FAQ

Who are iDosh?

iDosh.com is the trading name of Cashfoundry Limited, a company registered in the UK at Companies House with company number 07551380. Our Consumer Credit License number is 0644905, and are members of the BCCA trade association and will abide by their Code of Practice. You can find out more on the About Us page.

What is a payday loan?

A payday loan or payday advance arranged online is a quick and confidential way to help you manage short term cash flow needs, by advancing a small amount of money which you repay on your next payday.

What do I need to qualify?

We would really like to help you out, but as a responsible lender we can only consider lending to customers who:

• Are aged 18 years old or over
• Are resident in the UK
• Have a UK bank account with a valid debit card associated with it
• Receive their salary into the above bank account on a regular basis
• Full time employed
• Have a steady income with a take home pay of not less than £850 a month

How does it work?

Applying for a loan with iDosh is super simple. It takes a few minutes to complete our secure online application form, and we make an instant decision, so you won’t be left waiting around. Follow this quick guide:

1. Drag the bar to choose how much cash you want to borrow and for how long, and calculate the cost of repayment. Then, click Apply Now to fill out our quick and easy application form.

2. Once you submit your application, we’ll do a quick credit check. We usually make an instant decision on applications, but if your application isn’t instantly approved then we will contact you, and in rare cases you may need to fax us some additional information.

3. If your loan is approved, we’ll deposit the funds directly into your bank account – if you want the money on the same day, there’s a transmission fee of £5.50 that will be deducted from your loan amount. †

4. On the day your loan repayment is due, we’ll take the money directly from your account – all you have to do is make sure the funds are available.

I don’t own my own home. Does this matter?

Not necessarily. Our loans do not require any security or collateral, so we consider tenants and other circumstances, such as living with parents, too. There is space on the application form for you to tell us about this.

Do I need to be employed?

We need to see evidence of income of at least £850 a month being regularly paid into the account you will use to repay your loan.

How much will you lend me?

iDosh is a responsible short term lender. We want our customers to be able to repay what they owe without it impacting their overall financial situation in a negative way. New customers can apply to borrow between £100 and £400.

Customers who have borrowed with iDosh before and have successfully repaid their loan or loans may be able to borrow amounts up to £1000.

We look at each request individually and will only lend to you if we believe we can do so and still meet our obligations as a responsible lender.

Do you carry out credit checks?

Yes, we do. This is part of our commitment to being a responsible lender, and helps us to verify some of the information you give us on your application form.

Will you contact me if I have been provisionally accepted for a loan?

Yes, if you have been provisionally accepted. Once you have completed the online agreement, one of our customer advisers will get in touch to run through the information you have given. In some cases they may ask for additional details, to ensure that the information supplied is in line with our responsible lending obligations to complete your loan.

We want to be able to get the funds to you without delay, so we try and make this process as quick and simple as possible. However, if we can’t contact you, then there may be a delay in finalising your application.

Can you explain the documentation you have sent me?

Yes, certainly.  Once you have been provisionally accepted you will receive what is called a SECCI, a Standard European Consumer Credit Information document, which contains the key details of your consumer credit agreement as part of the “pre-contract information”.

The information contained in the SECCI is set out by law, and you should read it carefully. You can also use it to compare the information given with similar information from other lenders.

We will also send you an Adequate Explanations sheet. This is also required by law and gives you important information about short term lending in general and your loan in particular. If you decide to go ahead you will receive a loan agreement to consider and sign.

Do I need to send any documentation?

Our systems are designed to allow us to assess your application quickly and thoroughly without the need for you to send in additional documentation. However, occasionally we do need to ask you to confirm some details to help us verify information. If this is the case, one of our customer advisers will guide you through what is required.

Do you need to contact my employer?

Yes. When we contact you after receiving your application we will explain this fully. We do make a quick call to your employer with your permission, but only to establish that you work there and we won’t disclose anything about your loan application, or that we are calling from a lending company.

If you are employed and you do not give us permission to get in touch with your employer, then we won’t be able to approve your loan for payout.

When do I receive the money?

Once your loan is approved for payout, we will instruct our bank to send the funds to your bank. If you want the money in your account on the same day, then you can opt to pay a £5.50 transmission fee for our faster payments service. 

This fee will be deducted from your loan amount, so if you’re approved for a £100 loan and ask for same day funding, we’ll deduct the fee and pay £94.50 into your bank account.

If you’re not in a hurry to get your cash, then we’ll transfer it using a free of charge BACS payment, which will take 3 working days.

How does the faster payments fee work?

To help cover the cost of our same day faster payments transfer, we charge £5.50 – this is an optional service, so if you’re happy to wait a few days before receiving your cash, the transfer will be free.

