FAQ

We took a fresh look at business loans, and developed our service to make everything simple and transparent. You can use our online sliders to select the amount you need and the period you need it for. You’ll be able to see all the costs upfront and know exactly what you’ll repay.

Your business needs to be a sole proprietorship, limited company or limited liability partnership. Each director or partner of the business needs to be over 18. Your business also needs to have a business debit card attached to the main business bank account.

We offer any purpose loans up to $500,000, but the amount we lend depends on individual circumstances. Four things help us to decide what we’ll lend you and the amount of your loan repayments: We look at:

• What you can afford
• If you own your home or rent it
• Your current circumstances (income and outgoings)

Our team will need to assess these things when you apply for a loan in order to decide what loan would be most suitable.

You can borrow from $600-500,000 upon application

Your business needs to be a sole proprietorship, limited company or limited liability partnership. Each director or partner of the business needs to be over 18. Your business also needs to have a business debit card attached to the main business bank account.

Your business will also need to have been operating and actively trading for at least 18 months, and have sufficient revenue to cover the weekly repayments.

Please don’t apply for a loan with us if you have any concerns about your business’ ability to meet these requirements.

The main applicant will also need to provide a personal guarantee for the business loan and give us details of their personal debit card. We may use it to collect the amount owed if the business fails to pay.

To give your business the best chance of being accepted, make sure you give us as much information as possible and ensure it is accurate when you apply. If you’re an existing interest Free Loans customer, you can keep your details up to date by logging into the ‘my account’ area of our site.

Our interest rate is fixed at 1.16% per week and this equates to an interest cost of 1.16% for a 52 week loan. We also charge an arrangement fee of 1.5% of the loan amount (the arrangement fee does not attract interest).

Interest and the loan fee are added to the principal amount of the loan at the outset, which is then divided by the number of weeks during your chosen loan term in order to establish your equal weekly repayments.

If the business’s circumstances change and the loan can be repaid earlier than expected, you may be able to save money. The business can repay early in full or in part at any time at no extra charge, and interest will only be charged for the number of weeks that you borrow the money.

This is an unsecured loan. For limited companies and limited liability partnerships, the main applicant will also need to provide a personal guarantee for the business loan and give us details of their personal debit card. We may use it to collect the amount owed if the business fails to repay.

Yes.
The business can repay early in full or in part at any time at no extra charge, and interest will only be charged for the number of weeks that you borrow the money.
To make early repayments, please call us on +447937414035

Just ensure the required cash is in the main business bank account (or personal bank account for of sole traders) on the day the weekly repayment is due.

Repayments are made by continuous payment authority using your business debit card (or personal debit card in the case of a sole trader), starting on the seventh day after we send the cash, and then weekly for the rest of the term.

Please make sure you read the ‘how we collect’ payment document. It explains how we collect weekly repayments from your card on each promise date and if necessary after that date if the amount is still outstanding. It also explains your rights to cancel card payments.

If we can’t collect the amount you owe at first, we may make further attempts to collect your repayment using the debit card we have on file for you.

The business can repay early in full or in part at any time at no extra charge, and interest will only be charged for the weeks when you borrow the money.

To make early repayments, please call us on +447937414035

For security reasons, you should never send any details about your business or personal bank account or debit card details to us via email or live chat.

No, we do not carry out a credit check on the business and the owners partners or directors of the business as part of our automated decision making process. We only carry out checks on businesses that has an account with us so we can manage our relationship with your business

Details like your business name, registered number, your name, address, phone numbers and your bank account details. We need this to determine who’s applying on behalf of the business, to check if our service is suitable for the business, and as part of our validation and collections process.
To give yourself the best chance of approval, you should always make sure the information you give us is accurate and honest.
For full details on how we use your personal information, please refer to our privacy policy.

Yes, we welcome all businesses that meet our application criteria. Our service is not designed to help the business repay or manage existing debt, please click here for consolidation loans. So please don’t apply for a loan unless you’re sure the business can comfortably make the weekly/monthly payments.
You should always think carefully before committing to any form of credit.

Yes. You need a business bank account, with a business debit card attached.

No, although we may ask this for research purposes. Any information you provide would be received in the strictest confidence.

We do not carry out credit checks as part of our decision-making process, so if either the business or you have a very poor credit record it may not affect our decision. To give your business the best chance of approval, make sure you give us as much information as possible and ensure that it’s accurate when you apply.

Yes, the Finance and Leasing Association.

