FAQ

GOCAP was founded in 2020, with a vision of adding a new dimension to unsecured lending.
We believe that your future is more important than your past when it comes to borrowing money. You may have good or limited credit history, but we will focus on whether you can afford to repay. We’re not ignoring credit history, just ensuring that we believe that you can afford the repayments from the information we can see about your finances and joining the dots between creditworthiness and affordability.

Our platform provides a fast, secure, personalised service. Requesting a quote takes moments - no long, complicated forms to be filled out here! Or having to get the calculator out to work out your finances! If you meet our underwriting criteria, we might offer you what we consider to be a competitive APR (see how our loan works below). We carry out soft credit searches only, so requesting a quote from us does not affect your credit rating. Only when your loan request is approved, will we register a hard search that other lenders can see, and may consider in making future credit decisions. We will transfer your funds immediately, in most circumstances, and the money should be with you within hours. You can pay your loan off early at any time with only one additional month’s interest to reflect the fact that you have 30 days to make any settlement payment calculation that you request. We make every effort to offer all our customers fair treatment and good service.

GOCAP’s salary linked loan was designed with the goal to provide individuals with a fair and flexible rate, more in line with their affordability.
Unforeseen changes in your working life can too often lead to financial difficulties and sometimes an inability to repay, with long-term negative consequences. Our loan takes a new approach to lending, making the monthly payments a fixed percentage of your salary and thus helping you with budgeting as your income goes up or down.
This flexibility should help you be more likely to make your loan payments, which allows us to offer you the lowest interest rate we can; something that should benefit both you and us!
-When your salary goes up, so do your monthly payments (capped at a pre-set maximum)
- If your salary goes back down your repayments do too (down to a pre-set minimum).
With your consent, we use your personal data to get to know you. Even with little or no credit history, we can make lending decisions based on you and make sure we are confident that you can afford to repay. That’s where Open Banking comes in. It also allows us to make sure your payments are reflective of your salary changes.
Regardless of whether your payments go up or down over the period of the agreement, you will repay the same amount as you would pay if your payments didn’t change.

We are a direct lender, but you may have been introduced to us by a broker or through a comparison website (a form of broker).
Any such broker or comparison website will also be regulated by the Financial Conduct Authority.

Your monthly repayments are a fixed percentage of your net salary based on your loan amount and profile. The fixed percentage never changes but will adjust in line with increases or decreases in your monthly net salary. Your last instalment may be less to ensure that you do not pay more than originally quoted

We will put in place a minimum monthly payment which will override the percentage of net salary used should your salary drop beneath this level. You will always pay the same total amount repayable, so the number of instalments will increase in line with any salary decreases you receive over the duration of the agreement.

No.

No. Our minimum loan period is 12 months.

No, we are 100% online.
Please ensure that this channel of communication meets your needs.

GOCAP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 958804. GOCAP is also registered with the Information Commissioner's Office (ZA874067). GOCAP takes great care to protect the privacy and security of your data, complying with GDPR and other data privacy standards.

GOCAP’s minimum lending criteria are to:
Be over 18 years old
Be a UK resident for at least six months
Not be bankrupt
Have no CCJs
Have a mobile phone
Be in full time or part-time employment
Have a UK bank account with online banking capabilities.

To request a quote, please click on the ‘Loans’ tab in your browser and enter your details. We have made it as easy as possible; it only takes a few minutes - this is the only form you will need to complete. You can only request a loan online. The credit search we conduct on you will not be visible to other lenders, unless you are offered, and accept, a loan.

Yes, you need a bank account with an active debit card and online banking, so we are able to transfer the money to your account.

We charge a loan fee of 3.5%. This is to cover the costs associated with administration or loan processing. We will deduct the fee from the loan proceeds that we transfer to your bank account.

No, but you have to be employed at least part-time and show sustainable monthly income, so that we can evidence that you are able to repay your monthly repayments. Unfortunately, we cannot currently offer loans to self-employed individuals.

No, unfortunately, we can only approve people who apply with a personal valid debit card.
(It’s only for your own benefit and safety.)

We will ask for your consent to access Open Banking, on your behalf, during the application process. We use this data in addition to credit data, to help you get access to rates that reflect you personally. This helps us serve our mission of providing access of capital to a wider audience than it is currently available to. In the process you will be forwarded to our regulated and secure partner online.consents. Your bank login credentials are never shared with us, and we don’t have access to your accounts. This will help us provide you with our best possible rate for your circumstances.

In over 95% of our applications, we will deliver an almost instantaneous decision, certainly within a matter of seconds.
If we need to check some aspect of your application, we may need to take a bit longer. It will appear in a queue, and we will look at it immediately. Once the application has been reviewed, we will contact you by email with our decision.

