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.
Track Loans short-term loans
Track Loans is a not-for-profit provider of short-term loans, that aims to offer a more-affordable alternative to high-cost "payday" lenders, pawnbrokers or high street money shops.
Track Loans is a trading name of Street (UK) CIC. Launched in 2001, it is a not-for-profit company that until recently offered short-term loans of £100–£500.
Important informationAs of October 2018 Track Loans is no longer accepting applications for new loans.
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The Track Loans’ service at a glance
|Product Name||Track Loans Short Term Loan|
|Available Amounts||£100 to £500|
|New customer maximum||£500|
|Loan terms||3 months to 6 months|
|Soft search eligibility check|
|Instant decision in most cases|
|Repayment period options||Monthly|
|Default repayment method||Direct debit|
|Repay early at any point|
|FCA registration number||673046|
How do I apply for a Track Loans?
- Before applying for a loan, you should assess your current personal and financial situation to consider whether this is the best option for you. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you are struggling to pay a bill, then try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan. Read more about alternatives to payday loans at moneyadviceservice.org.uk.
- If you have decided to apply for a short-term loan with Track Loans, you can visit the site and select the amount you want to borrow and the term you feel you can afford to pay it back over, then click “apply now”.
- Track Loans will ask you to provide information about your employment, income, expenditure and current debts. It is important that you provide accurate and complete information during the application.
- Once you have read and agreed to the terms of service, Track Loans will carry out searches with credit reference agencies. It will then provide you with a decision.
- If your loan is approved before 2.30pm on a working day, the money will be transferred to your bank account on the same day. If you are approved after 2.30pm, the money will be with you before 11.30am the following working day. If you are approved on a weekend or bank holiday, the funds will be available on the next working day.
What are the eligibility requirements?
You should only apply to Track Loans if you are certain you can meet the repayment terms outlined. You must also:
|Min. income||£1,000 per month (excluding any housing benefit)|
|Additional eligibility notes||You must have a UK bank account that accepts direct debits.|
You must Live in England or Wales.
How do I pay back my loan?
Unlike a number short-term loan providers, Track Loans will only take repayments via Direct Debit on an agreed date. This means you are protected by the Direct Debit guarantee. It does not use a Continuous Payment Authority (CPA) to make multiple requests for payments from your account.
What is a Continuous Payment Authority (CPA)?
With a CPA you give a company permission to withdraw money from your account whenever it wishes, and to take payments of different amounts without consulting you. Most short term loan companies like Track Loans will use a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.
Help! I want to modify my loan
|Repay early at any point|
|Repaying early can reduce overall interest|
|Interest is only applied to days where funds are outstanding|
|Multiple loans allowed at the same time|
Is high-cost, short-term borrowing a good idea?
Track Loans and similar high-cost, short-term credit providers offer a super-convenient but eye-wateringly expensive method of borrowing. Because of this, it should only really be considered as a last resort. It’s not a good idea for borrowing over longer periods, or for sustained borrowing, and don’t expect it to solve your money problems.
Before applying for an expensive loan, consider your options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans.
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