Whether your business is looking to expand, manage working capital or deal with a one off or unexpected expense, we may be able to help.

Our service is designed to help the business repay or manage existing debt or if your business is already in financial difficulty, so please apply for a debt consolidation loan instead. unless you’re sure the business can comfortably make the weekly/monthly repayments. You should always think carefully before committing to any form of credit.

Once approved, you could have cash in your business bank account within one business day. Depending on who you bank with, it could be as little as one hour. However, it can be delayed if we have a system issue or if our banking partners are completing maintenance.
We’ll email you to let you know when the cash is on its way.
If you have any questions, please call us on +447937414035

Using the card details you give us when you apply (or when you add a card), we use continuous payment authority (CPA) to collect weekly repayments on the agreed promise dates. Your promise dates are explained in the pre-contract information and your credit agreement. You need to agree to CPA to get an Interest Free Loan. You can cancel your CPA anytime by writing “Cancel Continuous Payment Authority” in an email to customerservice@consoleloan.com, or by contacting your bank directly. Remember, if you do this, you must arrange for another way to pay us. For details of other ways to pay us please see Can I repay an Console Loan Loan by bank transfer? or contact +447937414035

On the weekly promise date:
We try to collect your weekly repayment amount from your card from 5am on each weekly promise date. If we are not able to collect the full amount at this time, we will try again at 5pm on the same day. We will also send you an email and an SMS to inform you that the collection attempt failed. See the “Will Console Loan charge me for missing repayments?” section below for information on the late payment fees you may be charged.
On the second day after that promise date:
Unless you have paid the full weekly repayment due using an alternative payment method, we will try to collect the repayment amount again on the second day after your promise date at 5am and then, if that attempt is unsuccessful, at 5pm. We will send you an email and SMS to inform you that the collection attempt failed. Again, see the “Will Console Loan charge me for missing repayments?” section below for information on late payment fees.
On the next weekly promise date:
If a weekly repayment remains unpaid on the next promise date, we will attempt to collect the amount due as follows, using CPA:
Firstly, we will try to collect the amount due on that promise date.
If we are successful in collecting that amount, we will try to collect outstanding repayments from previous weeks, excluding any fees payable.
If we are successful in collecting all weekly repayment amounts outstanding and due, we will try to collect the amount of any late payment fees along with any other fees outstanding.
On subsequent promise dates:
If any amount remains outstanding, we will continue to try to collect that amount as set out above on each subsequent promise date unless we make alternative arrangements with you.
If you experience financial difficulties, you should contact us immediately on +447937414035 to discuss your options and we will work with you to help find the most suitable way forward.
After 8 missed payments:
If you are 8 or more payments in arrears and no repayment method has been agreed and you have not been identified as in hardship or vulnerable then the loan can be rolled up with the whole balance due and will be classed as in default. This could have a negative impact on your credit rating.

If we are unable to collect the full amount of the weekly payment by 5pm on the promise date, we will add a late payment fee of $6 to your account.
If we are still unable to collect the full amount of the weekly payment by 5pm on the second day after the promise date, we will add another late payment fee of $6 to your account.
Your bank may also charge you for refusing our payment requests.
To avoid a late payment fee, you need to ensure you either have enough money in your account or that you pay using an alternative payment method before 5pm on your promise date.

If your application has been approved on a weekend or statutory holiday, we’ll normally get the cash to your business bank account on the next business day. It’s also important to remember that different banks take different lengths of time to show the cash in your account.
It can also be delayed if we have a system issue or if our banking partners are completing maintenance. Whenever possible, we’ll highlight this on our homepage so you’re aware of any issues before you apply.
We’ll email you to let you know when the cash is on its way.
If you have any questions, please call us on +447937414035 or email us customerservice@consoleloan.com

Our customers are at the heart of our business and we’re committed to giving them the highest quality service we can. So if you’re not happy with our service, let us know so we can put things right.

Please contact us By email at customerservice@consoleloan.com containing your account details, a description of your complaint and how you think we can resolve it, and any other relevant information.

By telephone: +447937414035

(lines are open between 8:00am and 7pm, Monday-Friday. If you need to contact us outside of these hours, please leave a message and we will call you back as soon as possible)

We strive to acknowledge all customer complaints within 48 hours of receiving them and we aim to resolve them within 7 days.

If we haven’t been able to resolve your complaint within 7 days, we’ll be in touch to let you know:

Why we haven’t resolved it

Who’s dealing with it

When we’ll contact you again

If a complaint is particularly complex, it may take longer to resolve.

