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Been with them for a while with no problems apart from having to go into an arrangement for last one. All fully paid back. Re applied but got declined even though salary had increased since last application. No explanation apart from template email saying low internal credit score
A Lender replied:
17th November 2016
Our review of Response Funding
Response funding are a short-term lender based in Wimborne, Dorset. Formerly known as Fancy a Payday, They offer their payday loans to be repaid over 3 months, however, these can be repaid at any time and you’ll only pay for the length of time that you borrowed the money.
When talking about price, Response Funding advertise a pretty average APR in the high-cost short-term market. For new customers, they charge an admin fee of £3.99 in order to assist with the costs of setting up the account and performing credit checks. Response Funding do not charge any fees for any late repayments. However, if you are struggling, they urge you to contact them as soon as possible as any late repayments will damage your credit file.
Online reviews of Response Funding are predominantly very positive. With an average rating of 4.8 out of 5 on Feefo, the majority of customers complimented the speed and efficiency of the service, with 69 out of 82 reviews giving it 5 stars (at the time of writing). A few reviews on Choose Wisely have meant that its rating is only a 2 out of 5 for our reviews, with some customers left confused and disappointed for being declined, despite being an existing customer and their financial situation improving. These negative reviews seem to be a minority across the web.
If you're considering taking out a Response Funding loan, the usual high-cost short-term loan health warning applies: make sure you keep up with your repayments. Although Response Funding do not charge for missed or late payments, they will show up on your credit file and make your financial life more difficult in the future. If you find yourself struggling to make your repayments, make sure you let Response Funding know as they have a reputation for being approachable and will work with you to limit the damage.
Overall verdict: If you’re thinking of going down the route of a short term loan then Response Funding are an option to consider. It’s worth bearing in mind that although we have mixed reviews on Choose Wisely, across the web they are on the whole positive. But remember, like any other high-cost short-term loan, compare your options and ensure you can meet the repayments before you apply.
- You don't need to have a perfect credit history
- You must be at least 21 years old
- You must have a UK bank account with direct debit facilities
- You must be a UK resident
- You must earn at least £900 a month and have it paid into your bank account
- You must be in permanent employment
- Maximum APR 1304.41%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
About Response Funding
For all new customers Response Funding offer loans of up to £200. As a returning customer and based on your personal circumstances you may be offered up to £500.
With Response Funding, you can apply online or over the phone. If you want to apply online, you need to complete the application form on their website. Once you complete the application, it will be forwarded to a representative who will review your details, contact you with a provisional decision and may request you to send some documents in. As part of the whole process, Response Funding will also carry out a credit check on you. Once everything is verified, they will contact you to inform you of their final decision. If approved, the money can take up to 3 working days to be transferred into your bank account. There is a charge for same day transfer of £25 which will be deducted from your loan if opted.
Please bear in mind that on your first loan with them, they charge an upfront administration fee of £3.99 as a contribution to some of the underwriting expenses such as credit searches. This fee is only payable if they lend to you.