customers can afford to repay the loan. We will, therefore, assess the overall merits of each loan application that is made.

Q. How shall I file a SAR - Subject Access Request

To make a Subject Access Request, please write an email to our customer care at customercare@fernovo.com.

We do not charge fees for a SAR.

To prove your identity, you will need to provide us, your full name and address, DOB and the email and mobile number you provided when you applied for your loan.

We have up to 30 days to reply to a Subject Access Request.

Your point of contact for any question is customercare@fernovo.com