Littlewoods Personal Loans
Good:
Instant provisional decision given when you complete the online application
Bad:
If you miss a payment, the extra charges will mount up very quickly
Verdict:
Considering this loan requires you to have a good credit history, the interest is really high - best bet is to approach your primary bank if you know you have good credit they may be able to offer you a better rate
Littlewoods loans are provided by a company called Home Shopping Personal Finance so when the application form turns to HSPF don't worry, they are the people who give you your money. The personal loans they offer are between £1,000 and £4,999 for almost any purpose. Their typical APR is very high compared to other lenders. You can only apply if you have a good credit history.
You can apply online or over the phone with Littlewoods. It will take up to ten minutes online and at the end of the application they will give you a provisional decision. If accepted, they will send you an email explaining your provisional acceptance. They will then credit check you and review you application and they may ask you to provide other documents. Once all of this has been confirmed, your loan documents will be sent out for you to sign and send back to them. Once they receive this, your cheque will be sent out to you which can take up to 3 days to clear, or they will make a bank transfer which can take 3-5 working days to clear.
The reviews for Littlewoods are mixed for their personal loans. You cannot have late payments, CCJs or defaults on your credit file because they will not accept you. If you want a bit more freedom with repayments then talk to a lender that offers payment holidays. If you start to miss payments with them, or make late payments, their extra charges are extensive. You will receive your money by cheque, so this means you will have to wait for this to clear when you do eventually receive it. Their APR is really high, considering you have to have really good credit to apply, have a look around elsewhere to see if anyone can offer you a better rate.
Loan Calculator (Representative 29.9%APR)
Loan Amount £
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I was appalled at the lack of respect shown to me when I had applied for one of the Littlewoods loans. My wife and I have been using their catalogs for the longest time and felt that we have a good relationship with them. I also pride myself on my credit history and knowing that it was immaculate, I applied for a loan for a new car with them in the upper most confidence. I was disamyed to find I had been declined and hastily rang to find out why. Upon ringing them up, thinking there had been a misunderstanding I was greeted by a young lady who would not tell me what was wrong with my credit file, citing that it was against the law to do so. I could not understand why I had been refused and the young lady would not tell me why when I was pretty sure she was looking at my file as we spoke. Very disappointing.
I took a £7000 loan over 5 years. The repayments were affordable and they offered a payment break at the start of the loan which helped me sort my finances.
Loans up to £4,999 - 7 years
Bank transfer
BACS - 3-5 working days otherwise
- You must have been a UK resident for one year or longer
- You must have a good credit history
- You must have a bank account with direct debit facilities
- You must be employed full-time, part-time, self-employed or retired
- You must be 25 years of age or over to apply
- You must be earning at least £835 per month
- Returned cheque - £25.00
- Default letter - £30.00
- Default notice - £50.00
- Fee to receive your documents quicker by courier - £65.00
- Fee for the courier to arrive at a specific time - £10.00
- Address trace if you don't notify them of change - £60.00
- Collection phone call - £10.00
- Administration costs to involve collection agency - £50.00
