PropelPay FAQs | Propel Finance

What is PropelPay?

PropelPay helps businesses get the equipment they need without paying the full cost upfront. Eligible customers can choose a finance option at checkout instead of buying outright and receive a fast decision, with the whole process typically completed in just minutes. See more here: www.propelpay.co.uk

PropelPay is provided by Propel Finance PLC – one of the UK’s leading asset finance providers. With over 30 years of experience and more than 65,000 businesses supported, Propel was recognised for the Fastest Growth of an Asset Finance Lender 2022-2025.

Understanding PropelPay

How does PropelPay work?

1. Choose your equipment

Browse and select the equipment your business needs.

2. Select “PropelPay” at checkout

If your basket qualifies, you’ll see this as a payment option.

3. Pick your payment term

Choose a payment term that suits your business and spread the cost of your equipment over 1 to 4 years (depending on the type of equipment).

4. Complete a quick & simple application

Provide basic business information and details of a Director or LLP Member authorised to sign the finance agreement for verification and eligibility checks. The Director or LLP Member will need a valid passport, driving licence or EU ID card.

Most applications up to £50,000 are approved in minutes. Applications above this value may take a little longer, and we’ll keep you informed throughout.

5. Sign & receive your equipment

If your application is successful, the Director or LLP Member will receive the finance agreement by email to review and sign electronically. Your order is then processed, and monthly payments begin one month after your finance agreement is activated. You will receive a Welcome Pack once your finance agreement is activated, confirming the date of activation. Please note, you will be required to pay a deposit if applying for Hire Purchase Finance.

Who is eligible for PropelPay?

UK businesses that have a legal status as a Limited, PLC, or LLP company. To qualify, your business must:

Be registered in the UK
Have a UK bank account or building society account with Direct Debit facility
Have a registered Director or LLP Member (registered at Companies House) who can sign the agreement and provide valid ID (passport, driving licence, or EU ID card)

How much can a customer finance via PropelPay?

The finance limit on PropelPay varies, depending on factors such as the cost and type of equipment being financed and your business’s individual circumstances.

How long does the application process take?  

Most decisions are made within minutes. If we need more information, we will get in touch and let you know the next steps.

What are the benefits of using PropelPay?  

PropelPay enables businesses to access the equipment they need in an affordable and manageable way. There’s no need for a large upfront payment to access equipment, easing cash flow and enabling businesses to immediately acquire equipment that they may not have been able to purchase outright due to budget constraints.

Fixed interest rates and fixed payments make budgeting straightforward, and payment terms can be tailored to suit cashflow.

Click Here to learn more about PropelPay

Finance Products

What type of finance does PropelPay offer?

PropelPay offers two types of business finance:

Hire Purchase

Finance Lease

Both allow you to spread the cost of equipment over time, but they differ in ownership, VAT treatment and end of term-options.

What is Hire Purchase?

Hire Purchase allows your business to buy equipment over a fixed period without paying the full cost upfront.

A deposit is required (typically equivalent to the VAT)
The remaining balance plus interest is paid in fixed monthly instalments
At the end of the agreement, you can own the equipment by paying an option-to-purchase fee

Find out more about Hire Purchase on our website and in our Terms of Business.

What is a Finance Lease?

The Finance Lease available via PropelPay lets your business use equipment without paying the full cost upfront.

You pay fixed monthly amounts, including interest and VAT, over an agreed period.
When all payments have been made, you can:
- Request to buy the equipment (price determined by Propel); or
- Return the equipment; or
- Continue to lease the equipment from Propel at the same monthly cost.

Find out more about Finance Lease on our website and in our Terms of Business.

Will I own the equipment?  

Not during the term of the finance agreement. During this time, the equipment is owned by Propel and leased or hired to you by Propel. Propel is the finance ‘lender’. At the end of the agreement:

Hire Purchase – You may own the equipment after paying the option-to-purchase fee
Finance Lease – You may:
- Request to buy the equipment (price determined by Propel); or
- Return the equipment; or
- Continue to lease the equipment from Propel at the same monthly cost.

Applying for Finance

What happens after the finance application is approved?

Once the application is approved, the Director or LLP Member will receive the finance agreement by email to review and sign electronically. After signing, you will need to return to the application and complete the remaining steps.

Please note, you may be directed back to the merchant website to confirm your order before it can be processed.

