What''s this late charge on my account?

We charge you for missing one of your scheduled payments. You can make this payment by logging in to your account or by following the link in one of the notification messages you''ve received from us. 

If you continue to miss payments, it will end up being more expensive for you because you''ll be charged for each missed payment. We don''t want this to happen so if you are missing payments for a reason, please get in touch as soon as you can so we can work through some options with you. 

We want to get you back on track as soon as possible and we certainly don''t want you getting into further financial stress. That''s why if you have an overdue payment we won''t let you buy anything else with us until your account is brought up-to-date. It''s also why we cap late charges at 25% of your purchase price.

What happens if I can’t make a payment?

If you can''t make a payment, it will end up being more expensive for you in the long run because you''ll be charged for not paying on time. We also lose money every time we have to chase a missed payment or a late fee. 

We''ve set ourselves high standards and believe in lending responsibly. This is why we consider every application carefully before approving it. Essentially, we''re assessing whether you will be able to repay. We''ll also send you reminders when a payment is almost due so you don''t forget to pay.

If you still get into trouble, (it can happen to the best of us!), we will contact you immediately to see if we can help. If you are facing hardship, we''ll work with you to get you back on track.

As soon as you miss a payment, we will immediately stop you from making any further purchases with Knoma.  We give you till 11pm on the following day to make your repayment and then you will incur a late charge for a missed payment that is not resolved. This will be an initial £7.50 and a further charge of £10 if the payment is not made within 7 days. To protect you, our late charges are capped and will never go higher than 25% of the price of the item you purchased. This means we can stop people deliberately taking advantage of Knoma, and stop you from going into further financial difficulty. And this way you have an incentive to stick to your plan, so you never lose control of your money.

 

How do I repay Knoma?

Knoma uses direct debit as the primary way for users to repay their course fees.

Can I change the repayment frequency and repayment term on an active course?

We want Knoma members to have a seamless experience with us. You can request to change both your repayment frequency and repayment term on active courses. To do this, log in to your Dashboard or simply contact us and we''ll be able to help.

How can I use Knoma?

You can join Knoma directly on our website, or you can sign up with one of our partner tech and coding schools. Explore all of our partners and courses on our marketplace.

When is the Knoma App being released?

The Knoma development team are working on this as we speak. Knoma aims to release the App by February 2020. If you have any suggestions for features, which you would like to see in the App please get in touch.

My application is "In Review". What does this mean?

When an application is "In Review" this means our credit team are undertaking some additional steps and checks. As a result, Knoma will need a little extra time before making our decision. We apologise for any inconvenience caused and hope to get back to you very shortly with a decision. Thank you for your patience.

How do I provide feedback to Knoma on future products or services?

At Knoma, we love hearing your feedback on our products and services. If you have any suggestions or comments please let us know.

What happens if I can''t find my chosen course or provider on the Knoma Marketplace?

Knoma is working hard to partner with all leading technology and coding schools. We are constantly adding new partners and new courses. But, please reach out and let us know who you would like to study with.

What is the maximum credit limit available at Knoma?

Our maximum credit limit is £10,000.

 

Why am I still charged when I have cancelled the course?

First things first – once you have cancelled your course we need the education provider to accept the refund and for them to let us know. So we have to wait for this to happen before we can settle your account – otherwise Knoma would be left carrying the cost of any disputed cancellations and then we wouldn’t be able to provide you with this free service. We work with all our amazing education partners to try and make sure this process happens as quickly as possible – because that’s good for you. But we can’t control this and so we have to wait for our education partners to go through their proper process.

That means our agreement with you – your instalment plan – has to continue until we get final confirmation of a cancelation or refund from your education provider and our systems process your refund in the amount agreed between you and the education provider. And if you need help resolving a cancellation dispute with a education provider because you’re unable to resolve the dispute directly with them, please get in touch with us here and let us know what’s happening.

How do I request an increase in my credit limit?

All users of Knoma can request to increase their credit limit by logging into the User Dashboard. Here you will find the "Change Credit Limit" button. Please note, Knoma has a maximum credit limit of £10,000. If you wish to reduce your credit limit, this can also be changed here.

 

Who is Knoma for?

Knoma is for people seeking to upskill themselves in short, technical courses. We provide our users will the ability to source tech courses and to spread the cost of these courses without incurring any interest or fees. We are all about support people on their lifelong learning journeys.

Who are Equifax?

Equifax is one of the largest credit bureau globally. Knoma uses Equifax to undertake a comprehensive credit check on all end-user. Equifax is regulated by the Financial Conduct Authority (FCA).

equifax.co.uk

When will my first payment be taken?

You''ll be asked to pay your first instalment when you use Knoma to pay for your course at the checkout. This will be clearly communicated to you prior to you confirming your order.

So, if you''ve chosen to repay your course in monthly instalments over the next 12 months, you''ll pay the 1st of 12 instalments at checkout. You''d then have 11 more instalments to pay, starting from the following month.

Which banks does TrueLayer integrate with?

New banks are constantly being added. Please click here to see the full list of connected banks.

What if I''m experiencing financial difficulty?

We don''t want any Knoma member to be in financial difficulty. Regardless of what''s happened, the most important thing is to get in touch so we can come up with a plan to get you back on track. We''ll always treat your circumstances with sensitivity and care so please don''t be worried about getting in touch. Once you''ve reached out, we''ll talk through your circumstances and let you know the options we can consider to get you back on track and in control of your money. We''re committed to helping to get you back on track with your repayments, which is why we''ve worked hard to develop a hardship policy that lets us work together if you have trouble making repayments. No matter how much you owe, our hardship policy is available to every Knoma member. 

 

What do I do if the automatic payment fails?

We will send you an SMS and email letting you know an automatic payment has failed. We know how busy you are, so you always have until 11pm the next day to make a missed payment before you get any late fees.

If you''re worried you won''t be able to make a payment, get in touch and we''ll try and sort something out.

How do I apply to become a Knoma member?

 

  1. Choose the Pay with Knoma option at the checkout when paying for your course.
  2. Create an account with Knoma.
  3. Complete your purchase.
  4. Study period - time to upskill!
  5. Pay us back at your convenience (once a week, every two weeks, once a month)

What can I not use Knoma for?

Knoma is a FInTech built specifically for lifelong learning. Knoma can only be used at approved technology and coding schools.

Why do you need to perform an identity check on me?

Knoma conducts identity checks on all users to minimise our risk of fraud. The identity checks include the following: Know Your Customer (KYC) checks, Anti-Money Laundering (AML) checks, Counter Terrorist Financing (CTF) checks, Politically Exposed People (PEP) checks and other adverse checks.

onfido.com

Am I eligible to become a Knoma member?

To qualify as a Knoma member, you must:

  • Be at least 18 years old
  • Be a UK resident
  • Pass our credit checks
  • Be accepted on to an approved course at one of our partner institutions 

What is Open Banking?

Open Banking is the secure way to give providers (such as Knoma) access to your financial information.

Open Banking

What is the maximum repayment period available at Knoma?

Our maximum repayment period is 12 months.

Can I change my registered mobile number?

Yes, you can change your registered mobile by logging into your account and verifying the new mobile number on the User Dashboard. Simply input your new mobile number. You will receive an SMS text (almost instantly) with a unique code, please enter the code into the dashboard and your new mobile number will be updated in our systems.