Loan FAQs

You must have a monthly Direct Debit to pay off your loan. If you need to set one up or change it, please contact us.

You can pay extra, which could help you reduce your balance quicker and pay less interest.

Ways to pay

Simply fill in our change of address form to tell us your new details.

Please note - it could take up to 5 working days to update on your account.

It’s the total amount you owe. If you need to know your current balance or are looking to pay off your loan, fill in the online form

Loan balance request

Yes. If you want to pay off your loan early, you can ask us for a settlement figure online. We will tell you how much it'll be to pay off your loan and when you need to pay by.

The figure will include up to 58 days interest in line with the Consumer Credit (Early Settlement) Regulations 2004. This doesn't apply to interest-free credit loans.

After you've settled your loan, you'll get a letter within 3 weeks to confirm your account is closed.

Yes. After your first Direct Debit payment, you can contact us to change your payment date. We'll let you know when it'll change over.

Yes, see our ways to pay for more information. Remember, you’ll still pay your monthly Direct Debit until your loan is paid off. If you overpay, we’ll send you a refund

If you’re being charged interest, paying more off earlier will mean you pay less interest overall. This is because interest on your loan is calculated daily on the remaining balance.

If you want to pay off your loan, you'll need to ask us for a settlement figure first.

You’ll be charged a £12 fee. It may also be recorded on your credit report, which could make it harder or more expensive for you to get credit in the future.

Get help with paying

We can help if you're worried about paying. Please get in touch with us straightaway.

We'll always try to work with you first to help you pay off what you owe. 

If you don't pay for 3 months or more, you may get a letter to say your debt's been sold to another company.

There are lots of charities that offer free and independent advice to help you manage your finances.

Get financial support

After your first Direct Debit payment, please contact us to change your bank details. We'll let you know when it'll change over.

We'll send you a statement every year in the post. It’ll show how much you borrowed, your current balance, and a summary of your payments for the last 12 months.

After you tell us, we'll make the process of closing the person's account as smooth as possible.

Register a bereavement

Your account could be in credit if you've:

• paid more than the amount due on your statement
• had a refund.

A credit shows on your statement as a minus figure.

If your account is in credit you can ask us for a credit balance refund.

We may decline your application because it’s not affordable or you have a poor credit history. We decide this using:

• information you give us
• your credit file.

You can ask us to review the decision online. We'll need to see a recent copy of your credit file. We’ll reply within 14 days to let you know our decision or ask you for more information.

Alternatively you can write to Ikano Bank, PO Box 7221, Willenhall WV1 9DR.

For questions about a particular product, delivery or returns, contact the company you bought your item from first.

Otherwise please get in touch with us.

We can help if there's an issue with something you've bought using a loan from Ikano Bank.

How to raise a claim

If you're not satisfied with the service you've received from Ikano Bank, we want to know about it. Please get in touch so we can put it right.

How to complain

We offer loans through a number of well-known retailers.

We charge a £12 fee if:

• you don’t pay by the due date
• you pay by cheque and it bounces

You can cancel your agreement within 14 days of your application. You'll have 30 days to pay back what you've borrowed.

To request a cancellation, please fill in our online cancellation form.