Monthly payments will begin one month after your finance agreement is activated.

What if my application isn’t approved?

Sometimes Propel is unable to approve an application. This might happen if the application doesn’t meet Propel’s lending and eligibility requirements, for example, if Propel determines the payment wouldn’t fit comfortably within your budget, or if your credit profile doesn’t align with Propel’s criteria.

Sadly, Propel is not able to supply you with a reason for a decline. But don’t worry – you can still complete your purchase using another payment method on the merchant’s website.

If you are concerned about your credit standing, you can access this information from a credit reference agency.

Can I have a different payment option (e.g term, payment frequency) to the ones presented to me on screen? 

No, unfortunately the only available payment options are those offered to you during the application process.

I am not a Director or LLP Member, but I am an authorised signatory for the company. Can I sign the agreement?

Only a registered Director or LLP Member can sign the finance agreement. You can pause the application while you contact them and arrange for them to sign. Once they have signed, you’ll get an email with a link to resume the application when you are ready.

Who is the ‘Applicant’? Is that the Director/LLP Member or someone else within our company? 

The Applicant is the person placing the order online and applying for finance via Propel. A registered Director or LLP Member will still need to sign the finance agreement. The Applicant and Director/LLP Member can be the same or different people.

I don’t have the company’s bank details to hand. Can the Director/ LLP Member enter them when they sign the agreement? 

No, your company bank details are needed as part of the application process. If you do not have the company bank details, you can pause the application process and resume later via a link that will be emailed to you.

What happens if I need to pause my application? 

You can pause your application by pressing the ‘Pause’ button. You’ll get an email confirming that your application has been paused and providing a link to resume the application later. The email will also let you know how long the application will remain active. If you do not resume the application in time, the information already provided will be deleted and you’ll need to go back to the merchant’s website and start the process again.

As the Applicant, how will I know that the Director/ LLP Member has signed the finance agreement? 

You will receive an email confirming the finance agreement has been signed with details of next steps.

I haven’t received the finance agreement to sign.

Check your email junk or spam folder first. If it’s not there, please contact the Propel Support Team on 0161 841 2300 or email [email protected]. If your email address was entered incorrectly, the application will need to be restarted.

Deliveries, Returns & Equipment Use

I want to return equipment. What should I do? 

Please contact the merchant first to confirm they’ll accept the return in line with their returns policy. If the merchant accepts the return and you have no additional equipment under the finance agreement, they will tell Propel and your finance agreement will be cancelled.

If you have remaining equipment, you will need to sign a new finance agreement. It is important to make sure this is signed so Propel can adjust your payments correctly. If you do not sign the new agreement promptly, you may be charged for equipment that you have returned. The new finance agreement will need to be signed by the same signing Director or LLP Member.

What if I have a problem with the equipment financed under this agreement?

Please contact the merchant you bought the equipment from. They’ll handle any equipment issues. If you need to speak to someone about your finance agreement, please get in touch with Propel.

Managing Your Agreement

How do I manage my PropelPay agreement?

For any queries about your finance agreement, please contact Propel Finance's Support Team on 0161 841 2300, email [email protected] or use the Propel Customer Portal.

Am I responsible for insuring and maintaining the equipment?

Yes, it is your responsibility to keep the equipment insured and in good condition. You may need to replace lost or stolen equipment.

Can I keep the equipment and settle my finance early?

You do not have an automatic right to settle your finance agreement early but we are happy to chat if your plans change and you want to explore this option. If we agree, you will need to pay the remaining balance on your finance agreement.

For early settlement requests, please contact the Propel Support Team on 0161 841 2300, email [email protected] or submit a request via the Propel Customer Portal. Once we have received your request, we’ll follow up with next steps.

I’m struggling to afford my monthly payments. What can I do?

Please get in touch with the Propel Support Team on 0161 841 2300 as soon as possible. We can discuss options to help you. For further information, click here.

How can I change my details?

Contact the Propel Support Team on 0161 841 2300, email [email protected] or submit a request via the Propel Customer Portal. Once we receive your request, we’ll follow up with next steps.

What is the Customer Portal?

In the Customer Portal, you can view your finance agreement(s), check on the status of your application(s), request changes to your customer account, and chat with our Customer Service Team. It’s your go-to place for managing your account.