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FAQs

What is giffgaff money?

giffgaff money is the name of the exciting team effort of giffgaff working with RateSetter, the UK's leading peer-to-peer lending platform. Instead of borrowing from a bank, our members can borrow from RateSetter's lenders (who are basically regular folk with a bit of spare cash available). It's a great way of borrowing without the hassle and fees of a traditional bank loan.

Why do giffgaff want to offer loans?

You may indeed be asking yourself why a phone company wants to offer loans. Firstly, giffgaff aren't actually the lenders, RateSetter is the company that gives the loans. We've teamed up with them because we want to bring the values that have made us so successful in the phone industry into financial services, starting with handset loans.

Do I need to have a phone with giffgaff to apply for a RateSetter loan through giffgaff money?

No. Anyone over 18 can apply for a RateSetter loan through giffgaff money, whether you’re already a giffgaff member or not.

If I apply for a loan, how long will it take before the money is in my account?

Once you’ve applied for a RateSetter loan through giffgaff money, you’ll receive a lending decision within 1 business day. If you’re approved and once you've accepted the loan, the funds will be transferred into your account on the next business day. Excluding bank holidays and weekends.

How is giffgaff money funded?

giffgaff money works in association with RateSetter, the UK’s largest peer-to-peer lending platform, so it isn’t actually giffgaff lending the money. The loans come from RateSetter’s lenders – we just help set the ball rolling. The RateSetter platform has so far matched a whopping £1.4bn of funds in 4 years. Learn more about RateSetter

Will my application be recorded on my credit file?

We know that you’ll probably want to get a few quotes from different companies and we don’t want your credit score to be affected unnecessarily. When you apply for a quote through giffgaff money for a personal loan, RateSetter carry out a soft credit search. This will show up on your credit file as a quote search but it won’t affect your credit scores. Once your quotation has been approved, RateSetter will only do a full credit search when you accept the loan to be transferred into your bank account. This full search gets recorded on your credit file and could affect your credit rating if you have multiple other searches done over a short period of time.

Learn about credit scores.

How much can I borrow?

You can apply for a loan of £750 to £7,500.

What's the maximum term I can have a loan over?

You can repay your loan over a period of 12, 24, 36, 48 or 60 months.

How do I know if I have a good credit history?

To find out the state of your credit history you’ll need to talk to the chaps at a credit report company, such as Call Credit, Equifax and Experian. Many of those guys will offer a free trial so it’s worth doing. That way you can see your credit history and check that all the details held on your file are correct at the same time.

If I've already taken out a loan with RateSetter can I apply for another one?

Yes. Members with existing loans are more than welcome to apply for another loan if you need another financial boost. To make sure that it’s the right move, RateSetter will just ask that you’ve made at least 6 successful monthly repayments before applying for another loan. Learn more about managing your loan

Does giffgaff money charge a borrower’s fee?

As well as the initial loan amount and the interest, you’ll be charged an administration fee and a credit rate fee. These fees will depend on how much you’re going to borrow and how long you’ll be repaying for.

What are the risks of borrowing through giffgaff money?

There’s always some level of risk when borrowing money, but RateSetter have an amazing track record with their lending. Before taking out a loan you just need to make sure that you can afford the monthly repayments. We also recommend that you have a back-up plan in case your financial situation changes – just to be safe.

I haven't heard back about my application. What should I do?

Once you've submitted your application, RateSetter try to give you an answer within 1 business day. Keep an eye on your emails (especially your junk mail folder) and keep your phone handy to make sure the folks at RateSetter can contact you if they need to.

Can I pay my loan off early?

Yes, you can pay off all or part of your loan early at any time and there are no early repayment fees. You can make additional payments, increase your monthly instalments or repay your loan off in full; all these functions can be managed online through your giffgaff account.

Managing my loan

You can manage your loan by accessing your giffgaff account online. There you can deal with the day-to-day management of your loan. It is also where you can manage your airtime balance, goodybag, and handset loan if you have one.

How do I make repayments?

Payment is arranged by direct debit, to be collected once a month. Your first repayment is usually scheduled to be debited one calendar month after you accept your loan.

What happens if I miss a payment?

If you miss a monthly payment RateSetter will try to take the direct debit from your bank account again, usually about a week later. If that doesn’t work, RateSetter will write to you to ask for the payment and can charge you £10 to cover the costs.

If there is no response from you, RateSetter will work with their debt collections agency to sort it out. This costs them money, so there will be a charge to you if the payment collection process gets to this stage.

If RateSetter still haven’t received your payment after 90 days, your loan will go into default. Defaulting on a loan is bad for your credit history, and may cause you problems in the future. So RateSetter will give you at least 28 days’ notice before the loan defaults.

How can I contact you?

You can contact Ratesetter by email and their team will aim to respond to you within 1 business day.

How do I make a complaint?

We hope you won’t need to, but if you do have a complaint you can email us. Give us some brief details about your complaint (including your account number if possible), and we’ll aim to get back to you within 1 business day to turn that frown upside down. If you’re still unhappy with our response after your initial complaint, you can make a complaint to the Financial Ombudsman Service.

How is giffgaff money regulated?

giiffgaff money is a trading name of giffgaff Limited and is regulated by the Financial Conduct Authority under Firm Reference number – 680957. Giffgaff money is a credit broker and not a lender, and introduces borrowers to Retail Money Market Limited trading as RateSetter.

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Copyright ©2016 giffgaff

Representative example for a loan of £4,000 for 24 months at an interest rate of 15.5% APR fixed. In this example the total amount payable (including interest and fees) would be £4633.57 and your monthly repayments would be £193.07.

giffgaff receives a fee for introducing personal loans to Retail Money Markets Ltd trading as Ratesetter.

giffgaff money is a trading style of giffgaff Limited, we are a credit broker and not a lender and introduce loan applications to its selected provider of loans Retail Money Market Limited trading as Ratesetter. Terms and conditions apply. Finance subject to status. 18s and over. Credit is provided by Retail Money Market Limited trading as Ratesetter, 6th Floor, 55 Bishopsgate, London EC2N 3AS Ratesetter is authorised and regulated by the Financial Conduct Authority – Firm Reference Number 633741

giffgaff Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number - 680957. Registered address – giffgaff Ltd, 260 Bath Road, Slough SL1 4DX. Company Number - 04196996.

Posts on this site reflect the opinion of the members posting only, and not necessarily giffgaff’s opinions or views. There’s a lot of information here that can help you, however, you must remember that we operate an open forum and sometimes messages that are posted are misleading, deceptive, or inaccurate. If you follow these tips, you do so at your own risk. Always do your research and check the terms.