Please ensure you have the latest version of the Lopay app:
Head to the AppStore here or PlayStore here to download the update.
How does a Lopay Cash Advance work?
Lopay works with YouLend Limited to offer cash advances to merchants using Lopay.
YouLend Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a Payment Institution to provide payment services within the UK under firm reference number 947287. Find out more about YouLend here.
What offers can I expect?
The longer you've been trading through Lopay and the higher your monthly revenue, the larger your offers will be. Typically offers will be up to two times your monthly revenue.
A minimum of 3 months of trading history is required to pre-qualify. If you have pre-qualified for a cash advance you will be notified via email and within the Lopay app. You will then be able to select the size of the cash advance you'd like and apply via the Lopay app.
Once you have submitted your application, YouLend will conduct a credit check and consider factors besides your Lopay trading history. Lopay does not have any control over YouLend's final decision.
How much will a cash advance cost?
With a cash advance you won't pay interest. You will only be charged a single fixed fee, so you know up front exactly what you will repay. All terms will be clearly set out in your Lopay app and you choose the size of the advance that suits you.
How will a cash advance be repaid?
If you receive a cash advance it will be repaid over an agreed period via deductions from the payments you take through Lopay. However if you're earnings are lower than expected and deductions from your Lopay transactions are insufficient, YouLend will get in touch with you directly about getting back on track.
How do I apply for a cash advance?
Once you have been taking payments via Lopay for a few months you may be eligible for a cash advance. You will be notified via email and within the Lopay app when a cash advance offer is available to you. You'll be presented with all the terms of a cash advance within the Lopay app and you select the size of advance that suits you.
If you wish to progress you will be asked for some additional details about your business as well as bank statements for the last 3 months - these will be shared with YouLend via upload or via an Open Banking connection.
Can I have more than 1 cash advance?
Currently you can only have 1 cash advance at any one time.
Can I make a one-off payment to pay down my advance early?
Yes, you can always make one-off payments free of charge if you would like to. However you don't have to, most merchants prefer the flexibility of simply repaying in accordance with their fixed repayment percentage at no extra cost.
How can I track my repayments?
You can view the amount owed and the amount repaid at any point via your Lopay app. You will also be able to see whether our partner, YouLend, deems your repayments to be on-track or off-track. This status is based up YouLend's expected repayment period for your cash advance. YouLend may contact you directly if you are 'off-track' and if they are worried about the progress of your repayments.
Please note, you can also view your repayment status via your YouLend dashboard - however please allow 24hrs for your YouLend dashboard to update.
What if I'm going away for a few weeks?
If your repayments are slower than YouLend expected, they may contact you directly to ask for more information. You can then explain if you are on holiday or taking a short break from trading.
What if I refund a transaction?
If you have a cash advance, a small percentage of each of your transactions will be deducted to gradually repay your cash advance. When a transaction is subsequently refunded, the cash advance repayment is not automatically refunded - instead it effectively goes towards repaying your cash advance early. If this is an issue, please contact [email protected] and we can help arrange a refund from YouLend.
For any further questions or help, please email us at [email protected].