- Who are Track Loans?
Track Loans is a trading name of Street UK (CIC) (Street UK), Street UK is an ethical and affordable loans company that provides a cheaper alternative to high cost lenders. Street UK has been providing ethical and affordable loans to customers since 2001.
- Our Mission
Track Loans mission is to offer an affordable online alternative to high cost providers of credit on a sustainable basis.
- How are we different?
Track Loans an ethical lender that has a responsible lending code, our products are designed around our customers to ensure we offer a competitive alternative to using doorstep/online lenders, pawnbrokers and expensive high street money shops.
- Our Pricing
Our pricing is transparent with no hidden fees, as a not for profit company our pricing is designed to only cover the cost of providing the service.
- Do you charge fees?
We do not charge any fees to process your application, or for any late payments if your loan is approved. We only charge interest on the outstanding balance of your loan on a monthly basis.
- What interest do you charge?
We charge 201% APR which is less than half of the maximum interest rate that can be applied under FCA regulations (equivalent to 0.22% per day, FCA Price Cap is 0.8% per day).
- What is APR?
The Annual Percentage Rate, usually called the APR, is a standard way of showing the cost of borrowing. The APR is worked out taking into account the following things:
- the interest rate
- other charges you have to pay
- how long the agreement lasts
- the amount and timing of the repayments.
Providers of credit have to tell you what the APR is before you sign an agreement. The APR varies from lender to lender and between different types of credit. Comparing the APR works best if you are comparing similar types of credit over the same repayment period. For example, loans for the same amount to be paid back over the same number of months.
- How do you compare to other lenders?
Our pricing is considerably cheaper than most online lenders, to see how we compare take a look at our comparison page.
Our purpose is to provide you with access to affordable credit and excellent customer service. You, the customer, are our main focus.
- Who can apply?
You must be over 18 years old, a UK resident and have a UK bank account that accepts Direct Debits. You will need to be working or have a minimum income of £1,000 per month (excluding any housing benefit).
Currently we are only accepting applications if you live in the West Midlands (B, CV, DY, WS, WR and WV postcodes), the service will be expanded to further areas soon.
- Do I need a bank account?
You will need a Bank or Building Society Current Account in order to apply. We cannot send money into pre-paid debit cards or savings accounts.
- I do not have a bank account, can you help?
You can contact a Bank or Building Society from the ‘Fee Free Bank Accounts’ list on our Resources page in order to make an application to open a Bank Account.
- How much can I apply for?
You can apply for any amount between £100 – £500 depending on your circumstances; we will never offer you more than you have applied for.
- Will my application be approved?
This depends on your circumstances; each application is assessed on its own merits.
- How do you decide?
We take into consideration the information you provide, whether you can afford the repayments; we also consider your current level of debt and your previous credit repayment history.
- Do you perform Credit Searches?
We ask for your consent to undertake searches with Credit Reference Agencies to confirm your details.
- How long is the process?
Completing the application should only take a few minutes, the questions we ask are relevant in understanding what your current situation is and helps us to make the right decision. We also provide you with some useful tips and budgeting advice which may help you.
- What details do you need?
We need you to provide information about your personal circumstances in order to confirm who you are, where you live, your income and expenditure and what debts you have. We will verify this information using external searches and use it to make our decision. This information will also help us to prevent any potential fraud.
- What if I change my mind?
You can change your mind at any stage up until and after the loan has been approved, if you do change your mind after the loan is approved and funds are in your account then you will need to contact us to notify your intention to withdraw, click here for more information.
- My application has not been approved, what happens next?
If we are unable to approve your application online we will arrange for someone to call you back, at this point we may need you to provide some additional information.
- I am having technical trouble, who do I contact?
If you are having any technical issues you can email email@example.com or contact our Customer Care Team 0330 024 9803 for assistance.
- When will the money be in my account?
If your application is approved online prior to 14:55 the money will be in your account by 18:00 the same day, if your application is approved online after 14:55 the funds will be in your account by 12:00 the following day. Times may vary for applications approved via call back.
- How do you collect payments?
We collect payments via Direct Debit on an agreed date for the term of the loan, we do not use Continuous Payment Authority (CPA) to take payments from your account.
- Why do you take payments via Direct Debit?
Repayments are taken via Direct Debit to give you peace of mind; unlike most online lenders we do not use Continuous Payment Authorities (CPA). You will know when the repayments are coming out so there are no surprises!
- How often do you take payments?
Repayments are setup to match your current income; we are able to take payments weekly, fort-nightly, four-weekly or monthly.
- Can I increase my payments or make one off payments?
You can increase your repayments by contacting us via email or calling our Customer Care Team 0330 024 9803. Increased repayments will result in less interest being applied to the outstanding balance thus lowering the total amount you pay back.
- Can I pay the loan off early?
Yes you can, there are no charges for early repayment and we will only charge you interest up until the day of settlement.
- Having trouble making payments?
If you are having trouble making your payments or anticipate any issues email us at firstname.lastname@example.org or contact our Customer Care Team 0330 024 9803 and we will try to understand your situation and help you to get back on track.
- If I already have a Track Loans loan can I apply for another?
If you already have a loan with Track Loans or Street UK then this will need to be cleared prior to applying for further credit.
- I cannot login?
If you have forgotten your logon details firstly follow the ‘Forgotten Password’ link. If that doesn’t help then you can email email@example.com or contact our Customer Care Team 0330 024 9803 and we will be happy to help.
- My details have changed, how do I let you know?
If your personal or bank details change then you can email firstname.lastname@example.org or call our Customer Care Team 0330 024 9803 and we will update your details. In certain instances we may ask for supporting documents.