Call us on 01279 636 260 or 03333 237 637

Frequently Asked Questions

Frequently Asked Questions

All LendFair loans are authorised and regulated by the Financial Conduct Authority reference 723561 and governed by the Consumer Credit Act. LendFair is a responsible lender.


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Questions and Answers

Yes. If within 14 days of signing your loan agreement and Lendfair transferring the funds you decide the loan is not for you or you find you don’t need it any longer, then you can cancel the loan agreement. There are no fees or penalties if you cancel. However you will need to repay the loan advance in full together with any interest due before cancellation can take effect.

You can of course repay the loan, in full at any time during the agreement and Lendfair only charge interest for the time the loan was outstanding. There are no fees or penalties charged for early repayment.

The right to cancel and the choice to repay, at any time, is a decision for the borrower. Once a guarantor signs the Guarantee and Indemnity Agreement and the funds are transferred a guarantor cannot cancel their agreement or the Loan Agreement. However a guarantor can withdraw at any time prior to this by simply notifying Lendfair they do not wish to proceed.

Yes. At LendFair we fix the rate of interest for the duration of your loan. This means that whatever happens to market interest rates your regular payment amount is fixed for the duration of your loan with us. We think a fixed interest rate is fair and transparent and allows you to plan and budget for the same payment each month.
Yes. This allows you to plan and budget for the same loan repayment each month during the term of the loan. Even if market interest rates increase your repayment and term are fixed by contract. However, if you find yourself in changed circumstances, hardship or can’t afford the regular repayments, then contact LendFair asap and we may be able to reduce your payments to a more affordable sum by extending your loan period rather than asking your Guarantor to pay. And remember if you make overpayments, regularly or ad-hoc, or pay off your loan early, then LendFair rebate future interest so you will pay less overall. How fair is that! `
Once we have approved your application, and approved your guarantor, we simply transfer the requested loan amount to the bank account of your guarantor. The whole process can take up to two days due to certain documentary requirements and depending on how quickly you and your guarantor respond but in most cases it is within 24 hours and can sometimes be the same day. Your guarantor then simply transfers the money to you. Getting your guarantor on-board before you start the loan application will speed up the transfer of funds. We always aim to pay out within 4 hours of final approval.
This depends on your circumstances and views. Compared to payday loans, pawnbroking and unapproved overdrafts, then yes it is likely that a LendFair loan will appear cheap, often a fraction of the interest charged by others on alternative unsecured borrowing. But compared to secure lending, then no, LendFair is not cheap, but we still think our rates are fair, competitive and certainly one of the cheapest amongst the alternative lenders. If you can get a traditional loan at lower interest rates we urge you to go this route.
Yes you can. In fact it may save you money and make servicing your borrowings easier if you consolidate any number of smaller, High Cost Short Term loans and settle them with your new Lendfair loan. As a Guarantor we suggest you consider paying off any loans the borrower wishes to repay, direct from the loan we advance to you in the first instance. This should be agreed with the borrower. This ensures the new borrowing is used to settle previous loans and does not increase the borrower's indebtedness.
First, LendFair do not discriminate and more importantly will always try to overcome physical difficulties, in this case verbal communication. So if you use a translator we can work with them (all calls are recorded) and we can, during most stages of the application, provide you &/or your guarantor with written forms &/or communications. Obviously email, on-line chat & SMS will not delay any application whereas traditional mail services will slow things up. You can always start by contacting us at loans@lendfair.co.uk explaining your circumstances.
No. But if you are really struggling and to make your regular monthly payment would cause hardship then contact us asap at loans@lendfair.co.uk or by telephone. We can work with you and your guarantor to ensure your loan is properly and fairly managed. Late or missed payments do not incur any fees but it is important that you bring your account up to date quickly or you may breach your loan agreement. Interest is calculated daily so any late or missed payment will mean you pay more interest.
No, but you and your Guarantor must be a UK resident and have a UK bank account and both must live in England, Scotland or Wales. Currently we cannot accept applications from borrowers or guarantors who are residents of the Channel Isles, Isle of Man or Northern Ireland.
It has come to our attention that websites pretending to be LendFair appear from time to time on the Internet. They even use similar colours and styles as genuine websites to make you think they are the real deal. Beware! They are scams out to get your money or bank details! At LendFair we never ask for money up front; EVER! Nor do our real partners and comparison sites, who will simply link you to our 100% genuine website www.lendfair.co.uk. We only operate in the UK and only offer loans to UK residents with a UK bank account. Stay safe and only deal with www.lendfair.co.uk any variation on the name LendFair is NOT us and not genuine. Also beware of any emails pretending to be us - all our emails will come from @lendfair.co.uk we never use any variation around that or any email services such as Google mail, Yahoo mail etc. If in doubt call us on 03333 237 637 or 01279 636 260. Do not pay any monies and do not give out your bank details.
As a rule if your income is made up of 100% benefits we will not accept your application. However, if only part of your income is made up from benefits, such as tax credits, child benefit, pension or universal credit, then we will consider your application. This is part of our responsible lending policy.
As a rule if your income is made up of 100% benefits we will not accept you as a Guarantor, the only exception is Pensions, which we will treat as income. If only a proportion of your income is made up from benefits, such as tax credits, child benefit or pension(s), then we will consider you as a Guarantor. This is part of our responsible lending policy.

The right to cancel the Loan Agreement and the choice to repay, at any time, is a decision for the borrower. Once a guarantor signs the Guarantee and Indemnity Agreement and the funds are transferred a guarantor cannot cancel their agreement or the Loan Agreement. However, a guarantor can withdraw at any time prior to signing by simply notifying Lendfair they do not wish to proceed.

It has come to our attention that websites pretending to be LendFair appear from time to time on the Internet. They even use similar colours and styles as genuine websites to make you think they are the real deal. Beware! They are scams out to get your money or bank details! At LendFair we never ask for money up front; EVER! Nor do our real partners and comparison sites, who will simply link you to our 100% genuine website www.lendfair.co.uk. We only operate in the UK and only offer loans to UK residents with a UK bank account. Stay safe and only deal with www.lendfair.co.uk any variation on the name LendFair is NOT us and not genuine. Also beware of any emails pretending to be us - all our emails will come from @lendfair.co.uk we never use any variation around that or any email services such as Google mail, Yahoo mail etc. If in doubt call us on 03333 237 637 or 01279 636 260. Do not pay any monies and do not give out your bank details.
LendFair are always looking for good partners and agents promoting our loan products via the web and social media. At it’s easiest, a simple banner on your site linking it to LendFair can earn you money; and for those actively generating pre-qualified leads, or links, to our web applications you are likely to earn far more. For simple links we ask you to complete an approved supplier questionnaire and restrict any promotion to approved images and text. We can provide finished banner and text examples to get you going, or if you want to wrapper existing promotions in the Lendfair style we provide marketing guidelines and images. For those publishing more detailed financial promotions or operating specifically in the Financial Services sector we also ask that you are authorised by the FCA. Reward is based on a fee paid to you based on the loan advance; we provide tracking and full analysis of all unique traffic and advances monthly for billing purposes. Want to know more? Contact; colinb@lendfair.co.uk