We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker, not a lender. OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly.
Wednesday 31st of January 2018
Over the last decade, 'pay day loans' have become a popular option for many people who are looking for cash quickly. When you apply at Oink Money, we firstly consider the type of lending you're looking for. Our service, in conjunction with Monevo's, then connects you with the most suitable loan product for your personal circumstances.
They're typically taken out for smaller amounts of money and are intended to be repaid over a short period of time - hence the name. An example applicant may be someone who has an encountered an unexpected expense a week before their next wage is due. This expense can arise in a number of circumstances for example car repairs or an emergency call out for a plumber to fix a burst pipe. Loan periods can last from just a few days up to a couple of months. The short term nature of payday loans is what separates this option from their more traditional predecessors, which are larger sums taken out over a longer period of time. Customers are usually able to borrow small amounts which can easily be repaid at the time they receive their next wage payment, however there may be some restriction on the size of the loan for first time applicants or those with poor credit.
There are no specific loans tailored to students, the unemployed or people on benefits, however you may still be accepted by a lender as long as you're in receipt of an income and have the means to meet your repayments. Even applicants with poor credit are able to apply and may be accepted, especially with the use of a 'guarantor' - typically a family or friend who can 'vouch' for their ability to repay. Individual lenders will have their own requirements and eligibility criteria and you may be able to check this with them directly.
Although pay day loans are a great option for many customers they have received some criticism in the media. They can be expensive – but usually more so if they are not paid on time. If the loan is paid on time then it is sometimes no more expensive than many of the other traditional alternatives. It is important to shop around to ensure that you find a lender who is able to match your particular requirements. Consider how much money you wish to borrow and over what period of time you feel that you can repay the loan comfortably. It is always helpful to review your monthly income and outgoings such as household bills and other credit commitments. Calculate what your repayments would be and whether your budget will allow you to make sure that the loan is paid off in time.
Worried you may not be accepted? Whether you want to borrow £500, £1,000 or just £100 you can apply quickly and easily on our website for an instant decision on your short term borrowing needs. Oink Money work together with Monevo to match you with a short-term lender based on your personal circumstances and likelihood of acceptance. It's free to apply, there's no obligation to accept, and there are no credit checks until you're satisfied with the terms. It is important to remember not to feel pressured to committing to a loan if you feel that the terms do not meet your specific requirements.
When researching pay day loans, encountering interest rates in excess of 1000% can be jaw dropping. It is important to remember that although the quoted figures seem high, the way an APR is calculated is not designed for lending over shorter periods. Reducing the period of time the loan is repaid rapidly increases the quoted APR. The disproportionately high quoted APR rates can make it difficult to compare pay day loans to more traditional alternatives. Wherever possible it is better compare the 'total amount repayable' figure quoted by lenders.
A typical repayment period for this type of borrowing is one month. After this period of time you will be expected to pay back the original amount plus any additional interest. When you agree to a loan you are also agreeing to allow the lender to recoup monies owed from your bank account. This agreement is known as a Continuous Payment Authority (CPA). If there are not enough funds available in your account to repay the loan on the agreed payment date you will incur late repayment charges. If you are experiencing difficulties repaying your loan your lender may offer you a longer repayment period. This is often in the form of a new agreement which may have higher interest charges or additional fees.
It is important when applying for any finance to check the terms and conditions. Although it can be tempting to avidly click through the small print to secure your loan you should not skip this important step. You may come across conditions such as higher interest penalties for late repayments or a negative impact on your credit score. You should always seek clarity from the lender on terms which you find confusing to avoid any unwanted consequences along the line. The Financial Conduct Authority (FCA) are the UK based conduct regulator for financial services and financial markets. The FCA are responsible for issuing lenders an authorisation number which is required by lenders to offer loans to UK clients. In April 2014 there was a significant change in UK legislation to ensure that firms only lend to customers who can afford their terms and to increase awareness of cost and risk of borrowing irresponsibly.
As we are an introducer appointed representative and not a lender, we do not offer any loan products directly. Many of the direct lenders on Monevo's panel offer an alternative to payday loans in the form of 'Short Term Borrowing' which is similar in nature - designed to be repaid over a short amount of time, however the interest rate is sometimes lower. You can apply with no credit check and no guarantor however you may be asked for these prior to any funds being deposited into your account.
Other alternatives to pay day loans are available for example using an overdraft facility. It may be possible to secure an authorised overdraft facility from your bank. Authorised overdrafts can also be a fairly expensive option if interest rates are higher or if you exceed the overdraft limit in which case you may incur bank charges. An interest free credit card is another possibility but may not be an option for everyone. For applicants with a poor credit score (previous defaults, history of bankruptcy etc.) a pay day loan for bad credit can sometimes be a more accessible route to securing finance.
Customers who are able to budget well and make their repayments on time may find short term or payday loans a very convenient option. They can provide a quick source of cash when unexpected expenses arise. If you are considering applying as a solution to your money worries then ensure you research the options available to you well. Remember to only borrow what you can realistically afford to repay and check that any loan which you have applied for has been authorised by the FCA. If you do encounter financial difficulties consider contacting The Money Advice Service. Citizen's advice also offer impartial advice for payday loan UK applicants.
OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly. We do not make short term loan or credit decisions.
We do not charge any fees. If you are contacted by anyone saying they are calling from Oink Money requesting you make them a payment, you should report this to www.actionfraud.police.uk immediately. We will never contact you asking for a payment.
*The loan amount and interest rate you are offered are subject to lenders requirements and approval. If accepted by a lender, a full credit check will be carried out. If Monevo are unable to find you a loan, they may offer you an alternative product. The time it takes for the funds to appear in your account may take longer, and will depend on your bank and the lender's own policies and procedures.