Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable).
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What to expect when getting a loan with Loanly
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Simply decide how much you want to apply for and fill in the short online form. We'll search for a lender for you, and if approved, a loan agreement will be sent to you online. In some cases, your lender may need some verification of details such as employer or salary, but these can usually be sent online. If you agree to the lender's offer, the money will be transferred to your account, often on the same day. Once you get paid, you repay the loan and interest.
The exact amount you can borrow depends on your personal circumstances and can differ by lender but loans are generally from £100 to £10,000.
Restrictions as to what you can use your loan for may vary by lender.
Once accepted, the money could be sent to your bank account in minutes, however some lenders may include an extra charge for this service. Most loans are paid into your account on the same day and without any transaction charges. The time that it takes for the cash to be received in your account will depend on your bank’s policies and procedures.
If you are over 18, receiving a regular income of £750 or more per month in full time employment, or £250 or more in part time employment, you are likely to meet the basic criteria. You will need a bank account with a valid debit card, be a UK resident and the lender must be able to prove your identity.
We would not recommend you doing so. Lenders will require that you pay off your existing loan before approving you for a new loan. You should only borrow what you can afford to pay back on your next pay date to avoid further interest and charges and to avoid damaging your credit rating.
We will carry out a soft search on your credit file to match you with the most suitable lender(s) or broker(s) on our panel, and they may also carry out a soft search to assess your eligibility for the product you are applying for. These searches will only be visible to you and they will not affect your credit rating.
We work with a vast range of lenders to enable customers with all range of circumstances to be able to find a loan, so our APRs have a large range - our prime lenders offers very low APRs from 9.3% APR and other lenders offer loans over shorter periods to our customers with bad credit ratings, which represent the upper end of our scale as the APRs are generally higher on these products.
Terms and conditions vary, however when you will be required to repay your loan will depend on which product you apply for. Full details of when your repayments will start, how often and when repayments will need to be made, the term and for how long the repayments need to be made will be explained on the loan agreement provided to you.
The payment is taken automatically using the debit card details you provided so it is essential that you have the required funds available to avoid further interest or late payment charges.
Some lenders use CPA (continuous payment authority) to retrieve payment. This means that you authorise the lender to withdraw the funds from your bank account. They can also make multiple attempts to withdraw the money if it is not available. If you want to cancel your CPA, you can do this by contacting the lender or by contacting your bank and requesting a cancellation.
It is a requirement that applicants have a debit card.
It is important that before applying for any type of credit you have made sure that you are able to make the repayments on the agreed date. If your circumstances change and you think you may be unable to repay the loan, it is important to speak to the lender straight away so they can discuss the ways in which they can help. If you are experiencing financial problems and have mounting debts, we would strongly advise you not to take additional loans from any credit providers and speak to somebody about your situation straight away. You can get free advice and support from a number of places, including Step Change Debt Charity, Citizens Advice Bureau & The National Debt Helpline.
Loanly does not charge anything for using its service, however if you decide to go ahead and choose a Loan through Loanly, then your Lender may pay Loanly a commission.