Zebit offers unique and flexible unsecured loans. When you take out a payday loan with most companies, you must repay the money on your next pay date or, at most, 30 days after approval. As a Zebit customer, you stay in control of your repayment schedule. Choose any time between one week and seven months. Remember that payday loans can be an expensive form of credit, so be sure to repay your debts as quickly as possible. Zebit does not charge prepayment penalties, so you can log into your account and make as many extra payments as you like.
Applying for a short-term loan with this firm is simple. First, select any amount between £50 and £800. After Zebit approves your application, the funds will be transferred into your bank account within 10 minutes. You do not need to pay extra fees for rapid transfer or same-day deposits. Keep in mind that if your bank does not accept faster payments, you may not see your money for two to three business days.
As mentioned previously, Zebit allows you to stretch your debt over a pre-selected number of weeks or months. If you choose the weekly option, you must make a payment each week, including interest, until your debit has been repaid in full. If you choose the monthly option, you must make one payment each month until your balance drops to zero.
Zebit advertises a representative annual percentage rate of 1,413.2%, but your actual interest charges can vary. With a weekly loan, interest accrues at 6.4% per week. If you request £100 to be repaid over four weeks, you would owe £29.13 each week. The cost of credit would amount to £16.52.
With a monthly loan, Zebit charges 25% per month. If you ask for £100, you would owe £125 after one month. The same loan spread over four months would require £42.35 each month for a total cost of credit of £69.40. Zebit automatically withdraws payments via your debit card, so you do not need to take any action other than ensuring you have enough money in the bank to cover the transfer.
You do not need excellent credit to receive a Zebit payday loan, but you must possess a reasonable credit score. You must also be a UK citizen aged 18 or over. You must possess an active bank account with an associated debit card, and you cannot be in overdraft. Finally, Zebit will verify your employment. You cannot be self-employed.
When you accept a Zebit short-term loan, you are promising to repay the debt as agreed. If you discover you cannot make the required payment, call 0333 200 2522 before the due date. The Zebit representative will try to work with you on an alternative solution.
On your due date, Zebit will withdraw the sum stated on your loan agreement. If you have insufficient funds on the first attempt, Zebit may attempt other withdrawals during the day through their continuous payments authority. If you still have not paid the full amount by the end of the day, Zebit will add a £12 arrears fee to your account. After 36 days of non-payment, Zebit will charge a £10 default fee. Finally, after 50 days of non-payment, Zebit adds a £40 termination fee to the account. This online payday loan company will refer your account to an outside collections agency and report your delinquency to the appropriate credit reference agencies. Paying your debts on time can help to boost your credit rating and give you access to lower interest rates and larger credit lines in the future. On the other hand, if you fail to repay your loans, you may lose access to credit. You may not be able to obtain bank loans and credit cards when you need them the most.
Zebit, the trading name of Lending Stream LLC, operates 24 hours per day every day of the year. If you have questions or complaints, call 0333 200 2522 or send an email through the secure form found on the Contact Us page. Zebit is a member of the Electronic Money Association, EMA.
Representative APR 1413.2%
Representative Example: If you Borrow £100 for 30 days then the:
- Total Charge for Credit is £25
- Total Amount Repayable is £125
- Interest Rate is 301.2% per annum (Fixed)
- Representative APR is 1413.2%