Frequently Asked Questions
Useful things to know before you apply
We find diverse types of loans, lenders who specialise in all credit histories
Please remember that late repayment may affect your credit rating
You should not use bad credit loans to manage existing debt
You are under no obligation to commit after we find a loan option
What are your criteria for loan applicants?
- are between the ages of 18 and 70
- are a UK resident
- hold a current UK bank account and debit card
- have a monthly net income of more than £700
- are employed or self-employed
You can apply for a loan if you are a UK resident who holds a current UK bank account and debit card. You must be between the ages of 18 and 70, in employment, with a monthly income of over £700.
What do I need to apply?
- mobile phone number
- email address
- home address
- employment history
- net monthly income
- bank details
You will need to supply your home address (usually for the last three years), employment history, mobile phone number, email address, wage details, your monthly outgoings and your bank account details.
What loans are available?
At Moolr, we find loans between £1000 and £5000, repayable over a 1-2 year period. Repayments would be on a fixed monthly schedule. We do not offer shorter-term loans.
How do I apply?
It couldn’t be simpler. The whole process can be done online in minutes – simply press the Apply Now in the top right hand corner of the page and fill in the application form. If accepted you’ll be re-directed to the website of the relevant lender and presented with the terms of your potential loan.
Do you administer the loans?
No, we are a licensed organisation that matches customer information, in our role as brokers, to a vast database of lenders. By maintaining solid relationships with lenders, and investing heavily in specialist systems, we are able to quickly and efficiently find a willing and appropriate lender for our customers, with no obligation to finalise the proposition.
Why can't I apply directly with a lender?
You can! However, with constant improvements and heavy investment into software, we are able to search over 50 lenders in just a couple of minutes. With willing lenders hard to come by, it would be extremely time-consuming to apply with each individual lender. What's more, once we find a lender offering your loan amount, we will automatically redirect you to the lender’s website, where you can check the loan details and the terms and conditions. You are under no obligation to proceed, so you have nothing to lose, and everything to gain, by partnering with Moolr.co.uk.
What’s an APR? And what is a representative APR?
APR stands for annual percentage rate – it represents the total amount of interest and other charges paid on a loan each year. A representative APR is the average or most popular percentage rate offered on loans – the representative rate quoted by Moolr is one that we expect the majority of customers to be charged (i.e. at least 51%). Not all customers receive the same APR, so the representative APR should be treated as a guide only. We offer 35.9%, 79.9%, and 99.9% APRS. The rate you receive will be based on the information you supply and your own personal circumstances.
Can I find out if I may be eligible for a loan without impacting my credit rating?
You can do a quick check to see if you meet all the criteria required for a successful loan application, but if you make a full application, a credit check will be necessary to ensure you are suitable for a loan.
Will I be required to supply extra paperwork if I require a loan?
It is possible that the lender that offers you a loan may require some extra details, but in most cases there is no need at all to supply any extra documentation.
If I have a less-than-perfect credit rating, is there any chance of me being accepted for a loan?
Yes there is. All circumstances are considered, and whilst a person with an excellent credit rating will naturally have a better chance of being accepted, different lenders have different criteria for assessing an application, so you have every chance of being accepted. As a broker who specialises in supplying loans for those that might struggle elsewhere, we are confident of finding a deal for you.
Do you charge a fee?
No! We invest heavily in lender relationships, and software improvements, in order to provide an unparalleled whole of market loan providing service. We are happy to confirm that we never do this by charging our customers, unlike many other companies. We receive a small commission from the individual lender for processing the application. This in no way affects the APR offered.
If I have a problem with my loan, who do I contact?
Once you are redirected to your willing lender, your relationship with us ends, and all correspondence should be carried out with your lender, as it is them supplying your finance. You should receive a welcome text and/or email once you've finalised your application with them.
We are here to help, so if you have any questions about our service, or general questions about loans, we are of course only too happy to help. Please send an email to [email protected]
Why do I have to provide my bank account details?
This is necessary so that the relevant lender knows where to deposit your funds and where to take payments from.
What should I do if I am struggling to make repayments?
