We believe in simple and straightforward communication.
That's why we've listed some questions and answers which may help you when you're considering a Nemo loan.
If you already have a secured loan from Nemo, please look at our existing customer frequently asked questions here.
How do I apply for a loan with Nemo?
If you’d like to apply for a loan with Nemo, then you can do this by applying online here alternatively, call us on 0800 019 8448 and we’ll talk through your enquiry.
How much time will it take to process my loan?
It can vary from loan to loan, but at Nemo we’ll always keep you informed throughout the process. Under the Consumer Credit Act, which will regulate your Nemo loan, we are required to give you a period of time to consider your loan. This period of up to 16 days will begin when we send an Advance Copy of your credit agreement for you to read. During this time we are not able to contact you, although you are able to contact us. After 8 days you will receive the credit agreement for your signature. The consideration period will end either 16 days after we sent the Advance Copy of the credit agreement to you or when we receive your signed credit agreement, whichever happens first. The average time taken to process and payout a secured loan from Nemo is 25 days.
I jointly own my property with my partner do they need to apply for a Nemo loan with me
Yes, if you jointly own your property then you will need to make a joint application. You’ll both need to complete and sign the application and legal documents.
I'd like to speak to you, how do I get in touch?
If you’d like to speak to us, then you can find all our contact details here.
I'm married, do I need to make a joint application?
Yes, if you’re married then you will need to make a joint application. Both applicants will need to complete and sign the application and legal documents.
What information do I need to apply for a Nemo loan?
When applying for a Nemo loan your Loan Officer will require additional information from you such as proof of income or proof of address. Every application is different so to see a list of the most commonly requested information when applying for a Nemo loan please click here.
Who will Nemo lend to
What is the FLA and what does it mean to me as a customer of Nemo?
FLA stands for The Finance and Leasing Association and it is the leading trade association for the consumer credit, motor finance and asset sector in the UK. The FLA Lending Code provides the finance and leasing industry with standards of good practice, intending to assure those who are obtaining finance from full members that they are dealing with reputable organisations. More information on Nemo and its membership of the FLA can be found here:
When applying for a loan with Nemo, are there any restrictions on age?
The minimum age for employed applicants is 21. If you are self employed, the minimum age is 25. At the time of your application you must be aged below 60 and not older than 70 at the expiry of your loan.
Who can apply for a loan with Nemo?
As long as you’re an employed or self employed homeowner with a mortgage, you can apply for a loan with Nemo. For more information who can apply for a loan with Nemo
Who will Nemo lend to?
Does Nemo advertise anywhere which involves paying an upfront fee to consider my application?
No - Nemo advertises on the internet and also receives applications via our network of brokers, however neither Nemo nor its partners will ever ask you to pay an upfront fee to consider your application. If you have been asked to pay a fee before your application is made, please contact us on 0845 371 0461.
Please note, some of Nemo's brokers may charge you a fee to search for a product which is suitable for you. If this is the case, the fee is added to the loan amount you borrow which you then pay interest on. Payment of any broker fee would not be requested before your loan application is processed.
By applying directly to us you won’t have to pay an arrangement fee which will result in a lower repayment.
How much can I borrow and how long would I have to repay it?
If you’re employed or self-employed, you could borrow any amount between £7,500 and £200,000. You can repay your secured loan over a term from 3 to 25 years. When consolidating debt, this may increase the amount you pay back overall and extend the repayment period of your debts.
I'd like to consolidate my existing credit, can I apply for a loan with Nemo?
If you’re juggling multiple store or credit cards, or have a personal loan that you’d like to pay off too, then you could wrap all those monthly repayments into one with a secured loan with Nemo. To find out more about consolidation loans from Nemo, click here.
I'd like to do some home improvements, can Nemo help me?
If you’re thinking about extending, adding a conservatory or carrying out some general home improvements, then you can apply to Nemo for a secured home improvement loan. To find out more about our home improvement loans, click here.
What can I use a Nemo loan for?
You might want to consolidate existing debts, or need some extra cash for the home improvements you’ve always wanted to do. Perhaps you’d like to help your kids on their way with their university fees or weddings. You might even want to treat yourselves to that holiday of a lifetime. Whatever you’re looking for, Nemo will try and do our best to help.
What can Nemo offer me ?
Nemo loans are only for homeowners with an existing mortgage. That’s because we offer secured loans that use your home as security. The benefits of taking out a secured loan from Nemo are that we could lend you from £7,500 to £200,000 subject to your status. You could repay your loan over a term to suit your budget from 3 to 25 years. Nemo's rates range from 5.7% APR variable to 14.9% APR variable. Our Typical rate is 12.2% APR variable.If you’re consolidating existing debts you may also lower your monthly outgoings, giving you more disposable income. It should be remembered that consolidating debt may increase the amount you pay back overall and extend the repayment period of debts.
Why has my application for a secured loan been declined based on my credit profile?
Your credit score is determined by a number of factors. Nemo’s credit scoring system allocates points for each relevant piece of information to create a score. If your score does not reach the level at which Nemo is able to lend to you, we would not be able to agree to provide you with a secured loan. You can find out more about the information held about you by credit reference agencies on the Equifax website www.equifax.co.uk