Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Frequently Asked Questions

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See our list of frequently asked questions below about StepStone Credit; what we do, how the process works, how we use the details you provide, making your application and repayments and how to manage your credit account with us. If your answer is not below, feel free to contact us.

What is a StepStone Credit Account and how does it work?

What is a StepStone Credit Account

At StepStone credit we believe that you should be in control of what you borrow. A Stepstone Credit account is a Running Account Credit Agreement and gives you a line of credit for a fixed period that allows you to withdraw and repay back as little or as much of your capital as you like, as frequently as you like during the period of the loan. Here is an example of how it works.

Day 1 - Open £500 facility with StepStone Credit

Day 2 - Draw down £200 directly into your bank account via the app at a daily interest charge of £1.60 (0.8% per day) 

Day 5 - Payback £200 via the app. This will leave you with an outstanding balance of £6.40. You can either payback the interest vie the BOOM button, or wait for it to be automatically taken from your bank account on the date stated in your client agreements. This date can be seen on the app on in your Client Zone.

Even though you have paid back all the money that you have drawn down on Day 5 the facility will continue to stay active and accessible for you until the agreed term stated in your documentation, which could be up to 114 days. Remember, you can draw down and payback as many times as you want over this period and will be only incur a daily interest charge for the capital borrowed.

We give you complete flexibility on how frequently you draw down on the facility up to your credit limit and how frequently you can pay back. We even have an automated repayment process for interest and capital to ensure that you are always on top of your StepStone Credit facility.

How does this account compare to a standard pay day loan?

At StepStone Credit we feel that the traditional pay day loan offered by many of the recognised names in the industry where you receive the money upfront and then pay back both the interest and capital at the end of 1 month, or as is frequently offered in the current market via monthly repayments over 3 to 6 months, is not quite as flexible as it seems. We provide you with truly flexible access to money, enabling you to open the facility and only drawdown and start to incur interest charges as when you require and use the funds. We like to think of our StepStone Credit facility as little bit of cash confidence that you can access on the go for when you really need it.

We believe you should have a choice about how you use your funds and how and when you should repay over the course of the agreement including having the ability to pay back money when you choose (early repayments will reduce the interest payments) without ending the facility, meaning you can still access cash at any point up to your credit limit any point during the agreement term. Here at StepStone Credit, we feel we offer a truly flexible loan.

Is a StepStone credit facility right for me

At StepStone Credit we would not advise you use our facility as a solution for longer term borrowing or to pay off other short term loans. Our loans are for occasional use and you should not view them as a longer-term inclusion in your personal finances.

You should only use a StepStone Credit facility if you are comfortable that you can afford the repayments.

How quickly can I open an account

Our automated process should enable you to have the funds in your account within 30 minutes of starting the application subject to approval and the bank receiving the funds.

I am always on the move and would like to be able to use my mobile?

StepStone Credit has designed its services for people who are on the move and have created an app that put you in full control of your credit account allowing you to withdraw and pay back on the move as long as you have an internet connection. For Android users, download here. Apple users can download it here via the App Store

What will it Cost me to borrow money

There are no application, account or transaction costs other than an interest charge applied daily to the funds that you withdraw on the facility. 

The daily interest charge is 0.8% (annual interest rate of 292%, representative 1188% APR) based on the outstanding capital only. 

If you borrow £100 through Stepstone Credit, it will cost you 80p per a day or part of that day in interest charges. 

Early repayment (which can be done through the Client Zone) will reduce your interest charges. 

What are the interest and APR rates

The daily interest charge on borrowed money is 0.8%. This is an annual interest rate of 292%, representative 1188% APR. To borrow £100 will cost you 80p per a day or part of that day in interest charges.

Am I eligible to apply for this loan

As a responsible lender, StepStone Credit ensure that we only lend money to those that are suitable and can afford the repayments. You must be over 18 years old, a UK resident with a UK bank account with online banking capabilities. As part of the application process, we will conduct a financial review including a real time review of your bank account statement which will help us determine if this product is suitable for you. This includes seeing if the agreement is affordable for you, ensuring the agreement will not negatively impact your financial circumstances and that you are “creditworthy”.   

What agreements do I need to sign?

Before you are able to access your StepStone Facility you will be required to sign a Credit Agreement. The StepStone Credit Facility is a Running Account Credit Facility and this documentation will help you understand the product in detail and your rights and obligations. 

During the account opening process we will require you to confirm you have read and considered the following documents:

  • Privacy Policy
  • Account Explanation Document
  • Standard European Consumer Credit Information (SECCI) which provides you all of the key facts on the StepStone Credit facility in a comparable format to other loan providers. 
  • Regulated Credit Agreement that requires an electronic signature to enable us to set up your facility

Always make sure you are happy with what you are signing so if you have any questions about the contract please contact us

Do you perform credit check and how can this help me

As part of our “know your customer process” (KYC), StepStone Credit will run your application data through Credit Reference Agencies (CRAs) to determine your suitability for our product. For each application you make, we will make a check with the CRA leaving what is known as an application footprint that will remain on your record. 