We’ll try our best to resolve your complaint as quickly as possible and we’ll send you our final response within 8 weeks.

If we can’t respond in this time, we’ll contact you to explain the delay and give you an indication of when to expect our response.

If you’re unhappy with the progress of your complaint at this point, in certain circumstances you can refer it to the Financial Ombudsman Service. Please refer to the Financial Ombudsman Service section below to find out which types of customer can refer a complaint to the Financial Ombudsman Service.

If you’ve received our email to confirm the funds have been sent, the cash has left our account and is on its way. Please note that different banks take different lengths of time to show the cash in your account.
It can also be delayed if we have a system issue or if our banking partners are completing maintenance. Whenever possible, we’ll highlight this on our homepage so you’re aware of any issues before you apply.
If you have any questions, please call us on +447937414035

This could be for a couple of reasons. Firstly the password field is case sensitive so if you used lowercase and capital letters, you need to make sure you retype the password exactly the same when logging in. You can’t cut and paste your password from another document for security reasons, so make sure you type it in.
Secondly, make sure you’re entering the email address you registered with. For example, if you used a personal email address, you won’t be able to use your work email to login, unless you change it in your account page first. The email field is also case sensitive, so if you used any capital letters when you first entered it, you’ll need to type it the same way every time you login.

Don’t worry, you just need to get a new one at the “my account” page. We’ll email a randomly generated password to your registered email address. You can’t cut and paste the new password from the email, you’ll have to type it in as normal then memorize it or change it to a new one once you’ve logged in.

It’s probably because your email provider has mistaken our confirmation email as spam (unsolicited junk email). First, check your spam or junk folder to see if it’s in there. If so, it’s a good idea to then make our email address customerservice@consoleloan.com an accepted address or simply add it to your contacts. That will make sure your email provider knows messages from us are safe.

It’s nothing to worry about. We may need to refer an application to our team to make a few final checks. During business hours, this generally happens the same day and often within an hour. You don’t need to contact us or do anything, so please be patient and look out for an email with our decision. We always aim to get back to you as soon as possible and, if your application has been approved, the loan will follow shortly.

We appreciate that you’ve used our service before and we take a genuine interest in our customers’ ongoing financial health and therefore consider every application on an individual basis. We never guarantee approval based on previous usage alone.
We examine a wide range of industry data and make a decision based on a combination of factors. Our system is constantly evolving and we sometimes make adjustments to ensure we continue to lend responsibly.
We understand the disappointment this will cause and apologise for the inconvenience. Being declined once doesn’t mean we won’t be able to help again in the future. Our system is constantly evolving and we may be able to reconsider an application from you at another time.

Unfortunately we don’t offer this option at the moment. We are continuously improving our service though, so please check back with us.
Once you’ve repaid an existing loan, you can apply for a new one. As a responsible lender, we examine a wide range of industry data and make a decision based on a combination of factors and assess each application on its own merits based on the information available at the time of the application. We never guarantee approval based on previous usage alone. So even if your business has a good repayment history with us, we can’t guarantee to accept a future application or promise to lend the same amount as we may have done previously.

Yes

The easiest and most convenient way to repay your loan is with a business debit card (or personal debit card in the case of a sole trader). Please see “How do I repay a loan?” for further details.

You can also repay by making a bank transfer using the details set out below and make sure you always quote your loan reference number and the full name of your business when making any repayment.

If you transfer funds directly into our bank account, you must then email us to let us know so that we can allocate the funds to your account. Please note that it can take up to 3 working days for the payment to reach us by funds transfer depending on the type of payment you ask your bank to make although if you use the Faster Payment Service, funds should reach us on the same day.

Please contact us at customerservice@consoleloan.com to request for our bank account details.

Console Loan specializes in business loans. Being specialists lets us design a service around your needs.

We know that businesses of all kinds need access to funding fast. But many conventional providers expect you to provide masses of paperwork and then wait weeks for a decision – which is still likely to be no if your business does not meet their standard model.

We don’t think that’s good enough.

We offer an alternative credit solution that helps you build a better business for the future. It’s all online and allows you to get a rapid decision on your loan application. We don’t make you wait for weeks or months. We don’t need meetings and there’s no need for paperwork.

That means, if your application is approved, we’ll send the money your business needs in as little as 5 minutes.

In the past we have made loans of up to $10,000 to sole traders. We are now using this experience to further develop our product to help sole traders who may need finance to help their business grow.

Yes.

Yes.