Questions and answers.
About BufferMoney
What is BufferMoney?
BufferMoney is a personal line of credit designed to give you access to cash as and when you need it. Unlike a traditional loan, you don’t have to take the money in one go, instead you can withdraw from your credit pot again and again up to your credit limit with no need to reapply. As you repay, your account balance updates, freeing up funds for you to use next time.
Here’s a summary of the benefits:
- No time limits. Your account doesn’t close when you’ve repaid the balance, it stays open in case you need funds again.
- Access to cash. The money is transferred into your bank account so you have more spending flexibility than a credit card.
- The money you repay is available to borrow again.
- Builds your credit profile. Making regular repayments helps you develop a strong credit history, meaning that you may be eligible for a higher credit limit and lower interest rate with BufferMoney in future.
What is a personal line of credit?
We think it offers the same benefits as traditional borrowing, but with more control and flexibility.
With a personal line of credit:
- You can access money in whatever chunks you need, up to a preset amount
- You’ll pay interest only on what you use
- You can repay and borrow again, with no need to reapply
- The money you repay is immediately available to borrow again.
Do you charge any fees?
No, we don’t charge any fees.
Application and eligibility
How do I apply?
Once we launch, you can apply online on our website in 5 simple steps:
- Check if you’re eligible – you can find out if you’re likely to be approved for a personal line of credit, without impacting your credit score
- Tell us about yourself – Provide your personal information
- Choose your Buffer limit – select a limit from £400 to £4,000 (subject to affordability)
- Review & Agree – Check your information is correct and you’re happy with the terms and conditions of the offer
- Start using your Buffer – You’re all set! Draw down the amount required as required
Who can apply?
To qualify for a personal line of credit you need to be:
- At least 21 years’ old
- Currently in employment with a regular income
- A resident in the UK with a UK bank account
- Be able to afford the monthly repayments
- Be generally in good credit standing
What are our credit limits?
Your credit limit could be between £400 up to £4,000.
Why has my application been declined?
This could be for various reasons, such as the affordability of the credit facility, information found in our credit check, fraud or identity warnings, a legal or policy issue, or perhaps your existing account history.
Do you do credit checks?
Yes, once you complete your full application. As a responsible lender, we need to make sure your limit and interest rate is affordable for you.
If you’d like to see if you’re likely to qualify, you can use our eligibility checker. This is a soft check that won’t impact your credit score.
For more information about the credit reference agencies (CRA) we use, please view our privacy policy or your application terms and conditions, which would have been emailed to you.
Am I able to apply if I’m subject to bankruptcy or IVA (Individual voluntary arrangement) or Debt Relief Order or Trust Deed?
No, we do not consider applications from anyone who may be subject to bankruptcy, an IVA, DRO or Trust Deed.
Using your
account
How do I request drawdown?
Once we launch, you will be able to manage this in our online portal.
When will the money I have drawn down be in my account?
Once your application has been approved, you can request your first drawdown amount immediately or whenever you desire. We’ll normally send the money the same day, subject to our working hours. The time that it takes for the cash to reach your account depends on your bank.
When can I increase my credit limit?
We regularly review your affordability and account management. After 12 months, we may offer to increase your credit limit or to reduce your interest rate. If so, you’ll receive an offer by email and SMS, and you’ll have at least 30 days to accept it, before the offer expires.
Can I reduce my credit limit?
Yes, you can reduce your credit limit at any time. Give us a call on 0330 400 0123 and we’ll update your account.
How do I track my available credit?
Once we launch, you can see how much credit you’ve used, and how much you have available, in our online portal. We will also send you a monthly statement that details all activity.
Payments and repayments
How do I make the repayments?
Repayments are made using a debit card i.e. Visa Debit, Debit MasterCard, Visa Electron or Visa Delta. We cannot accept credit card payments. You can either set up a regular payment called a CPA (Continuous Payment Authority) that will be taken automatically from your debit card or pay us directly online.
What is a Continuous Payment Authority
We offer Continuous Payment Authority (CPA) repayments as it’s the most popular and convenient choice for our customers.
CPA is simple to set up as all you need is your debit card details. You’ll be giving us a permission to collect the monthly repayments when they are due, so the money will be transferred automatically. You won’t need to do anything on your repayment date. Also, there are no charges if your bank declines a payment due to there not being enough money in your account.
How much do I pay you back?
Its like a credit card. Each month, you’ll have the option to repay the full balance, the minimum payment or an amount specified by you. You only pay interest on what you’ve drawn down. The information on how much you need to repay is clearly shown in our portal and in your monthly statement.
Do I have to make monthly payments?
Yes, if you’ve drawn down money, monthly repayments are required. Whenever you replenish your credit pot, these funds are available immediately to withdraw again.
Can I repay with a credit card?
No. We only accept non-prepaid debit cards.
Can I change my payment card?
Yes. You can change your debit card details via our online portal Please don’t email us your debit card details, as this isn’t secure.
Account management
How do I update my details?
You can update your information using our online portal.
How can I close my account?
If you’ve repaid your personal line of credit, you’re able to close your account via our online portal, email us at [email protected], or you can call us on 0330 4000 123.
If I change my mind, how long do I have to cancel or withdraw?
You have a cooling-off period of 14 days, by law, once you’ve opened your credit facility. So if you change your mind, you can just tell us within 14 days and return any money you’ve already borrowed within 30 days (including any interest accrued during this time).
We’ll remove your credit facility as soon as you’ve told us you’d like to withdraw. We’ll close your account as soon as you’ve settled the balance.
Customer
support
I’m having trouble making my payments, can you help?
We understand that life can bring unexpected challenges, and during such times, meeting financial obligations can become difficult. Rest assured we’re here to help.
If you would like to talk to us, we can explain our available repayment options. Please call us on 0330 4000 123 or email [email protected]
Alternatively, you can visit our online portal and inform us that you’re facing difficulties and make arrangements to pay.
I need debt advice, what can I do?
If you require free and impartial debt advice please visit here.
How do I make a complaint?
For full instructions visit our complaints page.
What are your opening hours?
For up-to-date information on our opening hours, check our opening hours page.
Still have a question?
Send us a message and we’ll get back to you as soon as we can.
Your Buffer in just five simple steps.
We’ve designed our application process to be easy to follow and quick to complete – it shouldn’t take more than a few minutes.
Here’s what to expect.
1
Check if you’re eligible