By successfully paying back your StepStone Facility on time it may be possible to improve your credit score enabling you to have greater choice when it comes to financial products available, however it is very important to understand that the delayed or non-payment of the loan will leave a negative footprint on your credit file indicating to other lenders that you may be experiencing financial difficulties.

Do I need a bank account and debit card

Yes, all payments made from StepStone Credit will only be sent to a UK bank account in your name. All repayments will be made from a debit card in your name only.

Do I need to have online banking

Yes, as part of the StepStone application process we will require your online banking details so that we can make an accurate assessment to the suitability of the facility for you and the amount we are able to lend

Will the service still work if I am going overseas?

Yes it will, if you use the app to draw down £100 you will see this appear in your UK bank account the same way as it does if you were in the UK.

Online banking details

Why do you ask for my internet- banking details?

By inputting your details we are given read-only access to 90 days of bank account history. This helps us make our lending decisions, assessing whether and if so what amount of credit is affordable and sustainable for you.  As a responsible lender, we work with credit reference agencies to review your creditworthiness. As part of that process it is important for us to verify your incomings and outgoings. Ultimately, this will help us ensure that you do not fall in difficulties in making the repayments due under a loan or incurring further costs and charges. We are only permitted a read-only access to your current account, so will only ever be able to view the recent transactions on your account – nothing more. Your bank details are sent using bank grade encryptions in transit and stored securely by our credit reference agency and its services providers. We do not have the ability to change any of your banking details, set up standing orders/direct debits or to manage your account in any other way. All data is securely handled in accordance with data protection laws and our privacy policy.

Who sees my internet banking log-in details?

No person can access your internet banking details. When you enter your banking credentials on our website they are securely transmitted. The encrypted details are then passed by our credit reference agency, Perfect Data Solutions Limited and associated service providers. They are stored in a highly secure data centre which has a single use, which is to generate a read-only data-feed which we will use to assess the affordability of the loan. 

What happens to my internet banking log-in details?

As an organisation, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your internet banking details are encrypted and held securely by our professional service providers. Our credit reference agency partner, Perfect Data Solutions Limited and us, are permitted read-only access to your current account, so will only ever be able to view your account. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled in accordance with data protection laws and our privacy policy.

What happens to the bank statements you obtain?

They will be used to make lending decisions about you and stored by us as long as necessary to assist us in managing your account or underwriting loan to you.  It will be stored by Perfect Data Solutions Limited, which is a credit reference agency, as part of your credit record.  This means that anyone who accesses your credit record in future will be provided with a credit score which is based on all the information held about you including your banking history.

What will my bank say about me inputting my log-in details into your website?

We would recommend that you review the Terms and Conditions of your internet banking provider. Before you decide to submit your banking credentials, we would stress that security is of paramount importance, we would especially mention that:  

  • Your data is encrypted in transit; 
  • We do not have any functionality over your bank account; and 
  • We only have access to a read only service

Making and Receiving Payments

How and when can I withdraw funds

Once your StepStone Credit account has been approved and opened you will be able to drawdown funds as and when you require.

You can withdraw funds one of two way and they are available 24/7:

1) Via our app. For Android users, download here. Apple users can download it here via the App Store.

2) Via the Client Zone on our website. Login here.

What is the minimum and maximum I can withdraw

The minimum amount you can withdraw is £20.

The maximum amount you can draw down is the amount of “available credit” that appears on your app and or client zone.

How long does it take for the funds to reach my account

You can receive funds into your account 24/7 . Once your successful request for the draw down has been received the payment will typically appear in your bank account within 30 minutes. Subject to the receiving bank please be aware that the payment may take longer on occasions.

We have experienced that due to enhanced checks by the banks, an initial payment on a new facility may take up to 24 hours.

How can I make an early repayment

You can pay back any capital drawn down in the amount you want as and when you want, that is the complete flexibility that a StepStone Credit Facility offers. Using your Client Zone available on line or via your Mobile App you are able to make capital repayments 24/7. If you want to speak to someone over the phone, our experienced and friendly customer services team are available on 0330 390 2039 Monday to Friday 9am - 6pm.

Any repayment made will be initially used to pay off outstanding capital balance with any overpayment then used to pay off the outstanding interest charges. 

If I make an early repayment, what is the minimum and maximum I can repay?

You can repay a minimum of £5 up to the oustanding balance. Remember that you can also BOOM your account to pay off the entire outstanding balance.

