Representative 399.9% APR
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FAQs

This section contains the answers to some of the most frequently asked questions that our customers ask. We hope they may be of help to you. If you have a different question or if we haven’t answered your concerns fully then don’t hesitate to call us on 0300 456 2501 or email us at customercare@homebuygroup.com

General

Who are Homebuy and what do you do?

Homebuy provides customers with small loans ranging from £50- £300 on a fixed sum loan agreement,  giving customers the option to pay for them over 26 or 40 weeks making repayments affordable With no deposit and a simple repayment method , low weekly repayments and no late fees, helping you to find an affordable way to borrow money for whatever you need.

Simply apply online by selecting the amount you would like to borrow and the number of weeks you wish to repay over.

How do I pay?

All new contracts need to set up with a payment plan online using Continuous Payment Authority (CPA)
CPA works by allowing us to automatically take the repayments due under your agreement(s) with us, using your debit card.

Your repayments will be taken automatically in accordance with your agreement(s). Your card details will not be stored by us, but securely by Homebuy’s nominated third party payment solutions
provider Adelante Software Limited. We will try to collect your repayment(s) on the date your repayment(s) is due. Please ensure there are sufficient funds in your account from 4am on that day.

If there are insufficient funds in your account when we try to collect the repayments(s) and we are unable to collect the repayment(s) due on our first attempt for that payment, we will try to collect the full repayment(s) again, on the following day after 4am.

If we don’t collect the full repayment after two attempts we will not make any further attempts until we have spoken to you. We will not charge any missed payment fee if your payment fails.

How do I know I can afford the payments?

As a responsible lender, we would make an assessment of your ability to meet the regular weekly payments from the information you have provided. This is an essential part of the provision of credit process. Don’t worry though we’ll tell you what ongoing payments can comfortably be met from your readily available disposable income and you can choose a loan accordingly

What Is a Credit Score?

A credit score is a three-digit number, typically between 300 to 850, which credit bureaus (such as CallCredit, Experian and Equifax) calculate based on information in your credit report. This score is used by lenders, such as Homebuy in deciding whether to give you credit. One way of thinking about it is to see it as a measure of risk to the lender. The higher the score, the better you managed your debt in the past, which makes it more likely that you will be considered low risk and therefore given credit. The formulas that credit reference agencies use are not exactly the same and so your credit score will vary from bureau to bureau. Homebuy will use your credit score as part of its creditworthiness assessment in measuring the likelihood that you will repay the credit.

How is My Credit Score Calculated?

Your credit score is calculated based on a number of factors listed in your credit history including the number and type of credit accounts you have, the amount of available credit, the length of your credit history and your payment history. Each of these factors is assigned a numerical value, and then weighted based on how prominently they affect your creditworthiness.

To access a free copy of your credit report click here

How will a credit check affect me?

When you apply for credit with Homebuy, we will review your credit report, and this will leave a footprint known as a ‘hard’ search.

Why choose Homebuy?

We are a friendly and approachable company committed to make a positive contribution to the communities in which we operate by helping our customers create a better home for themselves and their families.

We are a responsible lender who believes in long term relationships through the provision of affordable, sustainable funding that allows customers to stay in control of their finances.

So welcome! We hope you like what you have seen and are ready to join our band of happy, satisfied customers. apply online now, or call us on 0300 456 2501, and let’s help you on your way to brighter living!

All applications are subject to creditworthiness and affordability assessments.

Help, I’m having technical difficulties

If you have any problems or experience difficulty with completing your online application, please contact our customer care team on 0300 456 2501 or email customercare@homebuygroup.com for assistance.

Help, I’m having financial difficulties

If you are experiencing financial difficulties, you should contact us straight away as we may be able to help. You can also contact the following not-for-profit organisations for free, confidential and impartial debt advice, or for details of where to get such advice in your area:

What is CPA/recurring card payments?

Continuous Payment Authority (CPA) or ‘recurring card’ payments work by allowing us to automatically take the repayments due under your agreement(s) with us, using your debit card.

Your repayments will be taken automatically in accordance with your agreement(s).

Your card details will not be stored by us, but securely by Homebuy’s nominated third party payment solutions provider Adelante Software Limited.

We will try to collect your repayment(s) on the date your repayment(s) is due. Please ensure there are sufficient funds in your account from 4am on that day. If there are insufficient funds in your account when we try to collect the repayments(s) and we are unable to collect the repayment(s) due on our first attempt for that payment, we will try to collect the full repayment(s) again, on the following day after 4am.

If we don’t collect the full repayment on the second attempt, we will not make any further attempts until we have spoken to you.

Homebuy will not charge any missed payment fee if your payment fails.

You can cancel the continuous payment authority at any time by contacting your bank or by calling us on 0300 456 2501

Loans

How do I buy?

If you want to apply for an Homebuy loan you can do this online. You will be subject to a creditworthiness check and a Credit Check once it has been approved, We’ll process your order there and then (subject to us making sure you can afford the repayments – please see our Responsible Lender Charter).

Can I borrow more than one Loan?

No, as a responsible lender, we would only allow one loan per customer until there is less than 6 weeks remaining on any existing loan agreement. Following a full affordability and credit worthiness check a subsequent loan would be considered.

Understanding your Fixed Sum Loan Agreement with Homebuy

A fixed sum loan agreement is a type of credit. The Loan agreement is a legal document. It sets out the terms and conditions under which the credit is provided.

You should read this document carefully, along with the associated terms and other pre-contractual documentation before signing the agreement with Homebuy.

Understanding the “Your Contract Explained” document

Before you enter into a fixed Sum loan agreement with Homebuy, you should read the Standard European Consumer Credit Information (SECCI), together with our “Your Contract Explained” document which together make up the pre-contract information.

You should also read the terms and conditions of the credit agreement and ensure that you understand all of the terms of the fixed sum loan agreement and any charges that may be applied, and that the credit offered to you is suitable for your circumstances.

Please do not sign the credit agreement until you have considered all the information provided and are satisfied that you understand it.

Understanding the SECCI document

SECCI stands for Standard European Consumer Credit Information.

The SECCI is a standardised document designed to show you exactly what your fixed sum loan agreement contains. It is a legal requirement for firms such as Homebuy to provide SECCI to all customers before they sign their fixed sum loan or loan agreement. It includes key details such as the type of credit, the Annual Percentage Rate (APR), the number and frequency of your repayments, and the total amount of credit.

How long will the loan be over?

Loans issued by Homebuy can be over 26 or 40 weeks

How long will it take?

The money will be transferred no more than 7 days after you application has been accepted & we have your bank details

How will the money be paid?

The money is transferred into your nominated bank account via BACS credit