Loans by Mal

Name: Loans by Mal
Brand: Monthly Advance Loans Limited
SKU: 912359
Rating: 4.8 (803 reviews)

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49.8% Representative

Will lend between: £1,000 - £5,000

Over: 9 - 24 Months

Representative example: If you borrow £2200 over 24 months at a Representative rate of 49.8% APR and an annual interest rate of 27.9% (fixed) you would pay 24 monthly repayments of £142.82. The total charge for credit will be £1,227.68 and the total amount payable will be £3427.98.

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01202122699

enquiries@loansbymal.co.uk

loansbymal.co.uk

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Loans by Mal customer reviews.

4.8 out of 5 stars

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Our review of Loans by Mal

Loans by Mal are a relatively new lender to enter the market. As a consumer, this means you can benefit from the latest technology and a slick, 100% online, application process. Forget about having to send in all your old bank statements, Loans by Mal utlise open banking technology to access this information, meaning you can get an instant, personalised decision without all the back and forth.

Where Loans by Mal noticeable differ from other lenders is that they will only lend up to the equivalent of 1.5 times a month's income. This makes the whole experience very personal and more importantly affordable based on your unique situation. This could be especially beneficial if you manage credit well but have found yourself in a sticky situation.

If you are looking for a small loan then Loans by Mal should be a contender.

Written by: Mark

Highlights

No admin fees
Borrow up to 1.5* monthly regular income
If approved funds can be in your account with 24hours
Early repayment available by logging into your account

Minimum criteria

Must live and work in UK
Must be over 25
You can apply with a CCJ but will impact your chances of acceptance
If you're retired you must have a pension or earn over £16,000 per year

Fees

Maximum APR 49.8%
Arrangement fee: £0
Early repayment fee: £0
Late payment fee: £12

About Loans by Mal

Loans by Mal was created to provide affordable loans to individuals in the UK. They are regulated by the UK's Financial Conduct Authority as a consumer credit business and are built around an ethos of strong customer service and quick decisions.

Loans by Mal utilise the latest technology to deliver rapid online decisions to their applicants for unsecured loans up to the value of 1.5 times a month's income. This calculation takes into account income from any source, not just your salary. When applying for a loan you can choose to repay over 9,12 or 18 months.

Loans range from 24.3% to 92% APR. If approved the amount you'll be offered will be based on your credit history. Loans by Mal don't charge any fees, you can settle your loan whenever you want and you will only pay interest for the time you have the loan.