At Abound, we believe in full transparency. We don’t hide costs in the small print or charge you for things that should be free, like paying off your debt early.
Interest (APR)
The main cost of your loan is the interest. This is calculated daily on your outstanding balance and is included in your fixed monthly repayment.
Fixed Rate: Your interest rate will not change during the life of your loan.
Late Payment Fee (£12)
If a monthly repayment fails and you do not rectify it within our 7-day grace period, a late fee of £12 will be added to your account.
Why it exists: This covers the administrative cost of managing a missed payment and reporting to credit bureaus.
How to avoid it: Ensure your registered debit card has sufficient funds or update your card details at least 48 hours before your due date.
Loan Variation Fee (£30)
If you ask us to make a significant change to your existing Credit Agreement—such as extending the total length of your loan (the "term") to lower your monthly payments—a £30 fee usually applies.
Standard Amendments: The £30 fee covers the cost of reassessing your affordability and issuing a new regulated Credit Agreement for your convenience.
Financial Difficulty: If you are requesting a change specifically because you are experiencing financial hardship, this fee is fully refunded. We believe in supporting our customers through difficult times, not adding to their burden.
Fees we NEVER charge (The "Zero" List) 🚫
Early Repayment Fees: £0. You can pay extra or settle the whole loan early at any time without a penalty.
Application Fees: £0. It is free to check your rate and apply.
Statement Fees: £0. You can download your statements and settlement figures for free from your dashboard.
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