Lenders that wont charge you for missing a payment
Across the site you will come across references such as ‘No Fee’ and ‘No Fee Lenders’. Lenders that we advertise as no fees will not charge you for missing a payment or for failing to make a payment on an agreed date.
Of course, interest will still be due on the amount borrowed as outlined in your loan agreement, No Fee does not mean the loan does not attract interest. Legally a lender is allowed to charge a borrower up to £15 as a ‘late’ or ‘missed’ payment fee (this is a one-off charge), however some lenders have adopted the approach to waive this fee and instead work with the borrower to make alternative arrangements to settle arrears such as setting up a manageable repayment plan or moving the repayment dates.