Frequently Asked Questions

About JustBorrow

What is JustBorrow?
JustBorrow is a partnership of local credit unions providing fair and affordable online short-term loans as a cheaper alternative to high cost lenders.

What are credit unions?
Credit unions are not-for-profit financial cooperatives that are used by over 1 million people in the UK and recommended by everyone from Martin Lewis, the Money Saving Expert to the Archbishop of Canterbury. Each credit union is mutually owned by all its members so everyone who saves, borrows or uses its financial services has a say in how it is operated.

They offer a range of simple and safe savings accounts and affordable loan products as well as a range of other financial services.

Are you regulated?
Yes. Just like all banks and building societies, every credit union is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

In addition, they are covered by the Financial Ombudsman Service and any savings you deposit are 100% protected by the Financial Services Compensation Scheme.

How much can I apply for?
With a JustBorrow loan you can apply for any loan amount between £100 and £750 depending on your circumstances.

If you are not approved for the amount you applied for, the credit union may in certain circumstance be able to offer you a smaller loan instead.

Over what period can I repay my loan?
You can choose to spread your loan repayments over 3 to 9 months to suit your situation.

How much does a JustBorrow loan cost?
JustBorrow loans are charged at 3% per month, which is equivalent to 42.6% APR with no hidden fees or charges for early or late repayments.

Do you charge any fees for JustBorrow loans?
If you would like to guarantee that your money is transferred into your account on the same day, you can choose our optional Same Day Payment Facility which costs £11.00. This is added to the cost of your loan if approved.

Alternatively, all other payments will be transferred by BACS which is completely FREE but could take up to 3 working days to reach your account.

How do you compare to other lenders?
Our loans are considerably cheaper than most online short-term lenders. You can compare just how much you would save by looking at our Comparison section.

Joining a credit union

How do I join?
You will need to join of one of the participating credit unions – unless you are lucky enough to already be a member.

This is a simple process and will be part of your loan application. If your loan is approved, you will automatically become a member.

Does it cost to join?
Yes. If you are not already a member, there may be a one-off membership fee to join – typically this is free but depending on the credit union can be between £1 and £3.

In addition, everyone has to make a minimum saving deposit to activate your membership – typically this is between £1 and £5 and is put into your new credit union savings account.

You’ll be notified of these requirements in advanced and they are only required if your loan is actually approved. You will have the choice of paying for these upfront during the payment set up process or having the amount reduced from the loan amount transferred.

Applying for a loan

Am I eligible?
To apply for a JustBorrow loan you must be over 18 years old, not been previously declared bankrupt and have a UK bank account that has a valid debit card.

We can only accept applications from UK residents that live or work in an area where one of our participating credit unions operates.

If approved, you will become a member of the participating credit union, but don’t worry, this process is all part of your loan application.

Can I apply if my credit record isn’t perfect?
As part of the application process a credit check will be undertaken to help verify if you can afford the loan.

If you are already struggling to repay other credit, you are unlikely to be able to obtain a JustBorrow loan and should instead look to access support from agencies such as StepChange Debt Charity or National Debtline who can help with free independent debt advice.

When can I apply?
You can make a JustBorrow application 24 hours a day, 7 days a week, including bank holidays.

Why do I need a current account with a valid debit card?
To apply you will need a valid Bank or Building Society current account as we will deposit funds for successful applicants into this bank account, and we use your debit card to collect your repayments on your due dates.

Will I be approved?
Each application is assessed on an individual basis taking into account a number of factors. We are therefore unable to offer an indication of whether or not your application would be accepted before you submit it. Please remember, if you do apply, this will leave a footprint on your credit file.

Do you perform credit searches?
Yes. As part of the loan application process, you will provide consent for the credit union to undertake checks with Credit Reference Agencies to assists with fraud prevention and also ensures we only approve applications from people who we believe will be able to repay what they borrow.

How long is the process?
The application form should only take a few minutes to complete.

What information will I need?
We need you to provide personal information, including; your National Insurance number, your home address for the last 3 years, your employment details, your bank and debit card details and details of your income and expenditure.

Will I get an immediate decision?
Yes. If your application meets the credit union’s assessment criteria and can be approved, you will be notified immediately and can complete the final stages of the process.

If the credit union is unable to approve your application immediately, it will need to be reviewed by a Loan Officer. This process is usually undertaken within one working day.

Will I need to send any extra information?
In most cases, your application will be completed online without the need for additional information. However, there may be occasions where you need to send further paperwork to help make a decision.

