* Excludes Sienna & Rustic Occasional

Interest Free Credit FAQs

 

1. Who can apply for a Loan?

    Anyone who is over 18 years of age and a permanent resident in the UK or the
    Channel Islands.
  

2. Can I apply if I do not live in the UK?

    Under the terms of our consumer credit license, we can only lend to people who are
    permanent residents in the UK (including Northern Ireland) or the Channel Islands.
    Unfortunately, we cannot offer our Cargo Loan facilities to residents of the
    Isle of Man.
 

3. How long will it take to complete my application?

    It should take about 5 minutes to fill in all the details on the application form.
    After you have submitted the details we will review the information and usually give you
    a decision instantly.

    If your application has been successful, we will send you a copy of your agreement
    along with the terms and conditions and a Consumer Credit Information sheet (SECCI).
    Your agreement must be signed and returned to us as soon as possible.  Following
    final checks we may then send your Welcome Pack to you.

    If you have any questions at any time during this process, please contact us on

      0844 856 5744
 

4. What happens if my application is referred?

    Your application will be assessed in more detail and we may request further
    information from you to help us reach a decision. 

    In some cases your application may be declined.
  
    If we cannot accept your application, we will give you the main reason why you have not met our
    lending criteria, for example:
• One or more credit reference agencies may have information about you which may have influenced  our decision; or
• We may have a specific criteria which you have not met

    If you were still unsure as to why you have been turned down we would
    advise you to obtain a copy of your credit file.

    Your credit file contains information held about you by Credit Reference
    Agencies (CRAs). The CRAs serve as central databases holding all public and credit
    information provided by lenders. Their information indicates how you
    conduct your agreement contracts with other lenders.

    The reason why this data is reviewed when applying for credit is to assess the
    repayments that you have made on your current or previous credit agreements. This
    does not include credit balance information relating to your current bank or
    savings accounts.”

 

5. What happens if my application is declined?

    If we cannot accept your application, we will give you the main reason why you have not met our
    lending criteria, for example:
• One or more credit reference agencies may have information about you which may have influenced  our decision; or
• We may have a specific criteria which you have not met

    If you were still unsure as to why you have been turned down we would
    advise you to obtain a copy of your credit file.

    Your credit file contains information held about you by Credit Reference
    Agencies (CRAs). The CRAs serve as central databases holding all public and credit
    information provided by lenders. Their information indicates how you
    conduct your agreement contracts with other lenders.

    The reason why this data is reviewed when applying for credit is to assess the
    repayments that you have made on your current or previous credit agreements. This
    does not include credit balance information relating to your current bank or
    savings accounts.”
 

6. How can I obtain a copy of my credit file?

    To obtain a copy of your credit file you can contact either Experian or Equifax:
    the Credit References Agencies.  You'll need to send a cheque made payable either
    to Experian or Equifax to the value of £2 and include details of your current and
    previous addresses over the past 6 years.

    To see details of your credit history online, you can visit www.ikano.net/creditfile
    which will provide you with free 30 day access to this information.

    The Credit Reference Agency addresses are:

  Experian Limited
  Consumer Help Services
  PO Box 8000
  Nottingham
  NG80 7WF

  Equifax Plc.
  Credit File Advice Centre
  PO Box 1140
  Bradford
  BD1 5US
 

7. What is Credit Scoring?

    Credit scoring is a computer system that helps us process applications for Cargo
    Loans. It takes into account information provided directly by a customer and
    any information we may hold about that customer. It also uses information obtained
    from Credit Reference Agencies. The credit scoring system allocates points for each
    piece of relevant information and adds these up to produce a score.

    Credit scoring calculates the level of risk for each applicant based on the
    information we have obtained. If the level of acceptable risk to us is exceeded, we
    will not accept the application. This does not necessarily mean that an applicant
    is a bad payer. It simply means that based on the information available to us, we
    are not prepared to take a risk of granting credit.
 

8. How do I contact Ikano about my Loan?

    You can contact us by phone or in writing.

    If you have any questions before you have heard back from us please call us on

      0844 856 5744

    If you have a query concerning your Cargo Loan, please contact us on

      0844 856 5744

    Our hours of opening are:

      Monday to Friday 8:30 to 9:00 (excluding Bank Holidays)
      Saturday 8:30 to 8:30
      Sunday 10:00 to 6:30

    You can write to us at:

      The Cargo  Loan
      PO Box 8637
      Nottingham
      NG8 9AT
  

9. How would I pay my account?

    It is a condition of the product that you will pay the monthly payments by Direct Debit,
    however you can make extra payments to your account in the following ways:

    i. By Direct Debit. If you would like to pay the full outstanding balance by Direct Debit,
    call Cargo  Loan Customer Services on 0844 856 5744 to amend the Direct Debit
    agreement.

    ii. By post. Use the Bank Giro Credit slip attached to your Welcome Pack and post it to us.

    iii. At your bank. Payments can be made at any UK bank using a cheque, cash or
    Postal Order. Please make your cheque payable to The Cargo Loan and hand
    over your completed Bank Giro Credit slip. Some banks may charge for this service.

    iv. By Standing Order, Internet Banking and Telephone Banking. Details of how to pay
    by these methods can be found in your Welcome Pack.
 

10. How often do I receive a statement?

    Statements are issued annually and you will receive a statement if there has been a
    financial transaction on your loan account within the previous year.
 

11. What is the 14 day right to withdraw?

    This is a right granted to applicants whose application is accepted, where you may withdraw from the loan agreement within 14 days of being accepted. Please be aware that the Cargo returns policy still applies. If you do choose to withdraw but are unable to return or cancel the related order, you will have to pay for the goods using another tender type. In line with regulations you’ll be given 30 days to repay the outstanding balance and any interest in full. You will need to contact Ikano directly to arrange this.

 

12. Can I reduce the amount of interest payable on my loan?
If your loan is interest free (e.g. 0%APR), you will not be paying any interest charges at all.
If your loan is BNPL (Buy Now Pay Later) and is repaid in full before the end of the deferred period you will incur no interest charges.
For all interest bearing loans, including BNPL, making extra or early payments to your loan account will result in a reduction in the amount of interest you will pay in total. You can make extra payments to your account at anytime during or after the deferred period. 

 

13. Who is the credit provider?

The credit provider is Ikano Financial Services Limited. They can be contacted using the below phone number or written to at the following address:

0844 856 5744

Ikano Bank AB (publ)

Waterfront House
Waterfront Plaza
Station Street
Nottingham
NG2 3DQ

 

14. What is a Consumer Credit Information sheet (SECCI)?

A Consumer Credit Information sheet or SECCI (Standard European Consumer Credit Information) is a document containing information that describes the key elements of the product, to help the applicant understand and potentially compare the product offer with other providers’ offers. The SECCI contains.