If you do opt for same day payment, the £5.50 is deducted from the amount you receive in your bank account, so for example if you have been approved for a loan of £100, you will receive £94.50 in your bank account. 

How do I repay my loan?

For a single period payday loan, we take payment from your bank account on the agreed date using the debit card details you gave us during the application process. This is an automatic process, so you don’t have to worry about arranging a transfer.

How much does a payday loan cost?

Our charges are transparent and simple. We charge a flat £30 per £100 for a payday loan up to 37 days.

Representative example:

Fixed Flat Rate of Interest 30%

Annual Interest Rate 360%

Total Amount of Credit £100.00

Total Charge for Credit £30

Total Amount Repayable £130.00

Representative APR 2334.0%

Duration of Loan 30 Days

Amount repayable in one single instalment £130.00

 

It’s really important to us that our customers pay us back on time, so we expect you to hold up your end of the deal. If your payment is late or missed, we may charge you a missed payment fee of £20.00. If any part of your account is still outstanding 30 days after the due date and falls into our collections process we may charge you a collections fee of £40.00.

If your account remains outstanding 60 days after the due date for repayment then we may pass it on to a third party collections agency.

We understand that occasionally your circumstances will change and this may mean you can’t meet the agreed repayment date. We encourage customers who think they may have a difficulty in repaying to contact us at the earliest opportunity, so we can help guide you through the options available.

I signed the agreement and I have received the money, but it’s not right for me and I’ve changed my mind. What can I do?

You have a legal right to withdraw from the agreement within the14 days after the Agreement was signed. The exact details are shown on the SECCI, and on your consumer credit agreement. You will need to repay us the entire loan advance back plus the daily interest charge from the date of the Agreement to such time when you have repaid all the loans, so you may want to speak to a customer adviser if you do wish to withdraw.

Can I repay my loan early?

Yes, of course. You have a legal right to repay your loan early in full or in part before the contractual term of the loan has finished. You might even be able to save some money in interest, too, so if you would like to make an early repayment, sign in to your account.

Can I make a partial repayment?

Yes, you can make a partial repayment at any time to reduce the balance you owe. If you apply to extend, we will ask you to make a small partial repayment of the loan advance as well as paying the interest charge for the past period.

Do you consider people with variable credit history?

We try to consider all circumstances fairly. If you have a variable or poor credit history this may affect our decision, but we need to carry out some checks on the information you have given us as part of your application before making any decisions.

We can never guarantee to offer any applicant a loan, even if they have borrowed with us before, but we do assess every application individually. You can help by making sure the information on your application is truthful and accurate.

iDosh has declined my application. Can I re-apply?

You can re-apply, but we suggest that you wait a little while, or until your circumstances have changed, before re-applying to iDosh. You may find the tips below useful.

How can I improve my credit history?

There are a number of ways that you can improve your credit history. Here are some helpful tips:

• Make sure you are registered on the electoral roll at your current address
• Try not to miss repayments on existing debts, including utility bills and mobile phone contracts
• Try to keep up with scheduled loan/other credit repayments if you can, as it is a positive factor to show that you are repaying what you have borrowed
• Get a copy of your credit file and check the information to make sure there are no mistakes
• When reviewing your credit file, close down agreements you no longer use
• If you have a credit card with a limit that you do not use, try and get this reduced
• Try not to make too many applications for credit in a short space of time
• If you have a landline phone number as well as a mobile, include it on any application you may make

Can I extend my loan with iDosh?

iDosh will only agree to extend if this is in line with our commitment to responsible lending, and an extension is always subject to our discretion.

It is important to us that customers who have agreed to repay on a certain date make sure they have sufficient funds in their account when it comes to that repayment date. However, we do understand that circumstances can change rapidly, so if you feel you need more time to pay, then you must telephone and speak to a customer adviser before the due date in order to request an extension.

If you request to extend your loan, then we will need you to repay all the interest for that period and make a partial capital repayment as well. If you do not contact us as set out above to apply for a loan extension, and we do not receive a payment from you, we will apply a £20 missed payment charge.

If I extend, will it cost more?

Yes. For example, if you extend a £200 loan until your next payday and you repay the interest charge for the period (£60) and make a £50 capital repayment (25% of the original loan), you will pay £110 on your original due date, leaving you with an outstanding balance of £150.

On your second repayment date, you will then pay a total of £195, which is made up of the balance of the capital advance (£150) and the interest on the £150 at 30% per pay period, which is £45. In total your repayment overall would be £305.

If you do want to extend, then making a partial capital repayment means you will pay less in total. In the above example, if you pay the interest of £60 on the original due date and 50% of the original loan (£100), this results in an outstanding balance of £100. On your second repayment date, you will then pay a totalof £130 (£100 outstanding loan and £30 interest charge). In total, your repayment overall would be £290.