We always recommend that you do not take out a loan unless you are highly confident of making all the repayments on time. However, we understand that occasionally people will struggle to meet repayment schedules.
If this happens, we recommend that you phone the lender who supplied your funds and discuss your options. It is possible that there may be extra fees for rescheduling the payments, but this is always a better option than ignoring the problem and hoping it goes away.
Can I improve my credit rating?
There are numerous ways to try and "fix" your credit rating. The most logical starting point is to obtain a free credit report – Experian, Callcredit and Equifax all do free trials where you can access your report.
Check it for mistakes and inform the credit agencies if you find anything you think shouldn’t be there.
Additionally there are other steps to take: if you’re not on the electoral roll, then get on it. Check addresses on older accounts if you have moved house in recent years, as you may not be getting bills and thus be paying them late. Cancel unused credit cards, do not make rapid applications as this will project an image of desperation to potential lenders, pay your bills on time, ensure you have a landline phone and try to avoid having financial ties with anyone with a mixed credit history. Finally, always stay within credit limits and always be truthful on applications, as otherwise you are putting your rating at risk and it could even be considered a fraudulent act.
How are payments collected?
The lender who provides your loan will set up a direct debit using the details provided on your application form.
If my loan application is accepted, can I change my mind?
Yes, of course. We always advise customers that when they are offered a loan they examine the terms and conditions fully before proceeding. If you are not happy with the offer, then you are under no obligation to proceed.
If I am approved for a loan, how soon will I receive the money?
This is not a question we can answer as it will depend on the individual lender that you take out the loan with, but most aim to get funds deposited within a couple of days. Generally, the lower the amount, the quicker it is deposited.
Will I be able to extend my loan?
Before applying for a loan, we strongly recommend that you make every calculation to ensure that you have the means to repay. Failure to do so can cause additional charges, and make your financial situation worse off.
If, however, you do need to extend your loan upon repayment of the original loan, you must contact your lender as soon as possible, to avoid unexpected fees. Please check the terms and conditions of your lender carefully.
Will my credit score be affected?
Whenever a financial agreement is not met, then a credit reference agency will usually be informed. This has negative implications on your credit rating. Likewise however, successful repayment can also be fed back to the credit reference agency, which will result in a positive impact on your credit report, and will help in rebuilding your credit rating. Each lender has a different policy on credit agencies, so please check the final terms and conditions carefully.
So what happens if I miss payments?
You must make every intention to meet your repayment, in full, and on time. Once you have accepted a lender's offer, your relationship ends with us. As such, you will be faced with your provider's terms and conditions, and related charges. To recover debt collection efforts, all lenders will have fees surrounding late payment, so please take the time to understand what these costs are, before accepting your proposal. It is for this reason that we implore all customers to check a contract before signing, so that they are confident in making their repayments.
If, having planned and budgeted carefully, you are unable to repay your loan on time, you must contact your lender directly, and immediately. It is easy to think that this will lead to more stress and financial difficulties, but you will normally find a sympathetic ear, and a repayment plan to suit your situation. Please note however, that this may incur additional interest, so please check carefully with your provider. Even though there may be extra fees, it is always better to contact your lender and try and resolve your difficulties rather than ignoring them and hoping they go away.
Where I can receive independent debt counselling advice?
If you need extra advice about your financial situation, we highly recommend the following options:
- Money Advice Hotline
- A government site that will provide free, impartial advice.
- Available Monday - Friday from 8:00am to 8:00pm and Saturday from 9:00am to 1:00pm.
- Telephone: 0300 500 5000 | www.moneyadviceservice.org.uk
- Step Change Debt Charity
- The helpline is available Monday - Friday from 8:00am to 8:00pm and Saturday from 9:00am to 4:00pm.
- Telephone: 0800 138 1111
- National Debt Line
- A national telephone helpline that also offers free and confidential advice.
- Available Monday-Friday 9am-9pm, Saturday 9:30am-1:00pm, closed Sunday.
- Telephone: 0808 808 4000 | www.nationaldebtline.co.uk
- Citizens Advice Bureau
- A network of local offices offering free, confidential, independent advice.
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