Handling Enquiries About Knoma
The most important thing to remember about handling enquiries about Knoma is that as Knoma is a financial product, you should not give advice or make a recommendation.
If you are unsure of how to respond to a query, please suggest that your potential learner contacts us by...
Enquiring at https://www.knoma.io/contact
Or via our webchat feature at knoma.io
Support@knoma.io
Common questions for admissions teams
Am I eligible?
To be eligible to use Knoma, applicants must...
Be a UK resident
Be 18+ years old
Have a UK bank account
All loans are subject to a credit check and an affordability check.
We suggest that applicants check their eligibility using our free eligibility checker before applying if they are unsure.
When should I apply to get funded by Knoma?
If your course has no prior application process/pre-requisites, learners should apply via the Pay With Knoma option on your website. You can either choose to sign them up directly using data from our Partner Portal, or ask applicants to sign up through your own system.
If your course does have an application process, ask learners to apply for finance through Knoma after they have been offered a place on your course.
We suggest that applicants check their eligibility using our free eligibility checker before applying if they are unsure.
What does it cost for learners to use Knoma?
Knoma does not charge interest.
The only possible fee that learners could be charged is the late payment fee, which only applies if a learner misses a payment.
It is important that applicants understand that we offer a loan. We report to credit bureaus, which means that late payments may result in fees and could negatively impact their credit file.
Can my parent/guardian/spouse apply to Knoma on my behalf?
Yes! It is possible for parents, guardians or spouses to apply on the learners' behalf. It will be their responsibility to pay the debt.
Is Knoma performing a credit check on applicants?
Yes, Knoma is performing a soft credit check when learners apply to get funded through us. We partner with Equifax to perform the necessary credit checks.
Knoma only performs a soft credit check at the point of application which will not impact their credit history. Their application and loan are added to their credit report once we have funded their loan.
Direct learners' queries to us if they have questions about this.
How long does it take to apply via Knoma?
It takes most people a couple of minutes to apply. Some people will get an instant decision. Knoma aims to make a decision within 60 minutes during our normal working hours.
We suggest that applicants check their eligibility using our free eligibility checker before applying if they are unsure.
Why am I being asked to link my bank account?
Knoma may ask a customer to link their bank account, via Open Banking, so we can determine if a loan would be affordable. This is part of our core mission to provide ethical finance as well as a regulatory requirement.
Open Banking is a free and secure way for customers to easily share their banking transaction information with parties they trust. Open banking uses rigorously tested software and security systems. Users will never be asked to give access to their bank login details or password to anyone other than their own bank or building society. They're also protected by data protection laws and the Financial Ombudsman Service. Open Banking was written into UK law as part of the 2017 Payment Services Regulations. Open Banking is fully regulated so can only be provided by companies that meet Financial Conduct Authority (FCA) standards (or EU equivalence). Customers can learn more about Open Banking here
We are more than happy to discuss Open Banking with your applicants and potential students. Just get in touch.
For our full FAQs for students, click here:
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