Here are the answers to common questions about microcredit from Toothfairy Finance.

Q: What is microcredit?

A: A microcredit is a small, short term loan. It is instantly credited to your account. It is designed to give you a little extra cash to help you out for a short time before say a student loan, pay cheque or allowance comes in. This can be used to avoid overdraft fees, committing to a long term loan and repayments or just to help you take advantage of a bargain.

Q: How can I apply for a micro loan?

A: You can apply in two ways:
1. Online: Fill in the form on our website www.toothfairyfinance.com .
2. By SMS: Text Loan to 82055 and apply via our SMS service.

Q: Who can apply for a micro loan?

A: To get a micro loan from Toothfairy, you must be over 18 years, have no credit history and have been a UK resident for over five years.

Q: When I try to apply I get a response telling me I already have an outstanding loan?

A: We only allow you to take out one loan at a time.

Q: How much can I borrow?

A: You can borrow £100, £200, or £300

Q: When can I apply for a micro loan?

A: You can apply 24 hrs a day, 7 days a week.

Q: How quickly are micro-loans paid out?

A: The loan pay out typically takes 2-3 minutes from application. Once approved the money will be credited to your account instantly ready to spend. For some accounts with Building Societies or The Post Office, transfer time may take slightly longer.

Q: I meet the criteria you specify, but my application does not go through. Why?

A: We check the information you provide in your application to register with various credit agencies.
If you believe the information in the credit agency database is incorrect, contact one of the agencies such as Experian for further information on your credit file and how to correct it.

Q: Why is the loan period so short?

A: Microcredit is designed to cover your short cash shortage and to allow you to live normally or avoid overdraft fees; for example just before a student loan, allowance or pay cheque comes in. If you need a loan solution for the longer term, we advise you to look at alternative products.

Q: When should I pay back the money and how much should I pay back?

A: You have the choice of borrowing for either 14 or 28 days. Within that time, you should pay back the loan amount and cost.

Q: What happens if I do not pay after 30 days?

A: Not sure if you can pay back the loan, you should not apply. If you do not pay the loan within a specified time you will be charged for another loan period.
If the payment still does not arrive, we will unfortunately have to send the debt to a debt collection agency which will incur additional charges.

Q: If I pay a loan, how long will it take before I can borrow again?

A: As soon as you have paid off your previous loan you will be eligible to take out another loan with us.

Q: Why is your website not https?

A: The home page is not https but the application form is.

Q: I got rejected, why?

A: The most common reasons are:

* Application already being processed (we have probably called you but not received a response).
* Outstanding loan has not been repaid.
* Adverse information in your credit agency report (e.g. such as payment default.)

Please get in touch with our customer service if you have further questions or contact the credit reference agencies direct to request a copy of your file:

CallCredit Consumer Services Team
PO Box 491
Phone: 0870 0601414
Website: www.callcredit.co.uk

Equifax plc
Credit File Advice Centre
PO Box 1140
Phone: 0870 010 0583
Website: www.myequifax.co.uk

Consumer Help Service
PO Box 8000
NG80 7WF
Phone: 0870 241 6212

Q: How do I know this is legitimate, who regulates my loans

A:Tooth Fairy Finance are fully licensed under the Consumer Credit Act 1974. As we offer only unsecured loans we fall under the regulation of the OFT not the FSA. Our Consumer Credit Licence number is 615666, which is registered in the name of ‘CIM Technologies Limited trading as Toothfairy Finance'. We have a compliance officer who would be happy to answer any further questions you may have on this matter. We hope this helps and give you further faith in our service and intentions.

Q: How do I pay back my loan

A: To pay us back either

* click the Pay Now tab on the top of the screen to use your debit card; OR
* simply transfer the amount required to our Barclays account:

A/c number 93462382
Sort code: 20-50-94

Either your bank will let you do this on-line, by telephone or at a branch or alternatively visit a Barclays Bank branch and they will take your payment over the counter.

PLEASE use your MOBILE PHONE NUMBER as the REFERENCE so we can match your payment to your debt and record it as paid off*