Your electric bike finance questions answered!

Here are some of the most commonly asked questions regarding online finance.

How quickly will my application be processed? If your application is received during working hours then in the majority of cases, you will receive a decision within a matter of minutes.

If you submit your application outside of these hours, then you will likely receive a response the next working day. You will be sent an email to confirm the status of your application as soon as it has been processed.

Once my application is approved, what happens next? Once your application has been approved, you will receive your credit agreement which you'll need to read carefully, then sign and return it to our finance company. Please note that products will not be allocated to your order until your completed and signed agreement is returned and received. Shipment of your goods will follow as soon as your agreement has been returned to our finance company (usually on the same day).

Will you credit score me and if so, what does this mean? Credit scoring is the process used by financial services companies to evaluate the credit risk of new applicants. This technique will be applied to your application for online finance.

Credit scoring works by awarding points for each answer given on the application form such as age, income and occupation, together with information obtained from credit reference agencies. This information allows us to produce consistent decisions, ensuring all our applicants are treated fairly. Credit scoring does not discriminate on the grounds of sex, race, religion, disability or colour.

If you decline/refuse my application, what is the reason? In addition to credit scoring, confirmation of your identity, validation of certain application details, existing commitments and information held at the credit reference agencies are all taken into account. Though you will not be provided with a main reason for decline of your application, it is usually based on one, or a combination of the following:

• Your credit score (note that every finance company will score you differently
• Adverse credit reference agency information
• You are considered to be overcommitted
• You are aged under 18 Your existing account performance with other lenders

What type of information do credit reference agencies hold about me? Some of the information is public information, for example electoral roll, County Court Judgements and bankruptcies. Other lenders may also file information about accounts you hold with them for instance this could include your payment history and outstanding balance on these accounts. Any requests for credit, where a credit reference search has been undertaken, will also be filed, although the result of the request is not recorded.

How do I obtain a copy of this information? You should send a cheque for £2, made payable to the relevant company, together with details of all addresses at which you have lived over the last 6 years:

Consumer Help Desk
Experian Limited
PO Box 8000
Nottingham NG1 5GX

or

Equifax Department 1E
PO Box 3001
Glasgow G81 2DT

You can also find out more about credit decisions by visiting the above companies' web sites: http://www.experian.co.uk/ and http://www.equifax.co.uk/ The above listed agencies will provide details of information relating via these addresses. If you believe that the information is incorrect, you can ask the agency to correct it.

Who is my finance actually with? 50cycles Ltd use Black Horse Retail Finance.

If my application is not successful, can I re-apply? Yes. We acknowledge that your circumstances change and just because a previous application has been refused, it does not mean that a further request will be automatically turned down. We do suggest however, that you leave at least 6 months between applications.

Who is eligible to apply for online finance? To apply for online finance, you must be between the ages of 18 and 75, work at least 16 hours a week, or be retired with an income. You must also be a resident of the United Kingdom and have lived in the UK for the last three years or more. Unfortunately, finance cannot be offered to residents of Eire. Homemakers aren't excluded from application under their own names, however the employment details of your spouse will be required in order to process your application.

Can I request delivery to an address other than my home? In order to safeguard against fraudulent applications, all deliveres must be made to a location inside your address (as agreed at the time of approval) and must be signed for within this address. Deliveries to an alternative address other than your main residence may be acceptable provided approval is obtained at the time of application. Any changes to the delivery address between acceptance and delivery must be referred for approval.

Are the goods I’ve ordered set aside for me until the approval process is complete? Our system is such that goods are allocated to your order only when your completed and signed agreement is received back. This means there's a small chance that the product you ordered may be sold out by the time your agreement is received. To avoid disappointment, we recommend minimising any delay by completing and returning the agreement as soon as you can.

What if I still need assistance after reading the information in this section? Simply email our customer services team at 50cycles@ 50cycles.com detailing the nature of your enquiry. A member of our online finance team will get back to you as soon as possible with an answer to your question

Back to the electric bike finance application enquiry page