Fintern Covid-19 Update

The response to Covid-19 is seeing enormous energy being invested into suppressing the virus. The UK is in lockdown. While necessary to safeguard our health, in the short-term economic activity will contract more sharply than any time in living memory. This will translate into income disruption and job losses for many, further stretching household finances.

We wanted to reassure you that Fintern is even more committed to make a difference to our society. This newsletter shares our product design on flexible loan management and summarises some financial support from government and institutions
Fintern Flexible Loan Management
Life is full of surprises. During special times, we all need flexibility to manage our finances and maintain long-term financial health. That's why flexible loan management has always been on the top of our list.

Below are the loan management features available to all Fintern borrowers. These features are all self-service and available through the app, so you can explore flexibility options at any time. And these features are available all the time, not just because of Covid-19!

Please share with us which feature you like the most, or if you have other ideas.

1. Payment Holidays
Pause your repayments for up-to 2 months at any time. (Note: £15 payment holiday fee is charged for one-month payment holiday; £30 is charged for two-month payment holiday)

2. Change Repayment Amount / Duration
Reduce or increase your regular payments. (Note: £30 restructuring fee is applicable if you want to reduce the regular payments) You can explore what happens to your time to repay and your total cost of borrowing by adjusting your regular repayments.

3. Payoff A Lump Sum
Make an additional payment at any time with no additional charge. You can choose whether to maintain your regular monthly payments and shorten the duration of the loan, or to reduce your monthly payments and keep the same loan duration.

4. Increase borrowing amount
You can request a loan top-up at any time.

All of the flexibility options are subject to an approval decision, which in most cases will be made automatically by our system. The flexibility options are not intended for dealing with persistent financial distress.

*Terms & Conditions apply
Vote Features
Covid-19 financial product help – personal loans credit cards, overdrafts, mortgage...
There are a number of schemes currently available to help borrowers with financial obligations during the Covid-19 lockdown. You should contact your lenders to discuss what support they can provide. The most common support options we see being offered at the moment are:

Personal loans & credit cards: Most banks are offering the ability to apply for payment holidays on personal loans. For credit cards the landscape is more complex, with many banks still working on the support options they will provide. Some banks have promised not to charge late payment fees on cards, and others are saying they will offer payment holidays and emergency credit limit increases.

Be careful and make sure you understand the terms. While late payment penalties may be waived, in most cases interest still accrues. That means you may end up paying high interest rates (25%+) on unpaid card balances if you take up a payment holiday, which can be very costly in the long run. For an example look at Nationwide's credit card payment holiday scheme: they allow customers to reduce monthly payments to £1 per month, but also state that "interest will be charged at your standard rate."

Overdrafts: Many banks are offering some form of interest free overdrafts. The terms vary significantly via bank, so make sure you check the terms your banks offer. For example, Barclays is waiving interest on all authorised overdrafts, whereas Lloyds is offering £300 interest free overdrafts.

Mortgages: 3 month payment holidays are the standard support option being offered for mortgages, where customers can show they are eligible. Three-month mortgage offer extensions for homemovers are also common.
Find out more
Covid-19 Income support for self-employed
On 26th March, the Chancellor confirmed that Self-employed workers will be able to apply for taxable grants worth up to 80% of their average monthly profits, capped at £2,500 a month, based on their tax returns for 2016/17, 2017/18 and 2018/19 if they were self-employed over that period.

This brings self-employed support broadly in-line with that for furloughed employees.
Read more
Covid-19 help for renters
The government has announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time.
Read more
Covid-19 and your rights as an employee
Can't work? - The Coronavirus Job Retention scheme allows employers to put staff who can't work on 'furlough' and the Government will cover 80% of their salary, up to a monthly cap of £2,500.
Sick pay - If you're self-isolating, you may get SSP of £94.25 per week if you're too ill to work. It's paid by your employer for up to 28 weeks.
Claiming Benefits - You may get Universal Credit to help you with your living costs if you're on a low income or out of work.
If you are at risk of redundancy, this Redundancy Help guide takes you through it step by step.
Cancellation & subscriptions: here are a few more key need-to-knows
Affordable loans based on you
We're excited to announce that Fintern is now live and accepting loan applications!

As a quick refresher, while we don't require a long credit history to apply for a loan, we do need you to:

- Be at least 18
- Live in the UK
- Have at least one UK bank account
- Have no unresolved defaults or CCJs

To apply for a Fintern loan, simply download the Fintern App using the relevant link below*.
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Registered Office: Fintern, 3rd Floor, 86-90 Paul Street,London EC2A 4NE, United Kingdom
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