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FAQs

Apply

Please make sure that an Auden loan is suitable for you. In particular, please check that you can afford to repay each instalment on its due date.

You must:

  • Live in the UK.
  • Be at least 18 years of age.
  • Have a bank account.
  • Have a debit card which passes a zero-authorisation check.
  • Have a mobile phone which we will validate by sending a four digit code by SMS.
  • Have a valid non-disposable email address which we will validate by sending an email with a six letter password.

You can apply using our sliders which have been designed to give you more choice and more flexibility than with other lenders. Once you have chosen the loan you want, the application process usually takes about 10-15 minutes. Every step is explained in plain English.

Our lending decisions are primarily based on doing three simple things well:

  1. We make sure the personal information which you provide is as accurate as possible.
  2. We match your personal information with the credit reference agencies.
  3. We seek to understand your personal financial position using the information available.

We have done a huge amount of analysis on the UK short-term lending market. We believe that we have market leading understanding on how to use the information held on all of us by the credit reference agencies.

In simple terms, the most likely consumers to be accepted for an Auden loan are those who have used short-term loans responsibly in the past.

The maximum loan available to a customer who has never used a short-term loan before is £400. For a customer who has used a short-term loan before, the maximum loan available is the amount of the largest loan the customer has repaid in the past, up to a maximum of £1,000 - we will check this on your credit file.

If you are approved and you accept our loan offer, we will arrange for funds to go to your bank account within 15 minutes. The money is normally in your account soon after but at times this can take between 1-2 hours. If you have not received the money within 2 hours, please send us a secure message in My Account.

We are a responsible lender and are not in the business of making loans to people who cannot afford to repay or where we think providing a loan will worsen your financial situation. We send an email to every loan applicant who is declined with as much feedback as possible regarding why we felt it was inappropriate to offer a loan.

We also provide contact details for several organisations that can offer you free advice about how to improve your financial situation.

If we cannot offer you a loan, we will send you an email informing you why we have made our decision. In general, we do not allow customers to re-apply once we have turned down a loan application. However, unless you opt out, we will let you know when enough time has lapsed that you can re-apply.

Cost

We only charge simple interest – a clear percentage charge based on the amount borrowed.

We never charge compound interest i.e. we never charge interest on interest.

We don’t charge fees, for anything, ever.

Same as fees, we just don't charge any, ever.

It depends how long the loan is for.

We charge 0.64% for the first 90 days. From day 91, we charge 0.1% per day, 88% cheaper than the cap of 0.8% per day imposed by the Financial Conduct Authority.

The average rate is 0.64% per day for a 1-3 month loan down to an average of 0.33% per day for a 12 month loan.

The reason that the other average rates are not nice round numbers is just to do with how the maths works out.

The average daily rates shown in the table are based on a loan taken out on 1 January 2016 and repaid on the last business day of each month of 2016.

Duration Average Daily Rate
1-3 months 0.6400%
4 months 0.5905%
5 months 0.5378%
6 months 0.4929%
7 months 0.4557%
8 months 0.4242%
9 months 0.3965%
10 months 0.3703%
11 months 0.3473%
12 months 0.3280%

Yes, if you do not repay your loan on time, interest will continue to be charged making your loan more expensive. We stop charging arrears interest 90 days after your loan expires and we never charge more interest in total than is equal to 80% of the original loan value. This is 20% less than the maximum permitted by the Financial Conduct Authority.

Manage your loan

An Auden loan puts you in control. You can extend your loan repayments up to 12 monthly or 52 weekly instalments. You can take up to 2 repayment holidays after your first payment but not more than 1 in any 4 month period. You can also change your repayment date on 2 occasions but not more than once in any 4 month period.

You choose whether you want to repay in one repayment or in weekly or monthly instalments. If you choose to repay in one repayment, you can change to monthly instalments later. Also, if you choose to repay in instalments, you can settle in a single repayment whenever you want.

When you apply for the loan, you can choose either weekly or monthly. Once you have made that choice, it cannot be changed.

You can do all of the following by just logging in to My Account. No need to ask for permission. No need to contact a call centre. Just take control yourself via your smartphone, tablet or desktop computer.

