Has anyone heard of Neyber?

milobrulee · 3 October 2017 at 3:55PM

Finding it odd that there is so little info about Neyber online. I think they must be quite new...

My company offers a number of great benefits to employees and a new one for this year is a loan company called Neyber. The company is in effect a loan company, specially aimed for debt consolidation loans.

I am usually pretty against the idea of debt consolidation loans (I have debt that I am working to get rid of with terrible interest) but Neyber has rates that seem to good to give up. They offer 4.5%APR, 6.5%APR and 9.5%APR depending on credit rating (I'm likely to get the highest) however they are supposedly much more likely to accept those with bad credit because the key selling point is that they withdraw this amount from your salary directly. I guess that means they are much, much more likely to get full repayments and they will always be on time.

I wondered if anyone had any extra information on them because I am seriously considering applying in a few months (I don't qualify for the benefit until the new year) and it seems like it could be a good way to get through my debt. I currently have £16k. By January I should be on about 14k, all forecasts correct.

DCFC79 · 3 October 2017 at 3:57PM

It won't be based on your credit rating but credit history.

Will the debt occur again ?

milobrulee · 3 October 2017 at 4:16PM

Nope, I've been paying it down from £21k when it hit that point I realised what a fool I'd been and have paid it down to 16k. Slow but steady and I'm getting there, and I haven't spent a single penny that I don't have since I made that turn around last summer!

Kohl · 3 October 2017 at 5:32PM

I've not personally used them before but I have heard of them and can confirm they are legit- they also partner with my workplace to offer a 'financial wellbeing' benefit (loans obviously forming a part of that).

I think the appeal is as you say, they can offer a better rate than you would get from a high street lender because they take the payment directly from your salary via payroll.

Pixie5740 · 3 October 2017 at 8:00PM

Is taking a loan from Neyber less expensive than snowballing your debts?

http://www.whatsthecost.com/login.aspx

What happens should you wish to leave your current employer during the term of the loan?

Mobeer · 3 October 2017 at 11:15PM

Pixie5740 wrote: »

...
What happens should you wish to leave your current employer during the term of the loan?

From the Neyber site:

What happens if I leave my employer?
If you leave your employer, we'll transfer any outstanding loan repayments onto Direct Debit. We may charge a £12 administrative fee at this time. If your new employer is partnered with Neyber, we will simply transfer the salary-deduction to your new payroll.

For some loans we reserve the right to take the final repayment of the outstanding balance but we'll agree this with you at the time.

StopIt · 4 October 2017 at 11:24AM

Well, I've not heard of them, but surely your company would've have a vetting process when creating this benefit for their employees.

Do you trust your employer? if so, then it's likely trustworthy!

jonesMUFCforever · 6 October 2017 at 8:15PM

Is it a 'benefit in kind' ?If it is then there could be tax implications.

Does the repayment come from gross or net pay?

milobrulee · 6 February 2018 at 1:42PM

Just thought I would come back here and update.

I've been approved for my Neyber loan. Was approved very quickly and offered the "good" rate (they have rates based on Excellent, Good and OK) of 6.9% APR on £8,000. Enough to pay off all my credit cards bar one. The reduction in interest is going to save me a lot of cash plus the flexibility of having a smaller minimum payment if I ever needed cash for an emergency. So I'm pleased. Awaiting the money now and will pay everything off today. It has bumped my debt free date forwards about a year.

Noobie2011 · 4 April 2018 at 6:50PM

milobrulee wrote: »

Just thought I would come back here and update.

I've been approved for my Neyber loan. Was approved very quickly and offered the "good" rate (they have rates based on Excellent, Good and OK) of 6.9% APR on £8,000. Enough to pay off all my credit cards bar one. The reduction in interest is going to save me a lot of cash plus the flexibility of having a smaller minimum payment if I ever needed cash for an emergency. So I'm pleased. Awaiting the money now and will pay everything off today. It has bumped my debt free date forwards about a year.

My partner is looking at this as her work now offers these loans but do you know if they do a hard search on your credit file and wanted to check what the footprint was, thanks

Sncjw · 5 April 2018 at 12:32PM

Of course they would watch your files

Has anyone heard of Neyber?

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