Simon Hunter Loans: FAQs

FAQ's

Here are our answers to a range of questions you may have about Simon Hunter Loans. If you have any further questions, please do not hesitate to contact us by email or phone.

Questions
(Click the question you want to find an answer for)
1. What is the maximum loan amount I can apply for?
2. What rate of interest will I be charged?
3. How much are the repayments and how often do I have to pay?
4. How do I make my repayments?
5. Can anyone get a loan with Simon Hunter Loans?
6. What happens if I want to cancel the loan?
7. What happens if I miss a payment?
8. How often will I receive a loan statement?
9. Are Simon Hunter Loans available in my area?

1. What is the maximum loan amount I can apply for?
The maximum loan amount depends on the type of loan you are applying for, Standard or Premium (see our Products page for more information). Standard Loan applicants have an initial credit limit of £30.00 - £80.00, subject to status. Once customers become established with Simon Hunter Loans, credit limits may be increased progressively to a maximum of £200.00. Premium Loan applicants have an initial credit limit of £250.00, and this may be increased progressively to £500.00 depending on repayment history with Simon Hunter Loans.

2. What rate of interest will I be charged?
Simon Hunter Loans charges a flat, fixed interest rate of 40%.

Representative Example:
£80.00 Loan Repayable Over 20 Weeks
20 Weekly Repayments of £5.60 Per Week
Rate of Interest: 104.29% per Annum (Fixed)
Total Cost of Credit: £32.00
Total Amount Repayable: £112.00
Representative 481.4%APR

3. How much are the repayments and how often do I have to pay?
Simon Hunter Loans offers three loan types depending on whether you would like to repay your loan on a weekly/fortnightly or monthly basis (see our products page) . The first loan type operates on a pay weekly basis over 20 weeks, the second on a pay weekly basis over 16 weeks, and the third on a pay monthly basis over 4 months. Your minimum repayments will therefore depend upon your loan amount. For example, an £80 loan will be paid off at £5.60 per week over twenty weeks, £7.00 over 16 weeks, or £17.50 per month over 4 months.

4. How do I make my repayments?
Simon Hunter Loans primarily collects repayments by standing order on a weekly or monthly basis on the day/date that you specify when you take out a loan. At our discretion, Simon Hunter Loans also offer weekly home collections by cash in certain exceptional circumstances.

5. Can anyone get a loan with Simon Hunter Loans?
Simon Hunter Loans offers two loan types (see our Products page) with different eligibility criteria. Standard Loans, which range from £30.00 - £200.00, are available to customers that:
• Are over the age of 18 years
• Live within the West Yorkshire area
• Have an active telephone phone number & a UK bank account
• Have been resident in the UK for more than 1 year

Premium Loans, which range from £250.00 - £500.00, are available to customers that:
• Are over the age of 25 years
• Live within the West Yorkshire area
• Have been resident in the UK for at least 1 year
• Have a good credit history
• Have an active mobile phone number and a UK bank account
• Are in full or part time employment & earning a minimum of £1000 per month (or retired)

All customers are required to complete an application form and provide their national insurance number, as well as a minimum of two forms of identification (one photographic ID & one utility bill). For Premium Loans, customers will also be required to provide proof of income. A credit check may be carried out, and Simon Hunter Loans reserves the right to refuse loans at their discretion without explanation. Simon Hunter Loans will only accept one new customer per household.

6. What happens if I want to cancel the loan?
After completing the loan agreement contract, you have an automatic 14 day right to withdraw. You can cancel the contract at any time during this 14 day period either orally or in writing (letter, email, text). You can find details of where to send your cancellation notice to on our contact us page. Upon receipt of your cancellation notice, Clothes Rail will contact you to arrange collection of the monies borrowed. Customer's have a further 30 days to pay back the loan and during this period, interest will be charged at a rate of £0.28 pence per day (per £100 loaned) for 20 week loans, £0.35 pence per day (per £100 loaned) for 16 week loans, and £0.33 pence per day (per £100 loaned) for pay 4 month loans, until the monies have been fully repaid.

7. What happens if I miss a payment?
To avoid the issuing of a Notice of Arrears, you should contact Simon Hunter Loans if you miss a payment and we will rearrange a repayment date with you. When you take out a loan with Simon Hunter Loans, it will be fully explained to you that missing 4 weekly repayments (or 2 monthly repayments) will lead to the issuing of a Notice of Arrears. If you do not pay the arrears or contact Simon Hunter Loans to explain your financial circumstances within two weeks of receiving the Notice of Arrears, we will send a Second & Subsequent Notice of Arrears. Failure to pay the arrears may lead to the use of a Debt Collection Agency or the issuing of a Default Notice and possible court action with associated costs. Simon Hunter Loans reserves the right to charge default interest at a rate of 10% per Annum, and to charge £1.00 per letter issued in relation to missed payments (this charge does not apply to Notices of Arrears). Missing payments may lead to customers having a bad credit rating for 6 years. Simon Hunter Loans would much prefer customers experiencing payment problems to inform them of their difficulties, and we will endeavour to work with the customer to rearrange their payment schedule.

8. How often will I receive a loan statement?
Customer’s have the right to request one free statement per quarter. Statements will automatically be issued every quarter.

9. Are Simon Hunter Loans available in my area?
Simon Hunter Loans are available in most areas of West Yorkshire. The map below gives you a guide of where Simon Hunter Loans operates. Simply contact us to let us know where you live, and we will tell you whether you will be able to take advantage of our services.

Map Radius for Simon Hunter Loans

Member of the Consumer Credit Association Simon Hunter Loans is a member of the Consumer Credit Association (CCA) and fully compliant with their Code of Conduct.

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