An explanation of your loan agreement
Please Read Carefully
Lender: Forward Business Enterprises Ltd trading as Forward Finance.
Address: D2 The Courtyard, Alban Park, Hatfield Road, St Albans, Hertfordshire, AL4 0LA
Telephone Number: 01442 266614
- ensure that you read this document carefully, along with the Pre-Contract Credit Information form.
- not sign the loan agreement until you have considered all the information we have provided (including the terms and conditions of your loan agreement).
- only sign the loan agreement if you are satisfied that you understand the information and that you wish to proceed with the loan agreement.
You can obtain further information and explanation by contacting the lender on the contact details above.
Type and Purpose of Loan
We offer short-term loans of between £100 and £1000 over a period of between 15 weeks and 21 weeks. Our loan product is designed to provide you a cash advance that will assist with short-term financial planning. As such, it may be unsuitable for medium or longer term borrowing, or to pay off existing loans, for example, if those loans have lower interest than the rates offered to you under this agreement.
This is a home-collected loan which means that you have the right to have repayments collected in your home, if you so wish, at any point during the loan term.
Method of Payment
The lender, or the lender’s agent, will pay you the credit in cash or by transfer to your nominated bank account on the day the agreement is executed.
Repayment and Costs
Your first repayment will be due 1 week after the date of the loan agreement.
- You will be required to pay 21 installments
- The interest rate will be fixed at 142.78% per annum for the duration of the agreement
- Costs of the credit
- Consequences of missing payments
If you fail to make the repayments under the loan agreement, we may charge you our reasonable costs incurred, for example if we have to instruct parties to trace you, return any payments, carry out debt collection activities or take legal action against you.
Missing payments under the loan agreement may affect your credit rating, which may make it more difficult and/or more expensive to obtain credit in the future.
Other important legal aspects
Right to withdraw
You can withdraw from the loan agreement, without giving any reason, within 14 days beginning with the day after the later of: (i) the day the agreement is signed by us; (ii) the date on which we tell you we have signed the agreement in identical form to the copy provided to you; or (iii) the date on which you receive a copy of the agreement which has been signed by us and you. If you would like to withdraw from the agreement you must tell us in writing, or by telephone, on the details at , or by speaking to your agent. If you choose to withdraw from the agreement you must repay the amount of credit we have paid to you, plus interest at a rate of:
- per day until repayment, promptly, and within 30 days of your informing us of your intention to withdraw.
Credit Reference Agencies
If we decide not to proceed with your application on the basis of information from a credit reference agency, we must, when informing you of our decision, inform you that it has been reached on the basis of information from the credit reference agency and provide details of that agency.
Refinancing or otherwise extending the term of the loan agreement will extend the period of indebtedness and may cost more.
Continuous payment authority
If you do not wish for us to collect repayments at your home, we will, either collect your repayments by direct debit or by debit card using a continuous payment authority (CPA). The method of repayment will be agreed with you when you apply for a loan. If you consent to us collecting payments from your nominated bank account using a CPA, we may use this authority to take your payments on a regular basis, as set out below and in your agreement. If we are unable to collect a payment, we shall make 1 further attempt to request payment on the next working day, unless we have already agreed with you to make the request for payment on an alternative date. If we have tried to use the CPA twice without managing to obtain payment, we will stop using the CPA to request payments and will attempt to make contact with you by phone, email and/or text message. You can cancel your direct debit or CPA at any time by contacting us on the contact details above at 1. Alternatively, you can tell your bank that you wish to stop making payments to us by direct debit or CPA. If there are insufficient funds available on the due date, we will not attempt to take part payments using the CPA.