Repay any of your instalments early

You can decide to repay all or part of your next instalment early. Making an early repayment pays off the interest on your loan faster and can reduce the loan amount faster than if you wait. You save interest in two ways. One you don’t pay interest on the extra capital that is repaid for the rest of the loan. Two, you pay fewer days interest than if you wait.

Partial Settlement

You can decide to make a partial settlement at any time. This will entitle you to a statutory rebate but, unfortunately, will mean that you will lose all of the flexibility we have built into an Auden loan. We will remind you of this so that you can always make an informed choice. The statutory rebate is applied to your last instalment(s) so as to reduce the overall cost of your loan. We will give you the immediate benefit of this rebate even though we could take 14 days to process the payment request.

Settle whenever you want

You can settle whenever you want. This will entitle you to a statutory rebate. We will give you the immediate benefit of this rebate even though we could take 14 days to process the payment request.

You can decide to repay all or part of your next instalment early. Making an early repayment pays off the interest on your loan faster and can reduce the loan amount faster than if you wait. You save interest in two ways. One you don’t pay interest on the extra capital that is repaid for the rest of the loan. Two, you pay fewer days interest than if you wait.

You can decide to make a partial settlement at any time. This will entitle you to a statutory rebate but, unfortunately, will mean that you will lose all of the flexibility we have built into an Auden loan. We will remind you of this so that you can always make an informed choice. The statutory rebate is applied to your last instalment(s) so as to reduce the overall cost of your loan. We will give you the immediate benefit of this rebate even though we could take 14 days to process the payment request.

You can settle whenever you want. This will entitle you to a statutory rebate. We will give you the immediate benefit of this rebate even though we could take 14 days to process the payment request.

How we collect

As part of the application process, we take details of your debit card and carry out a zero-authorisation check. We do this to verify that the debit card belongs to you and was issued by your bank. On each loan repayment date, we then use these details to collect payment from your current account using your debit card.

This happens as part of the initial loan application process. A zero-authorisation check checks that your debit card has been validly issued by your bank to you.

It does not take any money from your card. It does not check whether there are sufficient funds in your bank account to repay the loan. You only need to have sufficient funds in your bank account on each loan repayment date.

As part of the application process, we take details of your debit card so that on each loan repayment date, we can use these details to collect payment from the bank account which is linked to your debit card. This is known as a continuous payment authority or CPA. The Financial Conduct Authority regulates the use of CPAs.

Click here to see Auden’s policy on CPAs

Auden is committed to only lending to those people who are in a position to repay the loan on time. As a result, Auden only collects between 10am and noon on each agreed repayment date.

Money problems

An Auden loan puts you in control. You can extend your loan repayments up to 12 monthly or 52 weekly instalments. You can take up to 2 repayment holidays after your first payment but not more than 1 in any 4 month period. You can also change your repayment date on 2 occasions but not more than once in any 4 month period.

No, you must first repay your current loan with us before you can apply again.

Rollovers can happen on very short-term loans, typically those under a month in duration, which is usually what people call payday loans. A rollover is when you only repay the interest in the current month and then roll the repayment of the loan over into the following month.

No, we do not offer traditional rollovers. In the past, they are a way that lenders have tried to lock you in so they can charge more. We never do that, we put you in total control.

Just go in to My Account and you can extend your repayment date or turn a single instalment loan into a loan which you can pay off over 2 or more monthly instalments, either weekly or monthly. If you do extend your loan, you can always make a partial or full settlement at any time.

If there is not enough money in your account when we try to collect repayment of your loan, we will send you a message by email and let you know by SMS. If this happens, we really want you to let us know what is wrong. You can do this by leaving us a secure message in My Account. We will always try to deal with you fairly and respectfully.

If there are insufficient funds in your account when we try to collect a repayment, we reserve the right to make one further collection attempt on any day prior to the next scheduled repayment date. If we do not exercise this right, the next attempt we make to collect a repayment will be on your next scheduled instalment date or, if there is no scheduled instalment date, on the same day in the month following.

We will always give you at least 24 hours' notice by SMS of our intention to collect any repayment.

Click here to see Auden’s policy on continuous payment authorities or CPAs.

