Consumer Frequently Asked Questions
Who are Unyte Invest?
Unyte Invest are a fully FCA regulated broker offering consumer finance across the UK. We are a fee free service, providing all the benefits of an experienced broker service, at no extra cost. Unyte Invest use various brand names such as KOTELO, specialising in Aesthetic finance and FAST FINANCE, specialising in Home Improvement finance. We have a fantastic panel of lenders working to achieve the best outcome for our customers, at the most affordable rates and monthly repayments.
An explanation of some of the words used in this document:
- Unyte Invest
- is the Broker Service
- is the customer taking out the finance
- is an abbreviation of Frequently Asked Questions
- is the finance provider who lend the money
- is an online electronic signature
- Retailer / Provider
- is the company or business you are obtaining a product from, to finance
- is the item / services you are taking your finance out for
How do I contact Unyte Invest?
You can write to us at:1st Floor
30-40 Museum Street
We also have an online chat facility at unyteinvest.com where advisors will be able to assist you from 9.00am until 5.30pm.
Will I be accepted for finance with Unyte Invest?
To apply, you must be 18+ and a UK resident for at least 3 years, you must be in full time employment and have a UK personal bank account. Unyte Invest offer rates between 2.9% and 34.5%, however the rate you pay depends on your individual circumstances and the loan amount may differ from the representative APR.
Do Unyte Invest have a loan calculator?
Yes. Use our loan calculator to help you estimate how much you could borrow, your representative interest rates and monthly payments, with no initial impact on your credit rating at unyteinvest.com/finance-application/.
When submitting our online application form, you are agreeing to a soft credit check.
What happens once I’ve applied online?
When you apply online a full credit check is completed, which will leave a ‘footprint’ on your credit profile. This happens as soon as you submit your full finance application and you’ll then receive your decision. The decision will either be approved or declined, if approved you will continue your application. If declined, you can contact the lender specifically for further details.
Note: You can apply to any credit agency such as clear score or Experian for free, to obtain a copy of your credit report.
If an application is referred to the underwriters, this generally means the underwriters will review the application manually. Supporting documentation may be required i.e. ID, Bank statements, Proof of address etc. The lender will generally contact you in these instances and once the requested information has been received the underwriters will then review your application and provide you with a final decision.
Once approved you will generally receive an email from the lender to the email address provided on the application form, confirming the details of your agreement and the next steps.
To complete your application, you would need to read and e-sign the documents, return them to the lender to complete the application process.
Only once your application is complete and your documents have been signed would you receive your product.
What is a credit check?
A credit check happens when a third party investigates your credit report. There are hard and soft credit checks. A hard credit check occurs when lenders check your credit score before approving credit cards, personal loans, mortgages or any other credit commitment. These searches will leave a mark on your credit file that lenders can see. Soft credit searches are for background checks and don’t leave a mark visible to lenders.
A credit check is useful to lenders when considering a new application, as it enables them to determine if you are a responsible borrower e.g. if you’ve made multiple applications for credit recently, it could suggest that you have an urgent need for credit and you may struggle to pay them back.
When will I or the retailer / provider receive the funds?
If you use our online finance application and you are unconditionally approved before 5.30pm Monday to Friday, you could have the funds within 48 hours.
Subject to agreement you may receive documents to sign by post or email – these typically arrive within 3-5 working days. You may receive an email inviting you to provide more information electronically to support your application. If your application is successful, you could have the funds within 48 hours.
Can I pay my finance off early?
Yes, early repayment is possible. The loan can be paid partially or in full at any time however, as we are a broker service, it is important to check if any penalties or early repayment fees are applicable with the lender who provided the finance. You would need to contact your lender directly to confirm this.
Can someone take the finance out for me?
Finance must be applied for in the name of the individual that is taking the goods or service.
The applicant may be asked to verify who they are, by entering their card details during the application process, a very small amount at generally a £1.00 or less is presented to the bank and returned, this is just for verification, no money is actually taken from their account.
What happens if I want to change my finance amount or product?
If a customer has been approved for finance, but then wishes to change the finance amount or product, the lender generally cannot amend the application. You would need to contact the lender directly to discuss your options, baring in a mind you may need to complete a new application. If approved, the lender can cancel the original application and if declined, you will still have the option to proceed with your original application.
If you want to take out additional finance with the same lender and require the payment dates to be the same, you will need to contact the lender directly to arrange this.
What happens if I want time to think about my application?
You can take as much time as you need to decide, as there is no time limit on proposals or accepted applications, they will generally remain active until the retailer cancels them. If a lender has a specific time scale where a decision is required, you should be made aware of this.
Who do I pay my deposit to?
Unyte Invest offers its clients various packages to enhance their businesses. One of these may well be that Unyte Invest take deposits on the retailer’s behalf, using online or over the phone methods of payment. This money is taken on behalf of the retailer and provided to them under our terms of business with them. Should this be the case, you will be advised of this.
The deposit can only be taken by the retailer. For any agreements that are cancelled, they need to refund this directly to you. Unless the contract states, the deposit is non-refundable.
What happens if I want to cancel my agreement?
If an agreement has been signed for but needs to be cancelled, the Retailer / Provider will need to issue you a full refund on the deposit paid (if applicable) and the lender will claw back the funds paid to the retailer for the product or service you initially financed.
Generally, any payments you have made that have already been taken by the lender, will be refunded to you.
If the Retailer / Provider agrees in their contract, a cancellation is required within reason, where full or partial service / product has been provided. They can do a partial refund against a finance agreement with any deposits / funds paid back to the lender. Once actioned, this will reduce the amount owed by you, but wont effect the term. The lender would generally provide an amended agreement, confirming your new monthly payment amounts over the term initially agreed.
What happens if I haven’t received my product or services?
You would need to contact the business that you purchased the goods or services from, they will assist you further. You would need to refer to the Retailer / Providers terms and conditions and their FAQ’s for more information.
What if I’m not satisfied with the goods or services, or I want to make a complaint?
You would need to contact the business that you purchased the goods or services from and raise this directly with them. Each retailer or lender will have their own complaints policies and procedures in place, that they must follow.
If you would like to make a complaint about Unyte Invest, you would need to contact us directly on 0161 826 9075.
What happens if I can’t afford my repayments?
You should only commit to taking out finance if its affordable for you, however, we do appreciate that your circumstances may change, resulting in the repayments no longer being affordable. In this instance, we would advise that you speak to the lender directly to discuss your situation, where a full income and expenditure breakdown may be required, to establish your new affordability. You can also seek financial assistance from your local Citizens Advice Bureau or, through the money advice service online at moneyadviceservice.org.uk.