Safeloans Ltd
Good:
Money is transferred very quickly if your bank has Faster Transfer
Bad:
If you make late payments or miss payments, huge charges will be added onto your loan
Verdict:
Your experience could go either way with Safeloans, we've had customers stating they applied and never heard back from them and we've had reviews with really happy customers with a smooth application and quick payout
Safeloans Ltd offers loans between £50 and £400, for up to four months. Safeloans are unique because you only pay interest for the period of time you borrow the money. If you pay your loan off early, you could save money. Because you only pay interest for the period of time you borrow the money for, this makes it a cheap loan option.
You can apply online or over the phone with Safeloans. When applying online, you will need to complete the initial application form. They then assess your application and contact you within 3 working hours to let you know whether you have been approved or not. If approved, an email will be sent to you to confirm the loan amount and the amount you will be repaying. You will then have to go back to go back to the website and complete another form with a few extra details. You will need to provide details such as your National insurance number. Once received by Safeloans, they will send your loan agreement to you. Once signed and sent back, Safeloans will release the funds for you as per your payment option.
Their charge for credit works out at around £30 per £100 borrowed a month. One of the more expensive options available if you have it for a whole month, but the quicker you pay it back the cheaper it is. You must make sure you can pay the loan back when you say you can otherwise extra charges will be added onto your loan. The application process can be long winded as there are various emails you with have to send and receive. You will be credit checked so do not apply if you have made late payments, have CCJs, defaults or any negative marks on your credit file.
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really fast to send the money, quick application. when i had a finance problem they let me set up a payment arrangement, which i paid off after 3 weeks. the best company i have used. nothing negative to say at all!
I have only recently started using safe loans and although a few teething issues, I have nothing negative to stay. The customer service staff are excellant and very polite. Of course the APR is high, but then this is what is expected for a short term quick lender.
I had a loan with these guys then became ill and could not pay (as was not getting paid anything by work since contactor) they keep adding more, 150 borrowed they now want 383 and have taken me to court for it, Safeloans, I will see you in court (if you bother travelling up) You will never see a penny from me you scum.
I had a loan from safe loans and became very ill not long after taking it out. They were superb, very understanding and didnt charge me any extortionate interest and kept the interest frozen. Other companies were sadly not as understanding.
Never got back to me? I guess declined.
Used them three times. Each time very quick service, turn around within a day of applying. Might lend you more than you asked for but I would recommend them. Like other Payday lenders make sure you can pay it back quickly otherwise the APR rate is high.
I applied on-line and they never got back to me!? I guess my application was declined with them. However I found it not very professional to not let me know the outcome.
I have used these twice now, have been turned down by other lenders. Admittedly they have lent me less than I asked for but the money is transferred v quickly, no problems with repayment and the customer service is excellent would highly recommend them.
Existing customers up to £400 - 4 months
2 working days otherwise
- You must have a debit card linked to your bank account that your wages are paid into
- You must have a good credit history
- You must be 18 years of age or older to apply
- You must be a UK resident
- You must have an active email address and mobile phone number
- If you are not a homeowner, you must have 2 years address history and be on the electoral roll
- You must be able to repay the loan on the date agreed
- You need to be employed earning £800 per month with your salary paid directly into your bank account
- None - customer will need to pay the loan including the interest that have incurred so far and the interest incurred on the day they pay the loan off
- There are no late payment fees - the interest will accrue until day 64 when the account will be frozen
