Am I Eligible?
In order to give yourself the best chance of being accepted for a loan through Moolr, you must:
BE OVER 18
Am i eligible? Age restrictions on lending largely comes down to repayments and laws surrounding actions available to minors. Should a loan not be repaid, the eventual route is to seek legal action against the person borrowing the money. This is not legally possible in the event that the person is a minor.
BE A UK RESIDENT
You must reside in the country you are borrowing from. This is because of local laws and restrictions, and again, largely comes down to protecting the lender in the event of non-payment. Accessibility to the borrower must be easy and legal, and living abroad would go against this.
BE EMPLOYED OR HAVE REGULAR INCOME
You do not necessarily have to employed to obtain a loan, but rather have an income. This could be in the form of disability benefits or pension income. This is essential, as obviously without some form of income, you would not be able to repay your loan. We work with specialist bad credit loan lenders.
HAVE AN INCOME PAID DIRECTLY INTO YOUR ACCOUNT
The income you receive should be transferred directly into your bank account. This gives the loan provider the comfort that there will be money available for repayments each month. It also shows stability and accountability to the lender.
HAVE A BANK ACCOUNT WITH A DEBIT CARD
A debit card is used simply as proof of identity, but also shows that there is means to remove funds from your bank account. This is important for tracability of a customer, and to show the loan provider that repayment can be made.
Representative 96.2% APR. Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable). Rates from 45.3% APR to 1721% APR - we provide a no obligation quote, your APR will be based on your personal circumstances.