Consumer Fees
encash is committed to providing transparency in its fee structure.
A fixed arrangement fee of £80 is charged to Borrowers and added to the loan amount. Lenders are charged a lending fee of 1% APR on the amount they lend to borrowers.
There are no fees or charges for:
Registration with encash
Using this website
Placing Bids on Loan Requests
Consumer Borrowing Fees
No Annual Administration Fee
encash does not charge any annual administration fee to Borrowers.
Borrower Application Fee
When you create a loan application, we charge you a Application Fee of GBP 5.00 when you confirm your Consumer Loan Request on the encash Consumer Loan Listing marketplace. This Application Fee covers our processing costs related to your Loan Request including obtaining your credit scores from credit reporting agencies and background screening. This Application Fee is non-refundable, and is payable whether or not you are successful in having your Loan Request approved for listing on our marketplace or funded. At confirmation of Loan Request by you, we charge your bank Debit Card this Application Fee. Once the Application Fee is paid, your Loan Request information will published on the encash Consumer Loan Listing marketplace and available to lenders for biding.
* A separate Application Fee of GBP 5.00 must be paid for each Loan Request you submit to us. Non refundable application fee
Arrangement Fee
We charge Borrowers a nominal arrangement fee of £80 on accepted and approved loans.
Once your loan has been approved you will be charged a one-time arrangement fee of £80 on that loan request. For example if you are successful in closing a loan for £10000 to purchase a new boat you've always wanted the Arrangement Fee would be £80. We add this fee to the requested loan amount. This means that your requested loan amount would be £10080. You would receive £10000 from the loan proceeds and this amount is deposited into your specified bank account.
£20 Failed Payment Fee
If a monthly loan repayment cannot be made due to insufficient funds in your account or closure, change or inaccessibility of your account (other than as a result of an error by us), the borrower will be charged a fee of £20 for each failed automated withdrawal.
Withdrawing a Funded Loan Request
encash does not charge any fee on denial of a funded loan request
Pre-closures or partial repayment fee
encash does not charge any fee for partial repayment or complete early repayment of the outstanding amount on the loan.
Withdrawal Fee
encash does not charge any fee for withdrawing funds from your encash account.
Fee changes
encash reserves the right to review and change fees at any time. We will post any such revised fees on this page and they will become effective immediately upon our posting of them here. However, the arrangement fee in respect of your Loan Agreement will remain unchanged for the term of each such Loan.
encash Undesignated client Bank Account
Servicing Fee
encash does not charge any fee for Undesignated client Bank Account Servicing.
Lender Fees
Annual Administration Fee encash does not charge any annual administration fee to lenders.
Lender Fees Lenders are charged with a lenders fee of 1% APR on the amount they lend to borrowers. The fee is accrued on a daily basis equivalent to 1% p.a. and deducted monthly from the EMI repayments made by the borrower. They are not charged for the money which has not been lent out.
So a lender lending GBP 2,000 at 8% would earn GBP 160 of interest each year if the money is always lent out and paid back. They would pay a fee of 1%, or GBP 20, in total.
We deduct the fee from the repayments made by the borrower on a monthly basis. If a borrower defaults on part of their loan, the lender is not charged a fee for that part. And similarly, if a borrower repays early, the lender pays no fee on the portion of the loan that has been repaid.
Secondary Market Fees
Loan Slice Listing Fee A 1% (of selling price) transaction fee is charged to the seller by encash for every loan slice sale. This will be charged only on the sale of the loan slice.
Loan Slice Buying Fee The lender who buys a loan slice pays the usual lender fee of 1% of borrower repayments associated with the purchased loan slice from the date of the purchase.
Fee for Featured Loan Slices Lenders can choose to get their loan slice(s) "featured" on the home page for extra visibility for an additional fee of 1% (of selling price). This will be charged only on the sale of the loan slice.
Collection Fees
Tracing charges (for finding the Borrower if he or she can't be contacted by YES-secure.com or its collections agency) - £25
Charges for document retrieval and copying up to 20 pages (other than as a result of statutory entitlement, for which there may still be a charge as provided by statute) - £35 Debt counseling service (if the Borrower falls into arrears and YES-secure.com or its collections agency can't contact the Borrower) - £80 Litigation costs and expenses, including legal fees and expenses, to cover litigation recover outstanding arrears, in which case the Borrower will be advised of the cost if such action proves necessary. The Borrower will be notified if these charges change in nature or amount.
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