Turning “woah?” into “oh!”

If you have unanswered questions, let us know.

We know that things can be a bit confusing.

What is a Business Line of Credit? Is there an alternative to a high-interest loan? Where can I get funds when I need them? Can I borrow money online? We hope we can answer some of your questions, and more, below. If there’s anything else you want to know, get in touch with us here.

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All about Orenda.

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  1. Let’s get this thing going.
    Apply online and our real-time tech quickly does its thing. Once you’re accepted, you instantly get a secure Orenda Business Account and Orenda Virtual Card with an Orenda Credit Line of up to £500.
  2. Interest Payments
    The interest we charge is based on the Annual Percentage Rate. You only pay interest on the funds that you use and you can choose when to pay back the facility. This means that you’re always in control.
  3. Keep it simple. Always.
    You decide upfront how much you want to repay on your outstanding balance each month. Reducing your balance will reduce your interest. You only ever pay interest on what you use and the funds are deducted from your Orenda business account. If empty, you have 30 days to add more funds.
  4. Increase or decrease the amount you borrow, up to £500, whenever you need. If you pay back some of the money, your interest charge will drop too.
  5. After 12 months, we will do another affordability check just to make sure our Credit Line is still right for you.

To store your money, we work with electronic-money specialists called Prepaid Financial Services. They store the money with a major retail bank. It’s placed in a ‘ring-fenced’ account, which means it’s never used for any trading activities.

Business Finance
Businesses always have upfront (and surprise) costs. We’ll give you up to £500, that you can increase or decrease whenever you want.

Account and Card
When you’re approved for a Credit Line, we place the funds in a secure Orenda Business Account with your name on it and you get a digital and physical Orenda Prepaid Card.

The Terminal
No more waiting for sales to clear. We’ll give you a card terminal that’s linked to your new Orenda Business Account, so your payments will be instantly available to spend on your Orenda Prepaid Card.

Interest Charged
Interest charges are based on the amount of credit facility used during that month.

The APR
An Annual Percentage Rate or APR is the % that financial institutions charge for borrowing money. Thanks to our technology, our Credit Line APR is 60%.

The Technology
Our unique, AI-based technology is fair and judgement-free. It lets us offer complete flexibility in how much you want to borrow and for how long at a significantly reduced rate. And it allows us to offer finance to businesses who might not have been able to access funds from other providers.

The maximum credit facility available is £500 and you can only apply for one facility at a time.

Instantly! If you’re approved and you accept our facility offer, we give you an Orenda Business Account and a Virtual Orenda Prepaid Card, sort code and account number, so you get immediate access to the funds. We’ll then send you a physical Orenda Prepaid Card in the post!

All about applications.

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Please make sure that an Orenda credit facility is suitable for you by making sure that you can afford to repay each instalment on its due date. To be suitable for a Credit Line from Orenda, you must:

  • Live in the UK and EU.
  • Be at least 18 years old.
  • Have a mobile phone, which we validate by sending a four digit code by SMS.
  • Have a valid, non-disposable email address, which we validate by sending an email with a six letter password.
  • Limited companies and Sole Traders.

You apply on our website. We’ve kept it super simple and easy to understand. If there’s anything that isn’t clear, please let us know. The whole process should only take a few minutes.

We’ve done a huge amount of analysis on the UK high-cost, short-term lending market and we believe that we have a market-leading understanding of how to use and understand the information that credit reference agencies hold. Our lending decisions are primarily based on three simple things:
  1. We make sure the information you provide is accurate.
  2. We match your information with the credit reference agencies.
  3. We seek to understand your financial position using the information available.
There is more info about what credit reference agencies are and how they work, down below.

All about your monthly payments.

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We collect payment between 00.01 am and noon on the day of repayment.

We want to help you be in control of your financial world. That’s why we offer our customers extensions and payment holidays if any issues come up. We always want to help you manage your finances to suit you. This will need to be agreed with Orenda before it is put in place.

If there’s not enough money in your Orenda Business Account when we try to collect payment, we’ll contact you to let you know. If this happens, we really want you to tell us what’s wrong – maybe it’s something simple like you just forgot to add funds, or maybe you’re having another more serious issue. You can do this by signing into the Orenda App and leaving us a secure message. We’ll always try to deal with you fairly and respectfully.

Just so you know, we will make one further collection attempt prior to the next scheduled payment date.

We are a responsible lender. We only want to lend to people who can afford to pay. However, we understand that your circumstances may change; if they do, please tell us the details by signing into the Orenda App and leaving us a secure message. If necessary, we’ll agree to an affordable payment plan that suits your individual situation.

