Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
What is Conduit?
Conduit is a short term loan provider and a subsidiary of Five Lamps. It is a Community Development Financial Institution that aims to service those that are unable to get a loan from a mainstream lender. Conduit claims to charge no hidden fees and provide extensive customer support, but like most payday lenders, its loans are also significantly more expensive than regular personal loans.
Key features of a Conduit loan
Conduit offers short term loans with flexible repayments and quick turnaround. You can get a loan for between £200 and £1,500, with loan terms of 6 months and 18 months, and weekly repayments.
Product Name
Conduit Short Term Loan
Available Amounts
£200 to £1,500
Representative APR
217.5%
New customer maximum
£1,500
Loan terms
6 months to 18 months
Soft search eligibility check
Instant decision in most cases
Funding speed
Conduit states that once it receives the completed paperwork, your loan will be in your bank account within 3-5 working days. (For a £7 Faster Payment fee, you can receive your loan the same/next working day, subject to the cut-off time of 2pm.)
Repayment period options
Monthly,Weekly,Fortnightly
Additional repayment methods
Online payment,Phone payment,Direct debit
Parent company
Five Lamps Trading Limited
FCA registration number
791848
What are the eligibility requirements?
As with any loan, you’ll need to meet certain lender requirements to be eligible for a Conduit loan. These include:
Residency
UK resident
Minimum age
18
How do I apply for a Conduit loan?
You can apply for a Conduit loan by phone, or online by following these steps:
Calculate the cost of your loan
Start an online application form
Add your personal and loan details
Click apply
Your loan application will then be assessed by a Conduit loans officer. If it’s successful, you’ll then receive your loan documents in the post, which you’ll need to complete and return.
Your funds will then be sent to your bank account within 3-5 working days. Alternatively, you can pay a £7 faster payment fee to receive your funds on the same, or next, working day.
Can I get a Conduit loan with bad credit?
Yes, it’s still possible to get approved for a Conduit loan even if you have bad credit. However, Conduit will run a credit check when you apply for a loan, and will only approve your application if it believes you can afford the loan and are likely to make your repayments.
Changing your loan: Additional borrowing options
You won’t be able to take out another Conduit loan until your first loan has been paid off. If you fail to repay your loan, Conduit will refer you to the debt recovery agency Credit Resource Solutions, who will pursue your unpaid debt.
Multiple loans allowed at the same time
Phone number
0300 111 0556
Conduit short term loans
Borrow from £200 to £1,500
Flexible repayment options
Applications from bad credit considered
Representative example: Borrow £500 for 39 weeks at a rate of 111.03% p.a. (variable) with a 3% variable admin fee of £15. Representative APR 217.5% and total payable: £756.78 in 39 weekly payments of £19.02.
You can get a hold of Conduit through its call centre on 0300 111 0556 or send an email on loans@conduit.org.uk.
Our verdict
Like other pay day loans, Conduit loans are high cost over a short period and should only be taken out when all over optiosn have been exhausted. Conduit’s short term loans have flexible repayments and quick turnarounds and boast no hidden fees which is a huge plus.
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Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
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