Frequently asked questions


About your loan application

Can I apply for a loan?

Currently, applications are only open to existing and eligible Aqua customers.

If you’re an existing aqua customer, there are 3 ways to apply:

1. You might receive an email invitation to apply; simply click on the link,

2. You might receive a letter inviting you to apply; visit the online application form and enter the Personal Application Code featured in your letter,

3. You can visit and request a Personal Application Code, which you’ll receive in the form of an email link, if you’re eligible to apply.

Can I apply for an additional loan?

You can apply for a second loan if you are a current Aqua card customer; if you have had a loan with us for at least 9 months; and have kept up-to-date on your payments on both your loan and your credit card(s).

How long does it take to apply for a loan?

A typical application should take between 10-20 minutes.

For a personal quote, you'll need your address (and previous address if you've lived there less than 3 years), and your monthly income and expenses. To complete the application you'll need your bank details, mobile phone and access to your emails.

If we need more information to verify your details the application will take longer.

If I have to send extra documents to complete my application, how long will it take to review them?

You’ll receive an email within a few hours of your application advising you of the documents we need and how you can upload them.

Your documents will be reviewed during working hours. Once the review is complete you'll receive an email with our decision.  If your application is approved you’ll just need to come back to the website, using a link in the email, to sign your credit agreement. 

How do you decide if I can have a loan?

We’re committed to responsible lending and so the main thing we have to decide is whether or not we think you can afford your loan repayments, now and in the future.  To do this we’ll look at things we already know about you as a card customer, as well as information provided by credit reference agencies, plus your income and monthly expenses.  For more details see the personal quote terms and conditions.

How long will it take to get the money?

Once you’ve been accepted for a loan and have signed your credit agreement online, we’ll send the money in our next payment run. Our payments go out once in the morning, once at lunch time and once in the early evening. Don’t worry if you apply late in an evening, we'll send you the money the next morning.

Will you tell credit reference agencies (CRAs) that I’ve applied for a loan?

We won’t let you apply for a loan if your personal quote says you’re unlikely to be accepted. If you do apply successfully and take out a loan, we're required to report the details of your loan to the CRAs.

What if I change my mind after you’ve sent me a loan?

You are able to change your mind and withdraw up to 14 days after the day you receive a copy of your signed agreement. You will need to contact us within the 14 day period to let us know, and then repay the loan amount within 30 days along with the interest that has accrued up to the date the money is repaid to us. You will not need to pay an additional 28 days’ interest if you withdraw from the agreement in the first 14 days.

About our loans

How is interest calculated?

Interest is calculated daily on your outstanding balance, at the fixed interest rate shown in your credit agreement, from the date we send the money to you until you repay your loan in full.  Interest will be applied to your account monthly on each payment date.

This means that if, for any reason, you miss a monthly payment, interest continues to accrue on your higher outstanding balance.  As a result, the total amount to repay will be higher and you may pay interest on interest.

Are there any late payment fees?

We do not charge any late payment fees.

However, making late payments does mean that you will pay more interest.

Will my payment amounts ever change?

Your monthly payments are equal because, when you take out your loan, we work out the total amount you will need to repay and spread it evenly across the term. When we work out your monthly payment amount, we assume you will make your monthly payments in full and on time every month. This means that if you pay more in any month, the monthly payment amounts may change.

What is an APR?

APR stands for Annual Percentage Rate and it represents the actual yearly cost of funds borrowed over the term of the loan expressed as a percentage. It can be used to compare the cost of different loan offers from different loan providers. Generally, the APR reflects not only the interest rate but also any fees and charges that you pay to receive a loan.

About managing your loan

Is there a real person I can talk to?

Yes.  When you call us you can get straight through to a member of our UK-based loans team. They’re available Monday – Saturday, 8am – 8pm. See contact us.

How can I make my monthly payments?

When you complete your application you agree to us setting up a Direct Debit from the account we send the loan to.  We strongly recommend that you maintain this Direct Debit. Provided you have enough money in your bank account every month, the Direct Debit will collect your payments in full and on time. This will avoid any additional interest and the potential of falling into arrears.  Failure to make payments on your loan could affect your credit rating and may make it more difficult to get credit in the future.

If, during the course of your loan term, you need to make a payment in another way please call us

Can I make additional payments or pay off my loan early?

You may make additional payments or settle your loan in full at any time. To do so, you should contact us by phone or email. In the case of full payment, we'll tell you how much you have to pay to settle your loan and how to do that. 

If you make an additional payment, you must continue to make your monthly payments as they fall due. Provided that you make all other monthly payments in full and on time, the additional payment will reduce the final monthly payment amount. Depending on the amount you repay early, it may also reduce other monthly payments, which means that your loan would be repaid in full at an earlier date.

How can I keep track of my loan?

Information about your loan will be posted to your online account, including statements which are posted to your account annually. You can also request a statement of your account at any time.  We’ll email you to let you know when a new document is available to view and download.  

If I open a second loan will the two loans be combined into one?

If you open a second loan, each loan will a governed by a separate credit agreement. This means that each loan has a separate repayment schedule with potentially different interest rates, monthly repayment amounts and payment dates. For each loan you have with us, you can expect to receive separate annual statements and you will need to make separate monthly payments.

What if I don't keep up with repayments?

We know that financial difficulty can occur at any time and we’re committed to understanding your situation and doing what we can to help.

If you find that you’re struggling to afford your monthly payments, please call us as soon as possible.  Our team will work with you to find an affordable and manageable solution.

We report missed payments to credit reference agencies. This may have a negative impact on your credit rating which may make it more difficult or expensive to get credit in the future.

If you continue to miss your monthly payments, we may sell or transfer your loan to a debt recovery company and legal action may be taken against you to recover the debt. This could result in a court order being obtained and you incurring legal costs.

If you miss a loan repayment and you have another credit product with us, we may suspend your right to use that other credit product, reduce your credit limit and decline to issue you with a new card when you are due a replacement.

If you are experiencing financial difficulty, we would encourage you to get some free, independent advice from your local Citizens Advice Bureau, National Debtline on 0808 808 4000, Step Change Debt Charity on 0800 138 1111, or online at:

Do I need to pay any fee to settle my loan early?

We do not charge early settlement fees but we do defer your settlement date by 28 days. This means we include an additional 28 days’ interest in your settlement amount.

What happens if I don't pay the settlement amount within 28 days?

If you do not pay the settlement amount we have quoted within the 28 day window, we will calculate a new settlement quote (which will include a further 28 days’ of interest).