If we cannot collect payment from you, we will take all reasonable steps, including litigation, to try to collect payment. In the unfortunate circumstances this does occur, we will pass on the additional legal costs for this.

All about your Orenda Current Account.

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When you apply and are accepted for finance, we put the funds into a brand new, safe and secure Orenda Business account with your name on it. This means that you don’t need a bank account to get finance from us. You’ll also receive a virtual Orenda Prepaid Card immediately and then we’ll send you a physical Orenda Prepaid Card in the post – both of these are connected to your Orenda Business Account.

All about your Orenda Prepaid Card.

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When you apply and are accepted for finance, the funds go into a safe and secure Orenda Business Account. We’ll instantly send you a virtual Orenda Prepaid Card and then we’ll send you a physical Orenda Prepaid Card in the post – both of these are connected to your Orenda Business Account.

Using the Orenda Prepaid Card is very simple. Before you start using it you must do the following:

  • Sign the signature strip on the reverse of the Orenda Prepaid Card
  • Go to www.orenda.finance and login to your account.
  • Click on ‘Manage Cards’ in your account
  • Click on ‘Activate Card’.

No, it’s not a credit card and carries no credit limit. You cannot spend more money than is held on the card account.

If you have a query about the Orenda Prepaid Card itself, or you have an unknown transaction on your card account, or a transaction has been declined but you still have funds on your card account, then please call our customer service team on +44 (0)203 432 5621 and select number 4.

Yes, of course! You can change your PIN at the ATM.

If you’ve forgotten or lost your PIN, please call the IVR number +44 (0)203 432 5621 and select number 1: retrieve your PIN. Or you can go to www.orenda.finance, log in, and go to tab “Pin reveal”

If your Orenda Prepaid Card has been lost or stolen or you believe its security has been compromised, you must inform Orenda immediately on +44 (0)203 432 5621 and we will organise a replacement.

It normally takes 10 working days, but can take between 6 and 12 working days depending on when it has been requested.

Please let us know by calling on +44 (0)203 432 5621 as soon as you know your new address.

Yes, you can find the expiry date on the front of your Orenda Prepaid Card. If it’s about to expire, and is still active, please contact us if you have not received a new one. Any balance remaining will be transferred to the new one before it’s dispatched to you.

If this happens, your purchase will be declined.

As with all credit and debit cards, every precaution needs to be taken to keep it safe and your PIN secure. Please refer to the Cardholder’s Terms and Conditions. The Orenda Prepaid Card aims to reduce the need to carry or hold large amounts of cash.

There are just standard fees when you withdraw cash or use your Orenda Prepaid Card abroad. Please refer to the Cardholder’s Terms and Conditions for more info.

To cancel your prepaid card, please contact +44 (0)203 432 5621 and select number 4.

All about the IVR.

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Interactive Voice Response is a technology that allows a computer to interact with humans through the use of voice and your phone keypad. It means you can use your telephone to navigate your way through a computer by either selecting the numbers on your telephone keypad or by using simple voice commands.

Certain functions can be carried out using the IVR. These include:

  • Pin retrieval – to obtain your PIN for the first time.
  • Pin recall – if you’ve forgotten your pin.
  • Check your balance
  • Report your Orenda Prepaid Card lost or stolen

If you want to speak to an agent, just select option number 4.

You just call +44 (0)203 432 5621. This number is available 24 hours a day, every day. Calls will be charged at the standard rate. Calls from your mobile may vary depending on your provider.

All about the APR and interest.

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An Annual Percentage Rate or APR is the % that financial institutions charge for borrowing money. Thanks to our technology, our Credit Line APR is 60%.

We only charge simple interest – a clear, predefined percentage charge, that’s based on the amount borrowed. We never, ever charge compound interest. In other words, we never charge interest on interest, which can become exceptionally expensive.

We charge you interest only for what you use which you accept before you gain access to the funds. But that’s it. No admin fees, no maintenance fees, no hidden fees on anything, ever.

Yes! You can repay all or part of the amount you borrowed at any point. If you pay back a portion of the amount, the interest that you pay every month will be reduced too.

All about Credit Checks and Agencies.

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A credit check involves sending the information provided by you during the beginning of the loan application to one or more of the credit reference agencies. The most important information is your name (including any aliases or prior names); your current and previous addresses; and your date of birth.

