Frequently Asked Questions

Answers to commonly asked questions

A man scratching his head
Is there any cost to me as a business?

Our initial fee is £995 + VAT, this covers the cost of us obtaining your FCA authorisation and building your compliant marketing assets. There is a low monthly fee of £79 + VAT. We cover the majority of our costs from the commissions we receive from the lenders on our panel for referring business to them. We also ask that, if you're happy with our service, you recommend us to business partners, which really helps towards our marketing costs.

Do I need to be FCA authorised to have a finance option?

Yes, once you have passed our application process you will be registered as an IAR (Introducer Appointed Representative). This allows you to operate regulated activities and act as an agent of the main authorised company in this instance Switcha Ltd of which Kandoo is a trading style.

What are my obligations to the FCA

You are obliged to operate within the framework of what the FCA deems to be suitable codes of conduct. These are common sense approaches to dealing with consumers, we will advise you and monitor these at all times ensuring you remain compliant. There are no silly questions and communication channels will always be made available to you through your Relationship Manager to ensure any queries are answered and regular updates given.

What is the application process?

Following an initial call with one of our relationship managers we send you the following:

  • Introduction pack – contains details of the service we offer and who we are.
  • IAR Contract – This is the contract between us, it is self-explanatory. We are here to answer any questions you may have. This is an E-signature document; meaning that you do not need to print it off, just follow the instructions.
  • IAR Application – This is the due diligence part of the application, answer all questions as best you can. This is also an E-signature document

Once we have received these along with photo ID and proof of address we then check all the information supplied and if we are satisfied we then register you with the FCA, once complete you will receive an email and a telephone call advising you of the next steps.

How do my customers apply for the finance?

Your customers can apply online and in most cases will receive an instant decision. The application can be made at  We also show you how to add the application form as an app on your phone or tablet. Including the integration of the application form into your website as a co branded page, should you want that.

Who receives the funds?

The funds are paid directly to the customer. This is usually within 48 hours of the application being accepted. Once the customer is in receipt of the funds then you would treat them as you would a cash customer, deposit, balance to be paid or full balance due at time of delivery.

What interest rate do you charge?

The interest rate is variable, this is due to the fact that the consumer makes an online application and then receives several offers from various lenders. The rate offered is dependent upon the applicants’ financial situation, credit score and affordability. Interest & acceptance rates are what you would expect if you were to apply through a comparison site or your local high street bank.

Am I liable if the customer gets behind in their monthly payments?

No. If the customer chooses an unsecured/personal loan then the lender is responsible for collecting any payments and the borrowing was not subject to an asset.

Do I receive support?

Yes, We are committed to ensuring you receive all the support and advice you need to have a successful relationship with Kandoo.  You are assigned a Relationship Manager who will also check in with you on a regular basis to ensure you are happy with the service and answer any questions you may have.

Still have questions?

Please contact us any time