It is unlikely that there will be any circumstances that we will require supporting documentation from you. In a limited number of cases, we may require some additional information.

Your monthly instalments are a fixed percentage of your net salary and will adjust in line with increases or decreases. There is however a monthly payment cap which will override any increased calculation (i.e. it will override the fixed percentage, if the calculation created a larger repayment).

There is also a minimum monthly payment which will override any lower calculation. This is lower than the initial monthly payment and is disclosed in the agreement.

The total amount repayable will not change, regardless of the changes in monthly instalments both up and down over the lifetime of the agreement. This may result in a smaller final payment.

Your first repayment will be made one month after the date your loan was signed by you.
We will be happy to move it to be in line with your salary date or another convenient point in the month.
Please contact us at customer@gocap.co.uk to arrange.

Unfortunately, there is not always a single determining factor. If there is, we will tell you. For more information there is a free service that allows you to view the credit account data that is held on your TransUnion file ( www.creditkarma.co.uk). We also consider the transaction data from your bank account through Open Banking. We have a duty to lend responsibly, and this sometimes results in us not proceeding. Based on the data you provided we are unable to provide you with a quote at this time. Please feel free to re-apply no sooner than three months from the date of the decision.

Further information on how credit reference agency data is used can be found on TransUnion CRAIN or Equifax CRAIN . CRAIN is the Credit Reference Agency Information Notice as is common across all main CRAs.

When you ask for a quote, we will ask for your consent to conduct a credit search with TransUnion. A soft search means that it is not visible to other lenders, just to us and to you. This means that it will not have any effect on any future application you make with any lender.

The rate we advertise is the rate that at least 51% of our accepted applicants will be offered.
However, after we have received all your details from your application, we have more data that’s personal to your individual circumstances. A lot of things can impact your loan rate, which can be different to the representative example.

We will transfer the money quickly, normally within a couple of hours. This can be delayed in the evenings and at weekends.

Your quote will be available to you for 14 days from the date that you request it.

Open Banking is a government-backed technology that enables you to safely and securely share your financial information with special regulated providers. Open Banking was introduced to drive innovation in financial services in the UK to help you more easily manage your finances and to get customised deals and products. Open Banking enables you to use your own financial information to help you application – it’s just like sending bank statements but faster, easier and more secure.

Rather than ask you to complete an Income & Expenditure calculation, we access data from your principal bank account electronically. This provides us with a snapshot of your finances and ensures your loan is affordable to you. This will be used to adjust your repayments based upon real time changes in your net salary. We require this access to be consented for the period of the loan.

Yes, Open Banking is a secure way, our partner is ISO27001 certified, which relates to recognised high standards of data security, to give providers access to your financial information.
GOCAP never has access to your Internet Banking Credentials. We also have no access to make any changes to your account, and no access to instruct any payments.

It’s as simple as logging into your online banking! You will then be asked to select your bank and authenticate yourself using what’s called “Open Banking”. This looks
just like your online banking log in and is a service provided directly by your bank.
consents.online will then make a secure connection with your bank account. This may take up to 2 minutes. Please wait until you see the screen that says, 'Connection Successful' before you log off. consents.online work directly with the bank to provide this service, using Open Banking APIs.

Consents.online is an Account Information Service Provider (AISP), authorised and regulated by the Financial Conduct Authority (FRN 792642). Consents.online offer a quick, easy and secure way to provide your information, using Open Banking.
In addition to helping you share your data in a safe and secure way Consents.online also provide you with access to a free portal where you can see what you’ve shared, control and revoke access to your data at any time.
Consents.online is a subsidiary of Equifax, a major credit reference agency.

Yes, Cconsents.online is authorised and regulated by the Financial Conduct Authority (FRN 792694). To see their authorisation status please go to register.fca.org.uk/consents-online

Consents.online will connect to your account directly using Open Banking APIs. An API - or Application Programming Interface - is a software intermediary that allows two applications to securely talk to each other. When it comes to Open Banking, think of it as a secure packages of data being transferred between two places. It is extremely secure and delivers only what is necessary and nothing more.

We operate a salary linked loan product. The principle of this is that we set your payments at a percentage of your net salary at the start of the loan and track your income each month to check for changes.
If we do not have access to Open Banking we cannot operate our loan model, so we require you to re-consent for the period of your loan.
We will send you three reminders to advise you when you need to reconsent.
The reconsent process is identical to the screens you see in the application process and you will need to log in to your MyAccount and use your online bank credentials to connect with your bank.

Providing continuous consent is a requirement within your loan agreement. If you do not comply with this, we will assume that you have had a salary increase and will increase your instalments to the maximum permitted in your agreement.
We also have the right to default the agreement under clause 16 (b). This would mean that we file a default with Credit Reference Agencies which would remain on your credit file for six years and make credit more difficult/expensive to obtain.

