As a not for profit company we only approve loans if you have demonstrated you can afford the repayments. There are times where we cannot offer a loan, and this is usually because we believe you cannot afford to repay the loan or we may be indebting you further by providing the credit.
If your application is declined we recommend you consider checking your credit report. If you think you’re struggling financially you may wish to contact a free and impartial debt advice company to see how they can help you.
No Fees or Penalties
We’re transparent in our pricing, we don’t charge any fees for providing a loan, only interest to cover the cost of borrowing the money. We don’t charge early or late repayment fees either.
Flexible repayment options
A recent survey shows that 80% of our customers align their loan repayment with the receipt of their income. We want you to repay the loan in manageable repayments, that’s why with Track Loans you can choose when you would like to make your payments.
You can choose to repay the loan back weekly, fortnightly, four-weekly or monthly. Just you make sure you have a regular income in your bank account for the repayment frequency you choose.
Budgeting advice and support
During and after the application process we will provide you with some useful advice and tips on how you can improve your budgeting, we may also sign post to you organisations that specialise in this area
Our interest rates only cover the cost of providing the services, our 201% APR is a lot lower than that of most online lenders, who might charge up to 1565% APR.
As a not-for-profit lender, any surpluses we make go back to helping the communities we serve, we do not have any shareholders or pay dividends.
No continuous payment
We only take repayments via Direct Debit, your repayments are covered by the Direct Debit guarantee which means we can only take an agreed amount on a fixed date. If your regular collection date falls on a weekend or Bank holiday we will take the repayment on the next business day.
We do not take repayments via Continuous Payment Authority (CPA) so there won’t be any unauthorised payments from your account.