We are a responsible lender. We only want to lend to people who can afford to repay. However, we understand that your circumstances may change; if they do, please tell us the details by leaving a secure message in My Account. If necessary, we will agree an affordable repayment plan that suits your individual situation. In the rare circumstances where you cannot afford to pay anything, we will give you time so you can get back on top of things.

There are many organisations that offer free and independent debt advice such as:

If we cannot collect repayment from you we will take all reasonable steps, including litigation, to try to collect repayment. In the unfortunate circumstances this does occur, we will pass on the additional legal costs for this.

Credit reference agencies

A credit reference agency is like a central warehouse for information. Credit reference agencies receive information from creditors (like banks and credit card companies) and also take information from other sources (for example, the General Register Office to monitor deaths; or the Register of Judgements, Orders and Fines for England & Wales maintained by Registry Trust Ltd on behalf of the Ministry of Justice in order to monitor county court judgements).

Credit reference agencies use all of this information to try to build a financial picture of anyone who uses or might have access to credit. They then build credit reports and calculate credit scores, which they then sell to lenders who want to check on a person's creditworthiness before lending money to them.

As a general rule, based on what is permitted by the data protection legislation, credit reference agencies are able to obtain and keep information for a period going back 6 years. Where there has been no activity on an account for six years, the account is deleted.

The credit reference agencies hold a large amount of information. The main database of each of the credit reference agencies is made up of information which is provided to them on a monthly basis by each of the lenders in the UK. This database has a different name. At each of the main credit reference agencies. It is known as CAIS (pronounced 'keys') at Experian; as Insight at Equifax; and as SHARE at Callcredit.

Each of these databases has information on your bank accounts, mortgages, credit cards, unsecured loans (including all types of short-term loans), hire purchase, mail order, home credit, gas, electricity, water, mobile phone contracts, etc.

The information on these accounts, which is updated every month, includes start date, end date, type of lender, type of accounts, account status, opening balance, current balance, credit limits, repayment frequency, repayment period and repayment size as well as your name, address and date of birth. If you have moved address and not told a particular lender, your previous address will continue to be listed.

Credit reference agencies link your different addresses to make sure that they have a complete picture but sometimes this doesn’t work, so you should always monitor your credit file to make sure that it is accurate.

Most short-term lenders now also report either daily or in real-time about the status of any short-term loans which you might take out.

Credit checks

A credit check involves sending the information provided by you during the beginning of the loan application to one or more of the credit reference agencies. The most important information is your name (including any aliases or prior names); your current and previous addresses; and your date of birth.

The relevant credit reference agency then uses this data to match who you are to the data which they hold. Most of the data which they hold is supplied to them by banks, credit card companies, store card providers, mail order companies, hire purchase companies, loan providers, gas and electricity companies, mobile phone companies and other credit providers. The credit reference agencies also collect data from third parties like The Electoral Role, Registry Trust Limited (for county court judgments), the Insolvency Service (for bankruptcy and other insolvency events), Companies House (to check if you are a director of a company), HM Treasury, etc.

Most lenders get a credit report and a credit score from a credit reference agency when they carry out a credit check. We do not get a credit report, we get a copy of all of the underlying information. We are experts at analysing that information to carry our credit and affordability checks.

As part of our application process we will contact one or more of the major credit reference agencies to verify your identity and to obtain a copy of your full credit report.

The exact details and implications of this process are clearly explained during the application process and before we ask for your consent to carry out a credit check. You should read all of these details carefully and consider if a loan application is right for you before consenting.

Credit scores

Credit reference agencies and other lenders build scoring models to predict whether you will repay or not. They typically use a mathematical technique known as logistical regression. If you get above a certain score, you get approved and below a certain score, you get rejected. Sometimes, if you are in between, you might get referred.

Unlike most other lenders, we do not use traditional credit scores. Instead we carefully consider every aspect of your financial history, including whether you have any open short-term loans; whether you have defaulted on a short-term loan in the past; and information about your income relative to your outgoings. We do this to make sure both that you will, and that you can afford, to repay the loan. We carry out a credit check on every loan application to make sure we get as much information as we can from the credit reference agencies.

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