At Tappily we pride ourselves on being a responsible lender.
If you apply for a Tappily facility, you must pass credit, affordability, identification verification and anti-money laundering checks. These include the use of data from credit reference agencies as well as your bank account income and expenditure.
If you pass these checks, you will receive a credit limit of up to £2,500. The size of your credit line is determined by your previous credit history, income and affordability. Your credit limit may change based on your repayment history and changes to your personal or financial circumstances. You are free to reduce your credit limit at any time on request.
It is important that you do not take on more borrowing than you can afford. Remember, if you run into difficulties with your repayments, please contact us immediately so that we can help you. If you are worried about your financial circumstances you should seek independent debt advice. A list of organisations that offer free help and guidance on money matters is available from the direct.gov.uk website.
Your repayment behaviour is shared with credit reference agencies. This means positive repayment behaviour may improve your credit rating.
Please note, missed payments are also reported to the credit reference agencies and this may make it more difficult for you to obtain credit in the future.
It is free to set up a Tappily facility and you will incur no cost if you do not borrow using Tappily. Use of Tappily’s money management tools is free.
If you use your Tappily facility to obtain credit, either by automatic or manual borrowing, you will be charged 34p per day for every £100 you borrow.
There are no hidden charges with Tappily. With us there are:
For each credit instalment you have the added comfort of knowing that the maximum total cost of credit is fixed to the interest on 75 days borrowing. This means for each £100 credit instalment, the maximum amount of interest charged would be £25.50. In this way, costs cannot spiral out of control in the event of finding yourself in unexpected financial difficulties.
Tappily’s automatic repayment rules encourage you to pay off your Tappily balance at the earliest available opportunity, minimising interest you need to pay back. You can set the maximum limit for each repayment to make sure you are comfortable that no payment will be larger than you can afford. This can be updated easily at any time on your dashboard in the auto-repayments section.
You can choose to make a repayment at any time from your Tappily dashboard. Part payments are also possible. We will apply these immediately against the amount you owe so that you can keep your interest to a minimum.
As set out in the credit agreement, all customers have the right, under section 66A of the Consumer Credit Act 1974, to withdraw from an agreement for a period of 14 days beginning with the day when they receive the executed copy of the agreement and ending 14 days after that date.
You may exercise this right by giving us notice in writing by sending:
In the event that any such notification is made after the payment by us of a Credit Instalment to you under this Agreement, you will be required to repay within 30 days of providing notice of withdrawal the amount of the Credit Instalment in full, together with interest accrued on a daily basis.
By borrowing from Tappily you are taking on a financial commitment. You should consider whether you can afford to take out credit and make the necessary repayments.
Failure to make payments or missed payments could have a negative impact on your credit history and adversely affect your ability to gain credit (including mortgages).
Tappily’s service requires us to have read only access to your internet banking. You need to disclose your online banking log-in details to be considered for a facility. If you are given a facility, we review your balance and transactions on a daily basis and monitor any changes in your financial status.
Borrowing from Tappily or through an unauthorised overdraft or any other form of high cost short term credit involves risks if you are unable to repay.