What should I do if my circumstances have unexpectedly changed?

We know that sometimes unexpected events happen and your circumstances change. If you feel you will not be able to make your agreed payment on the scheduled date, then please contact us on 0845 124 5357 as soon as you can and speak to one of our friendly customer advisers.

They will be able to outline options available to you to help resolve the issue. You can contact them Monday to Thursday from 8am to 8pm, and 8am to 5.30pm on Fridays, except bank holidays.

Is an iDosh loan suitable for my needs?

Payday lending is a form of credit which we believe is unsuitable for supporting sustained borrowing over longer periods, and would be expensive as a means of longer term borrowing.

An iDosh loan is a short-term product, designed to provide you with a handy cash advance until your next payday and help you manage your temporary cash flow situation.

iDosh loans aren’t a solution for big financial problems or a long-term financial crutch. We aim to provide small cash loans for emergencies when you need it, with a secure, quick, and straightforward service.

We hope you will always ask yourself whether you really do need to take out a loan, use another source or whether you can wait for your next payday. There are cheaper forms of credit available.

Will a loan from iDosh help solve my existing financial problems?

No, we don’t think so. iDosh loans are designed to meet your urgent needs for a small amount of money to cover emergency or unexpected costs. They are not a solution to any existing financial difficulties. Taking on additional credit when you believe you are already having some difficulties is not “responsible borrowing” and most likely will only add to your worries.

If you do feel you have financial problems, we suggest you seek help from one of the free advice agencies in the UK, such as the Consumer Credit Counselling Service (www.cccs.co.uk), or National Debtline (www.nationaldebtline.co.uk).

iDosh is a responsible lender and so if our checks on your application information highlighted this type of situation we would not be able to offer you a loan if you did apply.

Help! I can’t repay my iDosh loan. What can I do?

At iDosh, our customer advisers keep an eye on the progress of your account with us. If you miss your repayment they will make every effort to contact you (via several different channels) starting with the day on which you should have made payment, to discuss the situation.

Our advisers are fully trained and understand that circumstances can sometimes change, so they will offer alternative solutions. Please don’t put your “head in the sand” if you can’t pay, or ignore their calls or e-mails, as this will only make the situation worse.

If we haven’t received full payment on the due date we may apply a £20 missed payment fee. We encourage you to try and agree a way forward with our customer advisers, but if we cannot contact you and your account is passed to collections when it becomes 30 days past due, this will incur a charge of £40.

If you don’t respond to our attempts to contact you or we cannot agree on a reasonable outcome we will pass your account to a third party collections agency. We will always let you know if this happens, but we hope you will work with us to resolve the situation before this action becomes necessary.

By this stage, it would be extremely unlikely that iDosh would lend to you again. In addition, your outstanding debt may be notified to the Credit Reference Agencies, which may be seen by other lenders as part of their own application checks.

Why is the representative APR so large?

The APR, or Annual Percentage Rate of Charge, is required by law to be included on certain documents and promotional materials and is calculated according to a formula laid down by regulations known as the Consumer Credit (Total Charge for Credit) Regulations 2010.

It’s a good tongue twister, but essentially the APR looks at annualised charges and the formula used (which looks very complicated) means that really high APRs are often shown for very short term loans.

We would recommend that you always look at the total amount repayable, and how long you can have the loan for as well to help you compare offers. You should always remember that with iDosh you will never pay more than £30 per £100 borrowed per loan period.

How do I complain?

We hope that, as a valued iDosh customer, you will be happy with every aspect of our service. If you do have a matter that you would like to give us feedback on please contact us on:

Telephone: 0845 124 5357 (calls cost no more than 5p from a UK land line, calls from mobiles may vary)
e-mail: help@idosh.com

Post: iDosh PO Box 770 Harrogate HG1 9QZ

It helps us if you can always include your name and agreement number.

Do bank holidays and weekends affect the service?

New loans are processed Monday to Friday 9am to 8pm, excluding bank holidays. So, if you apply over a weekend we will be processing your account on the next working day.

Why should I get another loan from iDosh if I need short term finance in the future?

We welcome back customers who have successfully repaid a loan (or loans) with us. Although further loans are never guaranteed, when we assess any new application you may make we take into account your previous successful payment history and loan settlements with us.

Borrowers who have used our service before can apply for increased loan amounts over those we offer to new customers, although these are of course subject to our discretion and individual assessment. Remember we will only offer you a new loan if it is in line with our responsible lending commitments to do so.

From time to time we offer returning customers extra benefits – check these out by logging into your account!