Money in Advance
Good:
One of the cheaper payday lenders only charging £25 per every £100 borrowed
Bad:
Once you apply, they may never even contact you - poor customer service
Verdict:
They require everyone to send documents over to them which slows down the process - similar charges to other lenders - make sure you can make your repayments on time before applying to avoid huge charges
Money in Advance can lend between £80 and £1,000, £500 for new customers. The money is then repaid on your next payday. You can extend the length of the loan if you feel you are going to struggle to make the repayments, but you must make a minimum payment of interest only. If you do extend your loan, you will end up paying more back for the loan.
You can apply online or over the phone with Money in Advance. To apply online, you need to complete the application form on their website. Once you complete your application, you will need to send 2 recent bank statements, your last payslip, clear copies of both sides of your debit card, one form of photo ID and one proof of address (recent utility bills). You should then be given a preliminary decision within 4 hours. You will need to send photos of the front and back of your debit card also. These can be posted, faxed or emailed to them. Once your documents have been approved, the credit agreement will be sent to you. Sign it and send it back and the funds will be with you within 3 working days. There is a quicker payment option available for a small fee.
Not the quickest option available as the posting and faxing of forms can slow down the application process. The charge for this loan works out at around £25 per £100 borrowed per month so is not as expensive as some other payday lenders. A great thing they have implemented is if you are struggling to make a payment, you can change the repayment date and only pay the interest plus 10% of the outstanding balance on the original pay date. However, customers have reported on forums that customer service is not the best. Many people have said they are poor at contacting customers back and that they haven't heard back from the company after sending their documents in.
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Well an update. I applied for a loan from these people on 13th April. Didn't get a response so called them a few days later and was told someone would call me back. It is now the 7th May and I still haven't received any form of response from these people. So nearly a month has gone by and nobody has even had the courtesy to let me know if I've even been approved or not. Don't bother.
My experience with Money in Advance was great! I thought they were really professional, I had an email from someone the afternoon I applied and I had my money in a few days. Really straightforward process.
I applied for a loan from these people on 13th September. Didn't get a response so called them a few days later and was told someone would call me back. It is now the 6th October and I still haven't received any form of response from these people. So nearly a month has gone by and nobody has even had the courtesy to let me know if I've even been approved or not. Don't bother.
New customers up to £500 - 36 days
Existing customers up to £1,000 - 36 days
If you require the money faster, ask about quick transfer (fee applies)
- You must have a good credit history
- You must have a valid debit card
- You must live and work in the UK (must have been in your current job for 3 months)
- You must be 18 years of age or older to apply
- You need to have held a bank account for at least 3 months which your salary is paid directly into
- Reqs: You will need: Your most recent pay slip, 2 recent bank statements, clear copies of both sides of your debit card, 1 form of proof of address