Does my account close once I have paid my outstanding balance

No, your StepStone Credit Facility remains open for the agreed term of up to 114 days regardless of how many times you draw down and repay the money back. The reason we are so proud of our StepStone Credit facility is that it puts your finances at your fingertips and enables you to only be charged for money when you use it and therefore we encourage you to pay off the facility as and when you can.

What if I am happy for Stepstone Credit to debit my account

Using our predictive repayment model generated during the account opening process, StepStone Credit will automatically take an minimum repayment from your debit card on the date specified within your agreement, in the Client Zone and Mobile App. This minimum repayment for that period will be the total of the interest charged on the money drawn down from the facility. The frequency of these payments is advised in your agreement, the Client Zone and Mobile App and typically coincides with the date your wages are paid. This payment is fully automated and does not require any action from you.

What happens at the end of the contract with the final capital and interest payments

On the final day of the facility term, StepStone Credit will make a final automatic repayment from your debit card for all of the outstanding balance owed. The date of this final repayment will be available in your agreement, your Client Zone and Mobile App.

On successful completion of this repayment your StepStone Credit facility will be closed. Should you wish to still benefit from your StepStone Credit facility to help you manage the day to day challenges that life throws at you then you are able to reapply for the facility via our online application.

What is a Continuous Payment Authority (CPA)

A Continuous Payment Authority (CPA) is a way for us to retrieve money. We will use a CPA to collect the minimum instalment payments as well as the final outstanding balance payment. The dates of each of these repayments are in your agreement, your Client Zone online and in the mobile app. If money is not available the first time we attempt the CPA we may try again at a later date once notifying you of this date. You can cancel a CPA by contacting our Customer Services team on 0330 390 2039 but you must have an alternative method of repayment in place. 

Can I transfer funds to another account

You cannot withdraw funds from your StepStone Credit facility to another account in the name of someone else.

What if I can not afford to make the required repayment

Please contact our Customer Services Team on 0330 390 2039 or customerservice@stepstonecredit.co.uk so that we can better understand your circumstances as we may be able to help you manage your repayments

Managing my Account

How can I speak to somebody?

The friendly and UK-based StepStone Credit Customer Service Team are available Monday-Friday 9am to 6pm on 0330 390 2039

Operating my account in the Online Client Zone

Using your email address and password provided during the application process you are able to login to your StepStone Client Zone (www.stepstonecredit.co.uk/user) 24/7. Through the client zone you are able to draw down funds, make repayments, check future instalment payment dates and current payments amounts. In addition to these functions you can also manage your account details including updating personal and payment details. 

Operating my account on the Mobile app

Available to download on both Apple and Android devices from the App Store and Google Play, the StepStone Credit Mobile App enables you to access your facility on the go 24/7. Using your email address and password from the application process you can draw down, make repayments and monitor your facility in realtime.

For Android users, download here. Apple users can download it here via the App Store

How can I update my account details

Should you wish to speak to someone regarding your account, our Customer Services Team is available on 0330 390 2039 or customerservice@stepstonecredit.co.uk

How do I close my account?

By contacting our Customer Services Team on 0330 390 2039 or via email customerservice@stepstonecredit.co.uk or by post to: Pacific House, 1 Easter Island Place, Eastbourne, BN23 6FA

Making a complaint

How do I make a complaint?

Our customers are at the heart of our business and we’re committed to resolving complaints as quickly as possible. In the unlikely event that you wish to make a complaint, please put this in writing and send it to the following address:

Hymarc Limited T/A StepStone Credit 
Pacific House 
Sovereign Harbour 
Eastbourne 
BN23 6FA

Or by email: customerservice@stepstonecredit.co.uk

You can also contact our customer service team by telephone: 0330 390 2039. 

Please remember to include these details:

  • Your name
  • Email address associated to your account.
  • A description of your complaint, including supporting documentation
  • What we can do to put things right.

We will acknowledge receipt of the complaint within five working days and we hope to provide a final response within four weeks. We will write to you again within four weeks if we are unable to provide a final response within that time period.  In any event we will respond to your complaint in full within eight weeks.

If you are not satisfied with our response, or if a complaint is not resolved after eight weeks, you may refer the complaint to

The Financial Ombudsman Service
Exchange Tower
London E14 9SR
Telephone: 0300 1239 123
Email: complaint.info@financial-ombudsman.org.uk

If you want the FOS to consider your complaint, you must send your complaint to them within 6 months of the date of our final response.

Can't find the answer to your questions?

Visit our contact us page to get in touch.

Stepstone Credit is a trading name for Hymarc Ltd and is registered at:
Pacific House, 1 Easter Island Place, Eastbourne, BN23 6FA Authorised and regulated by the Financial Conduct Authority No 683980

Hymarc Limited is a registered Data Controller under the terms of the Data Protection Act 1998 with a registration number of ZA 098144

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk