Sprout Loans

Are you considering a loan with Sprout Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Sprout’s loan for you in this loan guide.

Who are Sprout Loans?

Sprout Loans offers loans between £1,500 and £7,500 with a repayment period of up to five years. Sprout Loans is a direct lender based in the UK and a division of Asgard Financial Services, also offering consolidation loans and IVA early settlement loans.

Find your best debt solution

This 4 question debt calculator will tell you if you’re eligible.

What is the total amount of your debt?

What are the key features of Sprout’s loan?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of Sprout’s Loan:

APR

Minimum APR: 39.90%

The APR for the loan is advertised at 39.90%.. This is a best case scenario. Depending on your individual circumstances, the APR could go up.

Loan Amount and Repayment Period

You can borrow between £1,500 and £7,500.

The loan repayment period can be between 18-60 months.

Example

Here’s the representative example that they give on their website:

  • Representative APR: 39.9% APR
  • Loan amount: £2000
  • Interest rate: 39.9% (fixed) p.a.
  • Term: 24 months
  • Monthly repayments: £116.06
  • Total amount repayable: £2,785.50
  • Total cost: £785.50

Information correct as of 01/04/21 (Sprout Loans)

Sprout Loans Website Reviews

How do I apply for a Sprout loan?

You can apply for a Sprout loan over the phone by calling them on 033 3939 9393. They aim to give you a decision within 48 hours.

Will I be accepted for a Sprout loan? 

Sprout Loans will assess you based on certain criteria. See if you qualify:

  • Age: 21+
  • Residency: UK resident
  • Insolvency: You must have ad no CCJS, defaults or debt management plans in the past 12 months
  • Bank: You need to have a bank or building society account to qualify for this loan.

Information correct as of 01/04/21 (Sprout Loans)

Sprout Loans Reviews

It’s important to see how other customers have rated their experience with Sprout Loans. Take a look at their up-to-date reviews on Reviews.io.

Reviews.io review

Information correct as of 14/06/21 (Reviews.io)

How to complain about Sprout Loans?

Should you need to make a complaint about Sprout Loans, then you can use the details below to either write to them or call them.

Philip Metcalfe
6th Floor
The Lanyon Building
Jennymount Business Park
Belfast
BT15 3HL
UNITED KINGDOM
+443339874167
philip.metcalfe@asgardfinancialservices.co.uk

If Sprout Loans does not respond to your complaint then you should contact the Financial Ombudsman Service. They might be able to handle your complaint.

Information correct as of 01/04/21 (FCA)

Loan interest and other charges – the government caps

The Financial Conduct Authority were concerned about borrowers being subjected to excessive charges, and as a result, they introduced price caps on interest and other charges. These caps included:

  • A 0.8% daily cost cap, on the sum of the loan borrowed – this includes a combination of interest and other charges
  • Default cap fee of £15– interest may still be charged after the borrower has received a default, but it is not allowed to be higher than the 0.8% per day.
  • Complete cost cap totalling 100% – borrowers should not be asked to pay any more than 100% of the value of the loan they have borrowed.

These limits are relevant to credit agreements with an interest rate of 100% or more, and are relevant when they are due to either be mainly or fully paid back within 12 months.

It is important to also be aware of the regulations which have been in place since May 2017. Lenders have an obligation to ensure details of their products are provided on a price comparison website, which must always be FCA approved.

The Continuous Payment Authority Changes

You may have been set up to repay your debt using a Continuous Payment Authority – often abbreviated to just CPA. The way this previously worked is that the loan company could take money from your account to repay the debt.

These new regulations relating to the CPA offer much greater protection. If the CPA now fails on two attempts, the lender must not try to debit the borrowers account on a third occasion.

Rules also apply to how much they are allowed to take via a CPA. They can no longer take partial payments. If you cannot fulfill the full amount of the debt, the lender must not take anything from your account. If you want them to take partial payments, this is permitted, but you should give them written permission to do so. Advise them at what rate you would like them to take the money.

Lender Responsibilities

These are some rules lenders must adhere to:

  • Offer guidance on finding free independent debt advice
  • Give you a reasonable amount of time to repay the debt, this may include using a debt advisor, if necessary
  • Freezing interest and any further charges, while you develop a suitable plan

Company information:

Sprout Loans are trading names of Asgard Financial Services Limited (Asgard). After researching Companies House and their website, we found the following information about the company:

Date of incorporation: 30 May 2014
Company status: Active
Company number: NI624908
Company type: Private limited Company
Website: http://sproutloans.co.uk/
Address: 6th Floor, The Lanyon Building Jennymount Business Park, 10 North Derby Street, Belfast, Northern Ireland, BT15 3HL
Opening Hours: Monday – Thursday: 9 A.M – 8 P.M, Friday: 9 A.M – 5 P.M
Phone number: +443339874167

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: Authorised
FCA reference number: 680043
Trading names: Asgard Financial Services Limited, Sprout Loans
Place of business: 6th Floor, The Lanyon Building Jennymount Business Park, 10 North Derby Street, Belfast, Northern Ireland, BT15 3HL

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: ZA120670
Data controller: Asgard Financial Services Limited
Address:
Ormeau House
91-97 Ormeau Road
Belfast
County Antrim
BT7 1SH

Information correct as of 01/04/21 (ICO register)

Where are Sprout Loans located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on a map.

Address:
Jennymount Business Park, 6th Floor, The Lanyon Building, 10 N Derby St, Belfast BT15 3HL

Getting free debt help

You should always sort out your debt situation. If you need some professional debt advice, these organisations are worth a try:

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
×