Q
Is there a fee for applying for a Honeycomb loan?
A
Honeycomb Finance does not charge you a fee. We may pay a commission to a broker for your introduction but this is not passed on to you.
Q
What happens after I apply for a loan?
A
Once you’ve applied for a Honeycomb loan, there are four possible outcomes
Your application is instantly approved
We'll send you an email to confirm that we've successfully received your completed application and that you've been approved for the loan. You need to then follow the email link to electronically sign the legal documents.
Your application is approved in principle, but we need some additional information
We’ll call you to request documentary evidence such as your latest bank statement. Once we’ve received this we'll send you an email to confirm that you've been approved for the loan. You need to then follow the email link to electronically sign the legal documents.
We need to review your application before we can make a decision
We’ll call you to go through your application and advise you what additional documentation we require. Upon receipt of the additional documentation we will contact you again to give you our decision following our review.
Unfortunately, we're unable to offer you a loan at this time
We’ll send you an email to confirm that we’re unable to offer you the loan you’ve applied for at this time.
Q
Will I see a credit search associated with my application?
A
Yes. As part of the application process, we carry out a credit search, for which we request your consent. During the application process, you will have provided your consent for a “footprint” to be left in association with assessing your suitability for a Honeycomb loan.
Q
How do I sign my credit agreement?
A
All our agreements are signed electronically. If you are approved for a loan, we will sign the agreement and you will get an email from DocuSign. Following a link in the email will take you to the legal documents which you should fully review. When you are satisfied that everything is correct, click on the “sign here” marker. This will let you select your name before confirming. Once confirmed, you and Honeycomb Finance receive notification of the final signed documents. We recommend that you download the legal documents for your records.
A
APR stands for annual percentage rate, meaning the percentage rate you will pay on your loan each year, including interest and fees. You pay APR as well as repaying the loan amount you borrow, so compare the APR rates offered by different lenders. APR can be a fixed amount or can vary from year to year. Beware of a ‘representative APR’ – this is the rate most customers applying as a result of an advertisement, will receive, but it is not an automatic rate for everyone. In fact, by ‘most’ it means 51% of accepted loan applicants will get the advertised rate, the other 49% will get a different rate which are often higher. Actual rates vary from borrower to borrower dependent on personal circumstances. Lenders will tell you the loan APR before you sign a loan agreement and typically, a lower APR rate is better.
Q
How quickly will I get my money?
A
We aim to electronically transfer the money into your account within a working day of you signing your loan agreement.
Q
Can you settle my debts with other lenders?
A
We do not offer this service at this time. The money will be transferred into your account and you should settle any debts directly yourself. Your Honeycomb loan may not be suitable for debt consolidation purposes. You should carefully consider suitable alternatives and seek advice from an appropriately qualified advisor. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
Q
What if I change my mind?
A
If you change your mind within 14 days after the start of the loan for any reason you have the right to cancel your loan. If you exercise the right to withdraw from the agreement you must repay any money due within 30 days. If you want to cancel please contact us in writing at Honeycomb Finance ltd, PO Box 909, Newport, NP20 9NY, by calling us on 0345 848 0231*, or emailing us at customerservices@support.honeycombfinance.com .
Q
Can I repay my loan early?
A
You can repay early in full or in part. If you wish to pay any amount early please contact us at Honeycomb Finance ltd, PO Box 909, Newport, NP20 9NY or telephone us on 0345 848 0231*. We can confirm the amount you have to repay in order to pay the outstanding balance in full, or the impact of paying just part of it. We will also tell you how you can make the repayment when you contact us. If you don’t pay off the whole loan you can either reduce your monthly repayment or the term of the loan. We will assume the monthly instalment stays the same unless you request us to recalculate the amount of the remaining monthly instalments which would allow you to pay the balance outstanding over the original loan term.
Q
What should I do if I’m struggling to repay my loan?
A
Sometimes, unforeseen circumstances can make it difficult to keep on top of your monthly loan repayments. If you miss a payment you often can't just compensate by paying more the next month. A missed payment may incur a fee and could adversely affect your credit rating. If you’re struggling to repay your loan, don’t ignore the problem – it will only get worse. Contact us immediately on 0345 848 0231* to discuss your repayment options.
A
If you have a loan with us and change your address, please notify us at Honeycomb Finance ltd, PO Box 909, Newport NP20 9NY or call us on 0345 848 0231*.
A
When you make a complaint we want to make sure that you are satisfied that your complaint has been dealt with promptly and effectively. Our priority when dealing with your complaints is to put things right and avoid making the same mistakes in the future.
You can make a complaint by calling us on 0800 032 3923 or by writing to us at Honeycomb Finance ltd, PO Box 909, Newport NP20 9NY.
If you are still dissatisfied that we have not dealt with your complaint properly you entitled to contact the Financial Ombudsman Service (FOS).
The Financial Ombudsman Service can be reached by:
Telephone: 0300 123 9 123Email: complaint.info@financial-ombudsman.org.ukAddress: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
For other questions call the Honeycomb Hotline on 0800 032 3923*.
