Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Conduit is a short term loan provider and a subsidiary of Five Lamps. It is a Community Development Financial Institution that aims to service those that are unable to get a loan from a mainstream lender. Conduit claims to charge no hidden fees and provide extensive customer support, but like most payday lenders, its loans are also significantly more expensive than regular personal loans.
Conduit offers short term loans with flexible repayments and quick turnaround. You can get a loan for between £200 and £1,500, with loan terms of 6 months and 18 months, and weekly repayments.
| Product Name | Conduit Short Term Loan |
|---|---|
| Available Amounts | £200 to £1,500 |
| Representative APR | 217.5% |
| New customer maximum | £1,500 |
| Loan terms | 6 months to 18 months |
| Soft search eligibility check | |
| Instant decision in most cases | |
| Funding speed | Conduit states that once it receives the completed paperwork, your loan will be in your bank account within 3-5 working days. (For a £7 Faster Payment fee, you can receive your loan the same/next working day, subject to the cut-off time of 2pm.) |
| Repayment period options | Monthly,Weekly,Fortnightly |
| Additional repayment methods | Online payment,Phone payment,Direct debit |
| Parent company | Five Lamps Trading Limited |
| FCA registration number | 791848 |
As with any loan, you’ll need to meet certain lender requirements to be eligible for a Conduit loan. These include:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
You can apply for a Conduit loan by phone, or online by following these steps:
Your loan application will then be assessed by a Conduit loans officer. If it’s successful, you’ll then receive your loan documents in the post, which you’ll need to complete and return.
Your funds will then be sent to your bank account within 3-5 working days. Alternatively, you can pay a £7 faster payment fee to receive your funds on the same, or next, working day.
Yes, it’s still possible to get approved for a Conduit loan even if you have bad credit. However, Conduit will run a credit check when you apply for a loan, and will only approve your application if it believes you can afford the loan and are likely to make your repayments.
You won’t be able to take out another Conduit loan until your first loan has been paid off. If you fail to repay your loan, Conduit will refer you to the debt recovery agency Credit Resource Solutions, who will pursue your unpaid debt.
| Multiple loans allowed at the same time | |
|---|---|
| Phone number | 0300 111 0556 |
Representative example: Borrow £500 for 39 weeks at a rate of 111.03% p.a. (variable) with a 3% variable admin fee of £15. Representative APR 217.5% and total payable: £756.78 in 39 weekly payments of £19.02.
You can get a hold of Conduit through its call centre on 0300 111 0556 or send an email on loans@conduit.org.uk.
Like other pay day loans, Conduit loans are high cost over a short period and should only be taken out when all over optiosn have been exhausted. Conduit’s short term loans have flexible repayments and quick turnarounds and boast no hidden fees which is a huge plus.
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