How can we help?
A revolving credit facility gives you access to an approved credit limit. You can draw down money when you need it, repay it, and borrow again up to your available credit limit. Unlike a fixed-term loan, there isn’t a single amount borrowed upfront or a fixed repayment period.
We think it offers more benefits as traditional borrowing, and with more control and flexibility.
With a personal line of credit:
No, we don’t charge any fees, and we don’t deal with brokers who’ll charge you admin fees.
No. Interest is only charged on the amount you’ve drawn down that remains outstanding, in accordance with your credit agreement.
If you haven’t made a draw down, you won’t pay any interest.
Yes. You can make multiple draw downs provided you have enough available credit, and your account remains eligible for draw downs.
As you repay your outstanding balance, your available credit will increase by the amount repaid that is not interest.
No. You’re under no obligation to draw down from your credit line.
Each month you’ll need to make at least the minimum payment shown on your statement. You may choose to pay more, including repaying your full outstanding balance.
Making only the minimum payment means it will take longer to clear your balance and you will pay more interest overall.
You may ask us to consider a credit limit increase once you’ve had your account for at least 12 months. Any increase is subject to our affordability assessment and is entirely at our discretion.
You may ask us to reduce your credit limit at any time.
We’ve designed our application process to be simple to follow and quick to complete – it shouldn’t take more than a few minutes.
Check if you’re eligible to apply – it shouldn’t take more than a few minutes. Then, we’ll conduct a soft credit check. Don’t worry, this won’t impact your credit score.
Begin your application – if you’re provisionally accepted, you may proceed with your application. Once approved, you’ll have access to money whenever you need it, up to your credit limit (£500-£4,000, based on your eligibility).
Start using your Buffer – enjoy the flexibility of using BufferMoney, with no fees. Interest only applies when you transfer money to your bank account, so you only pay for what you use. The amount you transfer is up to you. Whether you choose to use it or not.
To qualify for a personal line of credit you need to be:
Credit limits vary between £500 and £4,000, as long as it’s affordable for you.
Yes, once you complete your full application. We make sure your credit limit and interest rate are 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.
Our no-obligation eligibility checker runs a soft search on your details and tells you instantly whether you’re pre-approved for a credit facility, without affecting your credit score. Successful applicants are then invited to complete their application.
No.
No.
This could be for various reasons, such as the affordability of the credit facility, information found in our credit check, fraud or identity warnings, or a legal or policy issue.
You simply log into the customer portal and select the amount you wish to draw down.
Yes, the minimum draw down amount is £40.
Immediately upon your request to draw down the funds from the portal your request should be satisfied within typically 5 minutes. This is true 24/7.
Log into the online customer portal to see your available credit and how much of your line you’ve used.
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 have a choice of four ways to pay:
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 are your debit card details. You’ll be giving us permission to collect the authorised monthly repayment when it is due.
Each month you’ll have the option either to repay the full balance, the minimum payment due, or any other amount which you specify.
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.
There are several ways to pay:
Payments can be made safely and securely through our online customer portal. You’ll need your agreement number and a bank debit card.
You can pay online with Visa Debit, Debit Mastercard, Visa Electron and Visa Delta. Please note we don’t accept credit cards or American Express.
You can change your debit card details via our online customer portal or by calling us on 0330 400 0123. Please don’t email us your debit card details, as this isn’t secure.
Applicants need a debit card to set up their repayments, so unfortunately a debit card is a requirement.
If you are going to miss a payment, please contact us as soon as possible.
Here is what happens if you pay late:
Higher overall cost: We charge daily interest, so late payments will increase the total cost of your credit.
Credit score impact: Missed payments are reported to credit reference agencies, which can harm your credit file and make it harder to borrow in the future.
For full details, please refer to your credit agreement.
If you’re going to be late with your repayments, it’s really important to get in touch with us. We charge daily interest so late payments can make your credit cost more.
Missed payments will also be recorded on your credit file, which may make it harder for you to get credit in the future. It’s best to get in touch if you’re having trouble making your payments on time. You can find out more about late payments in your credit agreement.
Yes. You can change your debit card details via our online customer portal or by calling us on 0330 400 0123. Please don’t email us your debit card details, as this isn’t secure.
If you’re experiencing financial difficulties, we’d encourage you to contact one of these organisations for free, confidential and impartial money guidance and debt advice:
Please update your contact details within 7 days of any change.
• Email or Phone Number: Update directly via the Online Customer Portal, or by giving us a call.
• Name or Address: Must be submitted in writing to:
Loans 2 Go t/a BufferMoney
Bridge Studios, 34a Deodar Road
London, SW15 2NN
You can close your account via our online portal, email us at [email protected], or you can call us on 0330 4000 123.
You have a 14-day cooling-off period to withdraw from your agreement, starting the day after your agreement is made (or after you receive your contractual documents, whichever is later).
How to notify us
You can give notice to withdraw via:
Repayment terms
If you cancel, you must repay the total credit amount plus any interest accrued up to the repayment date within 30 calendar days of giving notice. Your credit line will be closed upon withdrawal.
You can close your account at any time.
How to cancel: Call us on 0330 400 0123.
We may temporarily suspend or permanently remove your ability to draw down funds to protect both you and our service.
Common reasons include:
If this happens, please contact us so we can review your account.
If you notice something suspicious or think you may have been the victim of fraud, please contact our customer service team as soon as possible, email [email protected] or call 0330 400 0123.
For full information on how to make a complaint, please visit buffermoney.co.uk/file-a-complaint.
You can find our opening hours on our website’s Opening Hours page.
