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Unregulated Example Loan Agreementt

An example of our unregulated loan agreement.

Humm Loan Agreement

This Loan Agreement is made between: –

Humm Group Limited (the “Creditor” or “We”) of 3rd Floor, 2-4 Wellington Street, Belfast City, Belfast, BT16HT 


[      Forename and Surname                    ] of [        Current Address                          ] (“you”).

We agree to provide you with a loan to purchase the products or services described below from the retailer also named below on the terms and conditions set out in this Loan Agreement. The loan cannot be used for any other purpose.


Product and Retailer details:

Description of product or services: [ ] (“the Products”)

Cost of Products: [ ]

Retailer: [ ] (“the Retailer”)


Deposit: [None]

The amount of any initial payment for the Products, if applicable.       


Duration of Loan Agreement: 4 fortnights

Amount of Credit:     £ [         ] (“Loan”)


How and when credit will be provided:

We will provide the Retailer with the Amount of Credit less any fees payable by the Retailer to us, via bank transfer within 5 days after the signing of this Loan Agreement by both parties.

Purpose of the loan:

The Amount of Credit shall be used to pay for the Products provided by the Retailer.

The Total Amount Payable is: £ [   ] being the same as the Amount of Credit, as no interest is payable.

Timing and amount of repayments:

The Total Amount Payable will be repaid in 5 payments consisting of 4 fortnightly instalments together with the first instalment which is payable on your acceptance of this Loan Agreement.


The amount of each instalment is £[ ] save for the final instalment which will be £[ ] (“Instalment”).


The next Instalment is due on [ ] and thereafter each 14 days during this Loan Agreement (“Instalment Payment Date”).


If you default, we will charge you:

  • £7 on each occasion you fail to make an Instalment on an Instalment Payment Date or fail to make any other payment when due (“late payment fee”). This amount will be added to the missed Instalment and become due and payable the day after payment is missed;
  • the reasonable expenses and costs that we may incur in tracing you if you move address without first notifying us; and
  • the reasonable expenses and costs (including legal costs) we may incur in taking other steps to enforce our rights (such as instructing a third-party debt collector or taking legal proceedings) against you under this Loan


  • Missing Payments Warning:
  • Missing payments could have severe consequences, including legal proceedings. It could also make obtaining credit in the future more difficult and/or more expensive as it will adversely affect your credit record. We may also terminate this Loan Agreement and the full amount owed by you under this Loan Agreement will become immediately payable in full.
  • The terms and conditions set out below are part of this Loan Agreement; please read them carefully. This Loan Agreement is exempt from the provisions of the Consumer Credit Act 1974 which means that you are NOT afforded the same rights and protections in law under that legislation as you would be if the Loan Agreement was regulated.

By entering the Acceptance Code, you confirm:

  • that all the details you gave in connection with the application for this Loan are true and complete and that you are a UK resident and over 18 years old;
  • You have had the opportunity to read the Privacy Notice and agree that we may use your information in the way described;
  • you have authorised us to collect all payments due under this Loan Agreement by a continuous payment authority from the payment card you use to make your first Instalment and
  • that you will be legally bound by the terms of this Loan Agreement and that entering the Acceptance Code below will have the same effect as you signing this Loan Agreement.

You may cancel this Loan Agreement within fourteen (14) days of the later of the Agreement Date and the date on which you receive a copy of this Loan Agreement.


To cancel you should contact us through the Customer Portal, by email at [email protected] or by calling us directly before the end of that fourteen (14) day period indicating your wish to cancel.


If you exercise the right to cancel you must, within thirty (30) days of notifying us, repay the  outstanding balance of the Loan.


    • We grant you an unsecured loan up to the total Amount of Credit on the terms and subject to the conditions of this Loan Agreement.
    • We will pay the Amount of Credit, less our fees, to the Retailer on your behalf.
    • Following your entry into the Loan Agreement we will set up an account to record transactions under this Loan Agreement. You can view details of your account via our on-line portal (Customer Portal). The terms of use of the Customer Portal are specified on our website.
  • No interest is payable on the Amount of Credit.
  • You acknowledge that we may receive a fee from the Retailer when you enter into this Loan Agreement. Please contact us if you would like further details at [email protected]


    • The Loan is only available to individuals aged 18 years or older who are permanent residents of the United Kingdom and for personal purposes (not business, trade or profession).
    • You confirm that:
  • all information you have provided in connection with your application for this Loan is accurate and up to date;
  • you are UK resident and 18 years of age or over; and
  • you are not currently in, or anticipating going into, a debt management plan or other arrangement with your creditor, are not the subject of any bankruptcy proceedings and have no intention to file a petition for debt relief.
      • You must inform us immediately of any changes to the payment card used to collect the Instalments or any other changes in circumstances which may affect your ability to make payments under this Loan
      • You must promptly inform us:
  • if your contact details change, including your email address;
  • on becoming aware of the occurrence of any Event of Default;
  • of any litigation, arbitration or administrative proceedings or claim of the kind described above in Representations and Warranties.
      • You must make all payments due under this Loan Agreement in full by the due date including making all Instalments by the Instalment Payment Date.
      • If any Instalment Payment Date should fall on a Saturday, Sunday or a public holiday, the payment will still be processed on that day.
      • Where you default on a payment we will contact you by phone, email or text message and find out why you have been unable to meet your repayment obligations and may agree an alternative repayment arrangement.
      • Unless otherwise agreed all payments we receive will be applied first to late payment fees payable under this Loan Agreement and then to the Amount of
      • You can repay this Loan at any time, in full or in You may make payments through the Customer Portal or by contacting us at [email protected]
      • By entering into this Loan Agreement, you are consenting to the use of CPA as the means of repaying the Loan.
      • You provide us with a CPA so that we can collect Instalments automatically in accordance with the terms of this Loan Agreement from the Debit/Credit Card you used to make your first Instalment.
      • On each Instalment Payment Date, we will attempt to collect the amount due (including the Instalment together with any late payment fees you have incurred). If this fails we will attempt to collect this amount again the next day, and if this too fails, we may make up to two further attempts to collect the relevant Instalment, plus the late payment fee within 13 days of the relevant Instalment Payment Date (day 5 and day 10 after the Instalment Payment Date) unless we have agreed an alternative repayment plan with you.
      • If we are not able to collect your Instalment and you remain in arrears at your next Instalment Payment Date we will repeat the process set out above, but will only seek to collect the current Instalment and any late payment fee will be applied in accordance with the Charges section above. We will also continue to attempt to contact you to discuss your arrears.
      • If you wish to cancel the CPA, you may do so at any time by contacting your bank directly, or by contacting us, using the contact details provided above. If you do cancel, you acknowledge and agree this will not impact on your obligations under this Loan Agreement and you remain responsible for paying the outstanding balance of the Loan and any charges in full.
    • Each of the following circumstances is an “Event of Default” for the purposes of this Loan Agreement:
  • You fail to pay any sum due under this Loan Agreement when due;
  • You fail to comply with any provision of this Loan Agreement and such default is not remedied within 14 days;
  • Any representation, warranty or statement made by you in connection with this Loan Agreement is incomplete, untrue or incorrect or misleading when made; and
  • If you stop or suspend payment of your debts, or are unable to, or admit your inability to, pay your debts as they fall
    • At any time after an Event of Default has occurred, we may:
  • cancel any outstanding obligations under this Loan Agreement; and
  • declare that the Loan is due and payable.
    • We will provide written notice of your default and set out the action required, if any, to remedy the default and set out the time in which the action needs to be taken.
    • If you fail to take the action detailed in the default notice we may terminate the Loan Agreement, make demand for all monies owing under this Loan Agreement and take further action to recover any money you owe us.
    • Throughout the period that you remain in arrears we will make reasonable attempts to contact you to discuss why payment remains We encourage you to contact us as soon as possible if your circumstances change or you are unable to make any Instalment.
    • You will be responsible for the expenses and costs we reasonably incur in seeking to recover any money you owe us under this Loan Agreement.
    • We collect and processes personal data relating to you for the purposes of providing you with the Loan (including assessing whether you can afford the Instalments, managing your account and making payment collections).
    • The Privacy Policy sets out our respective rights and obligations in relation to our processing of your personal data. This Policy is available for review at

We may vary the terms of this Loan Agreement to reflect changes in applicable laws and regulatory guidance. We will provide you with reasonable notice if we have to make such a variation and such a variation is not to your advantage.



    • If we do not enforce our rights under this Loan Agreement at any time we will not be prevented from doing so
    • Any notice or demand will be assumed to be properly served if served on you personally, sent by email to an address provided by you or left or sent by prepaid envelope addressed to you at your current address or last known address. If sent by first class post it will be assumed to have been received by you 48 hours after posting.
    • You may not transfer or assign your rights under this Loan Agreement. We may transfer or assign all or any of our rights under this Loan Agreement without your consent, but where we do so your rights under this Loan Agreement will not be reduced.
    • Unless it expressly states otherwise, this Loan Agreement does not give rise to any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
    • This Loan Agreement shall be governed by the laws of England and Wales. Any dispute about this Loan Agreement can be dealt with by and English or Welsh court unless your address is in:
  • Scotland, where it will be dealt with by the courts of Scotland
  • Northern Ireland, where it will be dealt with by the courts of Northern Ireland.