Get My Loans is a credit broker facilitating the provision of instalment loans in the UK. The broker allows borrowers to take out loans between the amounts of £100-£3,500 with a loan term spanning over 2-24 months. The company behind Get My Loans is called User Gain International Limited, although the latter is also an Introducer Appointed Representative for another credit broker called Nouveau Finance Limited. All the services offered by Get My Loans are authorised and regulated by the Financial Conduct Authority.
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Get My Loans offers only instalment loans.
Instalment loans are loans that need to be repaid over a series of instalments. These loans can be both unsecured and secured, although Get My Loans offers unsecured instalment loans. Instalment loans are usually a preferred choice of credit by those looking for fast access to funds. Also, those with a poor credit history or a non-existent credit record also find instalment loans to be the only viable option for medium to long-term credit financing.
Instalment loans should not be confused with short term loans, although they share a similar operating mechanism. A major difference between the two is that instalment loans have a longer loan term compared to short-term loans.
For repayment, lenders usually require borrowers to allow it a Continuous Payment Authority, which is a permission given to lenders to automatically deduct a due loan payment from the borrower’s bank debit card. Some lenders also allow borrowers to repay their loans earlier than the stipulated due date.
Some lenders are also willing to offer larger loans to customers that have successfully taken and fully repaid a loan with them in the past. However, it may not be possible for borrowers to know whether these lenders are in the Get My Loans pool. But other lenders may also consider this credit behavior and allow applicants to borrow higher amounts.
Each lender has its own unique eligibility criteria that may need to be fulfilled before a loan application is accepted. However, Get My Loans does state a general criteria that applicants should meet before applying for a loan through the broker. According to this criteria, applicants must:
Borrowers can look forward to the following pros & cons when applying for a loan with Get My Loans:
According to the broker’s website, once a loan has been approved by a lender, the loan amount usually reaches the borrower’s designated bank account in around ten minutes. However, this process may take longer depending upon several factors, such as the time of day when a loan is approved, the time it takes the lender to disburse the loan amount, and the processing time taken by the bank to clear the transfer.
After a loan application has been filed, Get My Loans requests loan quotations from the lenders in its pool and presents it to the applicant for consideration. It is up to the applicant to either accept or reject the loan offer. A rejection does not have any impact on an applicant’s ability to borrow through the broker in the future.
Since the application form to apply for an instalment loan through Get My Loans is available online, applicants can submit an application at any time of the day, any day of the week.
Details about the lenders that are in the Get My Loans are not available on the broker’s website. For some borrowers, it is important to know the lenders that would be receiving their loan application, as every lender has a different criteria and lending requirements, and knowing these beforehand may help borrowers make a more informed borrowing decision.
The representative APR for loans taken out through Get My Loans is 97%.
For example, if an amount of £1,000 is borrowed over a span of 24 months, the borrower would have to repay a total of £1,859.52.
According to the broker, there are no hidden charges associated with its services. The entire cost of the loan to the borrower is contained in the APR quoted in the loan agreement. The minimum APR that is charged by some lenders on loans taken out through Get My Loans is 45.3%, while the maximum is 1,575%.
Although every lender on the Get My Loans pool has a different requirement for information that is needed during the application process, but the broker recommends applicants to have the following information on hand when applying through the Get My Loans platform:
The following steps need to be followed to apply for a loan with Get My Loans.
Filing an application with Get My Loans for a loan is synonymous with requesting a quote from its pool of lenders. To request an offer, applicants need to go on the broker’s website at www.getmyloans.co.uk and on the homepage, as shown below, click on the Get My Offer button.
The page that appears afterwards displays a step-by-step form which requires applicants to input their personal information. Applicants first need to select the amount they wish to borrow.
The amount can be selected between £50-£3,500. After making the selection, the form moves ahead and, in subsequent sections, requests applicants to select the loan purpose, the loan period, and provide some biodata including full name, date of birth, marital status, and number of dependent children. After the entire form has been filled and submitted, which should only take a few minutes, a decision about the loan approval is immediately communicated to the applicant.
Once a loan offer has been received, applicants are expected to carefully evaluate it to ensure they are comfortable with all the terms and conditions as stipulated. The important pieces of information that applicants must pry are the applicable APR on the loan, the total cost of the loan, the dates when repayments would become due, and whether the lender will levy any additional charges on the loan.
After a thorough evaluation of the loan agreement, applicants would need to electronically sign the agreement and send it back to the lender so the latter may disburse the loan amount. As previously stated, there are many factors that determine the time it would take funds to deposit into the borrower’s bank account, however it may take only 15 minutes after approval.
Yes, borrowers have the legal right to withdraw from any loan obligation within 14 days after they sign the loan agreement. If borrowers do exercise this option, they must return the borrowed funds, if received, to the lender, with any interest that may have accrued on this amount. To initiation the withdrawal process, borrowers need to contact the lender directly on the number provided on its website.
Borrowers may seek funds between £100-£3,500. However the actual amount that is approved by the lender depends upon various factors, such as the borrower’s ability to repay the loan, and credit rating. It is entirely possible for borrowers to be approved for a loan that is of a smaller amount than what they applied for.
Possibly. Get My Loans has a loan approval mechanism that does not require borrowers to have a great credit history. Rather, borrowers simply need to have evidence that they enjoy a constant stream of regular income that has remained stable for quite some time, and also that they have been living for quite some time at their current residential address. If a borrower is able to prove that their current financial and living situation is stable, then a lender in the pool of Get My Loans is very likely to approve a loan for them even if they have a poor credit history.
Although every loan must be repaid on time otherwise a borrower’s credit rating gets negatively impacted by the missed payment deadline, but in the case of instalment loans or short-term loans, which are often given to borrowers with a bad credit score, missing a due repayment is especially risky. This is because such borrowers already have very limited options when it comes to borrowing funds, and if they miss due payment for an instalment loan as well, they severely jeopardize the possibility of securing any other loan for themselves for quite some time. This can place such borrowers in a very risky spot in case they encounter any unexpected life event that requires them to borrow emergency funds.
If a loan has been taken out through Get My Loans, the loan obligation of the borrower to the lender and not to Get My Loans itself. Hence, defaulting on a loan may result in the lender charging a penalty fee on top of the outstanding loan balance, plus any accrued interest that has accumulated over time. Also, the lender would likely report the default to credit reference agencies, which may reduce the credit rating of the borrower and prevent them from applying to any other loans for a significant period of time.
You may be convinced to opt for the services being provided by Get My Loans, but there is no harm in researching the market and looking at alternative options. There are many other brokers offering similar services in the UK, and they may have rates or other features that are more suitable to your individual needs. The following table highlights a couple of lenders/brokers that you can check out. These have also been reviewed and rated by Credit Raters.
|Cash Flex (Short-term loan Broker)||Cash Flex is a short-term credit broker operating in the UK, connecting borrowers with lenders to help them secure loans of amounts between £100-£5,000. Loan terms from 3-36 months are available, depending upon the loan amount. The service charges a 49.9% representative APR.|
|Swift Money (broker)||Swift Money is a loan broker facilitating the provision of loans between the amounts of £100-£3,500 for a loan term of 1-24 months. Loans sought through Swift Money have a representative 815.74% APR.|
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