The relevant credit reference agency then uses this data to match who you are to the data which they hold. Most of the data which they hold is supplied to them by banks, credit card companies, store card providers, mail order companies, hire purchase companies, loan providers, gas and electricity companies, mobile phone companies and other credit providers. The credit reference agencies also collect data from third parties like The Electoral Role, Registry Trust Limited (for county court judgments), the Insolvency Service (for bankruptcy and other insolvency events), Companies House (to check if you are a director of a company), HM Treasury, etc.
Most lenders get a credit report and a credit score from a credit reference agency when they carry out a credit check. We do not get a credit report, we get a copy of all of the underlying information. We are experts at analysing that information to carry our credit and affordability checks.

As part of our application process we will contact one or more of the major credit reference agencies to verify your identity and to obtain a copy of your full credit report. The exact details and implications of this process are clearly explained during the application process and before we ask for your consent to carry out a credit check. You should read all of these details carefully and consider if a loan application is right for you before consenting.

Credit reference agencies and other lenders build scoring models to predict whether you will repay or not. They typically use a mathematical technique known as logistical regression. If you get above a certain score, you get approved and below a certain score, you get rejected. Sometimes, if you are in between, you might get referred.

Unlike most other lenders, we do not use traditional credit scores. Instead we carefully consider every aspect of your financial history, including whether you have any open short-term loans; whether you have defaulted on a short-term loan in the past; and information about your income relative to your outgoings. We do this to make sure both that you will, and that you can afford, to repay. We carry out a credit check on every application to make sure we get as much information as we can from the credit reference agencies. This will only be placed on your record if you decide to accept an Orenda Financial Solutions Limited Credit Line.

A credit reference agency is like a central warehouse for information. Credit reference agencies receive information from creditors, like banks and credit card companies, as well as other sources, like the General Register Office to monitor deaths; or the Register of Judgements, Orders and Fines for England & Wales maintained by Registry Trust Ltd on behalf of the Ministry of Justice in order to monitor county court judgements. Credit reference agencies use this information to try to build a financial picture of anyone who uses or might have access to credit. They then build credit reports and calculate credit scores, which they then sell to lenders who want to check on a person’s creditworthiness before lending money to them.

The credit reference agencies hold a large amount of information. The main database of each of the credit reference agencies is made up of information which is provided to them on a monthly basis by each of the lenders in the UK. This database has a different name at each of the main credit reference agencies. It is known as CAIS (pronounced ‘keys’) at Experian; as Insight at Equifax; and as SHARE at TransUnion. Each of these databases has information on your bank accounts, mortgages, credit cards, unsecured loans (including all types of short-term loans), hire purchase, mail order, home credit, gas, electricity, water, mobile phone contracts, etc.

The information on these accounts, which is updated every month, includes start date, end date, type of lender, type of accounts, account status, opening balance, current balance, credit limits, repayment frequency, repayment period and repayment size as well as your name, address and date of birth. If you have moved and not told a particular lender, your previous address will continue to be listed. Credit reference agencies link your different addresses to make sure that they have a complete picture but sometimes this doesn’t work, so you should always monitor your credit file to make sure that it is accurate.Most short-term lenders now also report either daily or in real-time about the status of any short-term loans which you might take out.

As a general rule, based on what is permitted by the data protection legislation, credit reference agencies are able to obtain and keep information for a period going back 6 years. Where there has been no activity on an account for six years, the account is deleted.

  • TransUnion International UK Limited (formerly Callcredit Limited) (Company number 08128005)
  • Equifax Ltd (Company number 02425920)
  • Experian Ltd (Company number 00653331)

All about Financial Advice.

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There are many organisations that offer free and independent debt advice such as:

Apply online now and you will find out instantly if you have been approved to get fair business financing today.

Apply online now and you will find out instantly if you have been approved to get fair business financing today.

Apply online now and you will find out instantly if you have been approved to get fair business financing today.

Want to know more about us?

It’s simple. We want to help change lives.

Want to know more about us?

It’s simple. We want to help change lives.

The Orenda Prepaid Mastercard is issued by Prepaid Financial Services Limited pursuant to a license from Mastercard International Incorporated. Prepaid Financial Services Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, firm reference number 900036, for the issuance of electronic money and provision of payment services. Registered Office: Fifth Floor, Langham House, 302-308 Regent Street, London, W1B 3AT. Company Registration number: 06337638.

Disclaimer: Prepaid Financial Services Limited has no part in any credit services that Orenda Financial Solutions Limited offers.

*Standard call charges apply and may vary between landlines, mobiles and other providers.