Why complicate things with lots of jargon?

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, or if you’re an existing customer.

New Customers

What information do I need to provide 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.

What can Nemo offer me?
Nemo loans are only for Homeowners. That’s because we offer secured loans. A secured loan is a loan that uses your home as security against the loan. So, if you’re unable to keep up with your secured loan repayment, then your home is at risk of being repossessed.

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 will begin when we send you an advance copy of your credit agreement. During this time we are not able to contact you, although you are able to contact us. As soon as you decide to proceed with your Nemo loan, following the expiry of the consideration period, we will send you the credit agreement to sign and when you return your signed credit agreement we will process your loan.

What will happen if I am involved in an accident or become sick and am unable to work, or if I lose my job?
Let’s be honest, nobody likes to think about the ‘what ifs’, but sometimes you need to have a back up plan. That’s why Nemo have linked up with Norwich Union to offer a Payment Protection Plan. Click here or more information on Nemo’s Payment Protection Plan.

How much can I borrow, and how long would I have to repay it?
With Nemo, you could borrow any amount between £10,000 and £100,000, subject to your circumstances, and repay it over a term to suit you from 5 to 25 years.

What if I change my mind about the Payment Protection Plan?
You have a statutory right to cancel your policy during 30 days from the purchase of the contract or the day on which you receive your policy documentation, whichever is the later. With Nemo, the later date is the date that you receive your letter confirming payment of your loan. For more information on Nemo’s Payment Protection Plan, 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.

From applying, how long will it take to receive the funds?
At Nemo, we like to keep things simple. We will strive to process your loan application as swiftly and efficiently as we possibly can. 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 will begin when we send you an advance copy of your credit agreement. During this time we are not able to contact you, although you are able to contact us. As soon as you decide to proceed with your Nemo loan, following the expiry of the consideration period, we will send you the credit agreement to sign and when you return your signed credit agreement we will process your loan. In most cases, once the documentation has been received, we can pay out your loan in 10 working days.

I’d like to do some home improvements, can Nemo help me?
If you’re thinking about extending, adding a conservatory or generally carrying out some 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.

I’d like to consolidate my existing debts, can I apply for a loan with Nemo?
If you’re juggling multiple store or credit cards, and have a personal loan that you’d like to pay off too, then you could wrap all those multiple monthly repayments into one with a secured loan with Nemo. It is important to remember that repaying your borrowing over a longer term may increase your overall interest charges. To find out more about a debt consolidation loan with Nemo, click here.

Who can apply for a loan with Nemo?
As long as you’re a homeowner with a mortgage, you can apply for a loan with Nemo. You’ll need to be at least 21 if you’re employed and self employed applicants need to be 25. The maximum age you can be at the expiry date of your loan is 75. For more information who can apply for a loan with Nemo, click 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.

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, the authorities and legal documents.

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, the authorities 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.

Existing Customers

What information do I need to provide 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.

Can I have a Payment Holiday?
At Nemo we do not offer payment holidays on our loans. If you are concerned about making a payment or are experiencing difficulties please contact our Collections department on 0800 019 7410 to discuss your account

Can I make a Lump Sum Payment?
Lump Sum Repayments (also known as Capital Repayments) can be made on most Nemo loans. If you took a fixed rate on your loan from inception, however, you will not be able to make lump sum repayments during the fixed period. Some of our customers have transferred from a variable to a fixed rate – if this is the case then capital repayments can be made. If you are not sure if you are able to make lump sum repayments then call 0845 371 0461 to discuss your options with a member of Customer Services.

If you have a variable rate loan then the implications of making a lump sum repayment are determined by whether you
have a regulated or non regulated loan.

For Regulated Loans:

• Minimum Lump Sum payment is 10% (of the balance of the loan) or £1000, whichever is the greater
• Maximum Lump Sum payment is 90% of the balance of the loan
• No administration fee & No interest charges
• 1 Capital Repayment permitted every 12 months

For Non-Regulated Loans:

• Minimum Lump Sum payment is 10% (of the balance of the loan) or £1000, whichever is the greater
• Maximum Lump Sum payment is 90% of the balance of the loan
• Administration fee of £100
• 1 Capital Repayment permitted every 12 months
• No interest penalty on the first 10% of the Capital Repayment
• If the Lump Sum Repayment is more than 10% of the outstanding balance there is up to six months interest charge

If you would like to discuss making a lump sum repayment or would like any clarification on the information provided please call our Customer Services Department on 0845 371 0461.

I’m Interested in Further Funds, can Nemo help me?
Here at Nemo Personal Finance we have a further advances team who are dedicated to helping you if you need to increase your loan with us. Borrowing more on your existing loan couldn’t be easier and we could pay out the extra money in a matter of days. All you need to do is give us a call at Nemo on 0800 019 8485 where a Further Advances Officer will be happy to help.

How do I change a monthly repayment date?
Simply call Customer Services on 0845 371 0461 who can change the date of your repayment over the phone with no additional paperwork.

You need to bear in mind when looking to change your payment date that unless you change the date before you make your first payment you will be charged £25 to amend the Direct Debit.

If you move your payment forward you will accrue interest for each day which will be added to the first new payment you make. If the payment date is moved backwards your monthly payment will remain unchanged.
You can call to change the date of your payment at anytime during your loan and the dates can be moved a maximum of 35 days forward.

Can I extend the term of my loan?
Nemo Personal Finance offer loans over terms of 5 to 25 years. Therefore, provided your term is less than 25 years you can extend up to that limit. If you already have your loan over 25 years then you will not be able to extend the term.

What Fees do I need to Pay?
There are three areas in which Fees are charged by Nemo Personal Finance.

• Administration Fees
• Defaults
• Arrears

Some Fees apply to customers and some to third party requests (i.e Solicitiors, Brokers) a list of the fees and where applicable who they relate to is available here.

How to Pay
All Charges can be paid for by Switch, Delta, Solo, Electron & Maestro. If not paid they will be added to your Account and please be aware that they will accrue interest. The charges are payable under the terms of your Nemo Personal Finance Loan Agreement and are subject to change without notice to reflect changes to Us in the cost of these services. There may also be a charge for uncommon services.

Who can correspond with Nemo regarding my Loan?
In order to protect your information we will require your written and signed permission to speak with anyone who is not you, about your account. If you do require a third party to speak to Nemo about your Loan then please send a letter to Customer Services, Nemo Personal Finance Ltd, Trafalgar House, 5 Fitzalan Place, Cardiff, CF24 0ED stating clearly the nominated person(s) or company you give permission to speak to us and provide your account number, signed and dated with your name(s) printed clearly. If there is more than one person on the account we will require all customers to sign the letter. If you have any questions about nominating third parties please call Customer Services on 0845 371 0461.

I live in Scotland – how does this affect me?
Due to the land registration process in Scotland Nemo needs more correspondence and a larger involvement of our solicitors. As a result administration during the set up of your loan and things further down the line like transferring your finance from property to property can take slightly longer.

The main tasks affected include:

• The documents you receive when you first get your quote for a loan from us.
• Settlement figures
• Deed of Postponement – The document that allows a new first mortgagee to rank in priority to ours e.g. if you moved your mortgage from one lender to another.
• Transfer of Property – The transferring of your Nemo loan from property to property i.e. you move home and take your loan with you.
• Transfer of Equity – the addition to, or removal of a name from the loan
  

If you have any questions about secured loans and the property is in Scotland please call Customer Services on
0845 371 0461 to talk it through.