To update any details in your account please use MyAccount or send us an email with the new information to customer@gocap.co.uk.

Email us at customer@gocap.co.uk and we’ll amend it to a date that is more convenient.

We would be happy to discuss the possibility of taking out a further loan. Please send us an email at customer@gocap.co.uk.

You will always pay the same total amount repayable, so the number of instalments will decrease in line with any salary increases you receive over the duration of the agreement and vis versa.

Please contact us immediately at customer@gocap.co.uk if you are experiencing financial difficulties and believe that you will be unable to meet your repayment. We are here to help!

You can always speak to these other independent organisations for free, confidential, and impartial advice:

StepChange Debt Charity – www.stepchange.org or phone 0800 138 1111

The National Debtline – www.nationaldebtline.org or phone 0808 808 4000

Money Advice Service – www.moneyadviceservice.org.uk or phone 0800 1387777

To repay in full you will need to request a settlement figure. Please email us at
customer@gocap.co.uk to arrange. There are no fees or penalty charges at any time for making overpayments or repaying in full.

We will recalculate the Monthly Payments over the course of your loan. They will be fixed until your salary increases or decreases, but if you’d like to increase them (meaning your loan gets paid off quicker) this is something we can help with. Please get in touch with us at customer@gocap.co.uk and we will discuss your options with you.

After taking out a GOCAP loan you have up to 14 days to change your mind and cancel the loan (only paying back the amount we sent you, with no interest or fees attached). If you would like to do so please get in touch at customer@gocap.co.uk . If you wish to cancel after this point, you will be charged interest at a daily rate of the loan up to the first repayment date, then in accordance with the contractual terms of the loan which allows for one month’s interest to be added in the event of early settlement.

No, all fees that may apply are detailed in the Credit Agreement. Please read the associated documents which also contain details.

You can check your balance, annual statements and legal and regulatory documents in your MyAccount area.

We hope that you don't need to!
However, if you are dissatisfied with how we manage your loan, you can contact us on complaints@gocap.co.uk . We will try and resolve it quickly; if it needs further investigation we will respond with a final response letter within 8 weeks - please see our Complaints Policy by clicking on the link at the bottom of the page.

If you have made a complaint and are not happy with our response, you may be able to refer the complaint to the Financial Ombudsman Service (FOS) for independent investigation.

FOS can be contacted at
Exchange Tower, London E14 9SR
or on 0800 023 4567
or online at www.financial-ombudsman.org.uk

We will retain your pending agreement for a period of 14 days, after which the financial details associated with the application will be deleted from our systems.
We will retain your customer details for 90 days in case you decide to re-apply or wish to proceed with a different loan amount, term or with amended personal circumstances.
We will retain details of you and your loan for a period of the term of the loan plus six years.

To log-in, click on the login button at the top right-hand corner of this page and enter your email address and password. The password will be allocated during the application process.

When you agree to borrow money from GOCAP, you enter a legal agreement. It is your responsibility to ensure that you fully understand this contract before you sign it.
Before you sign the agreement, you will be provided with two documents; Your Credit Agreement Explained and the Standard European Consumer Credit Information sheet. You should read both.
By signing your Loan Agreement and Terms and Conditions, you agree to repay the total amount payable plus the loan fee set out in the loan agreement by paying the monthly repayments, on the Monthly Repayment Dates as set out in your Loan Agreement.

Consents.online Limited can be contacted at Marble Arch House, 66 Seymour Street, Marylebone, London W1H 5BT
or by email at enquiries@consentsco.co.uk
or on 0800 1808570

Equifax Limited can be contacted at
Customer Service Centre PO Box 10036, Leicester, LE3 4FS
or https://www.equifax.co.uk/Contact-us
or by email at UKDPO@equifax.com
or 0333 321 4043 or 0800 014 2955

Experian Limited can be contacted at
PO BOX 9000, Nottingham, NG80 7WP
or online at www.experian.co.uk/consumer/contact-us
or on 0344 481 0800 or 0800 013 8888

Financial Conduct Authority can be contacted at
12 Endeavour Square, London E20 1JN
or by email at consumer.queries@fca.org.uk
or on 0207 066 1000

Financial Ombudsman Service can be contacted at
Exchange Tower, London E14 9SR
or on 0800 023 4567
or online at www.financial-ombudsman.org.uk

TransUnion International UK Limited can be contacted at One Park Lane, Leeds, West Yorkshire, LS3 1EP
or online at www.transunion.co.uk/consumer-enquiries
or by email at consumer@transunion.co.uk
or on 0330 024 7574