You will be notified by email if this happens and exactly what you need to do.

Can I apply for another JustBorrow loan?
Yes. If you have already repaid your previous JustBorrow loan you can apply for another by signing into your JustBorrow Account. The application process is much quicker as you won't need to go through a full application again. Please remember, all loan applications are subject to further checks with Credit Reference Agencies.

I already have a JustBorrow loan and would like to borrow more?
Unfortunately, you must fully repay your JustBorrow loan before you are able to apply for another one.

What if I change my mind?
Your statutory right of withdrawal allows you to withdraw from the agreement within 14 days of taking the loan out. You will be charged interest until the date the loan is repaid (which must be within 30 days of notifying us of your intention to withdraw).

To do so please Contact your credit union.

Final steps and receiving your money

I have successfully been approved, what happens next?
Once you have been notified that your JustBorrow loan application has been approved there are just a couple of simple steps remaining.

You will first be directed to SagePay to securely confirm your bank account details and make a 1p test payment. This will automatically schedule your agreed monthly collections from your debit card – so you don’t need to do anything else to start making your repayments.

Once this has been completed we will automatically send you a text verification code to your mobile phone. You will need to enter this code on screen.

Finally, we will provide you with a final copy of your loan agreement that you will need to review and agree.

I haven't received my text verification code?
If you do not receive a text verification code to your mobile or it has expired, please log in to your online account by clicking here. You should be able to check that your mobile number is correct (and amend it).

If it is correct, then click the resend verification code to your mobile. If it is not correct, or if you still do not receive the verification code, then please contact your credit union.

When will I receive my money?
Once you have completed all these steps, your money will be sent to the current account that you identified on your application.

If you selected the optional Same Day Payment Facility, your money will be automatically transferred and should be with you within a few hours.

All other payments will be sent by BACS transfer and will be with you within 3 working days.

Making repayments

How do I repay my loan?
In order to obtain a JustBorrow loan, you must agree to repay using something called a Continuous Payment Authority, often referred to as a CPA. Repaying your loan this way is simple as your monthly repayments will be collected automatically on the agreed dates from the debit card you register.

All you need to do is make sure you have enough money in your bank account on each of your repayment dates.

What happens if I miss a repayment or have trouble paying?
If you are having or think you may have trouble repaying your loan on time, please contact your credit union straight away.

If your repayment cannot be collected on the due date, you will be contacted to find out why the collection attempt failed and what can be done to help.

Unless you repay or agree an alternative payment arrangement, the amount due will attempt to be collected once again, up to 7 days after your repayment date. You will attempt to be contacted the day before the CPA is used for the second time.

CPA will not be used more than twice to try to collect your monthly repayment. So if the second CPA attempt is unsuccessful, it will not be used to collect the repayment again that month.

What else do I need to know about my repayments?
You can cancel your CPA at any time by contacting your credit union or by notifying your bank. Please note your bank could take several days as they will need to take your instruction and then inform the credit union.

Remember, if you do cancel your CPA you will still owe your outstanding balance and therefore must make alternative payment arrangements with your credit union to repay your JustBorrow loan.

Can I increase my payments or make one off payments?
You can increase your repayments by signing into your online account or by contacting your credit union. Increased repayments will result in less interest being applied to the outstanding balance thus lowering the total amount you pay back.

Can I pay the loan off early?
Yes you can, there are no charges for early repayment and by repaying early your loan will be even cheaper.

Your JustBorrow online account

What is a JustBorrow online account?
Once you have applied for a JustBorrow loan, your own secure online account will be automatically created. This allows you to; check and update certain personal details, check your loan status and balance, look at your payment history and any forthcoming collections, make secure payments and apply for another JustBorrow loan.

To access your account, you will need to log-on using your email address and the password you put on your application.

I’m having problems accessing my account?
If you've forgotten your password, click here. You will be asked to enter your email address so we can identify you and reset your password. We will then send a new password to the mobile number registered to your account.

If that doesn’t help then you can email

My details have changed, how do I let you know?
You can update some of your information, such as your email address or password, in your JustBorrow online account. If you need to change any other details, such as your address, you'll need to contact your credit union.

How do I change my debit card details?
To update your debit card details please log-on to your JustBorrow online account, alternatively if you're unable to update your details online please contact your credit union.

How will you keep me updated with important information?
To help you stay in control of your finances, we'll keep you up to date with text and email messages about your JustBorrow loan.