Frequent Questions

Can I apply for a loan?

Yes you can apply for a loan as long as you meet a few minimum requirements. These are that:

  • You are over 18 years of age.
  • You are a UK resident and eligible to work.
  • You are employed and receive a regular income.
  • You have a UK bank account that accepts direct debits.
How much am I able to borrow?

You can apply to borrow between £100 and £2,000 with a short term loan and with an instalment loan you can borrow between £500 and £25,000.

You should only borrow as much as you really need to minimise the amount of money that you have to repay.

All loans are subject to lender's requirements and approval.

How much will it cost?

Short term loans

The maximum charge for short term loans is limited to a maximum charge of 0.8% per day by the Financial Conduct Authority (FCA).

The typical representative APR is 305.9% (variable) – Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% pa (variable).

Instalment loans

Representative APR 33.6% (variable) Representative example: £2200 borrowed for 36 Months. Total Amount Repayable is £4172.37. Interest Charged is £1972.37, Interest Rate 29.9% pa (Variable).

How long can I borrow money for?

With a short term loan you can borrow money for anything up to 12 months. Instalment loans have longer repayment terms available.

Does it cost money to apply for a loan?

We don’t charge anything and Monevo's loan finding service is completely free to use. If a lender asks you to pay a charge to process your application we recommend that you do not proceed because a loan offer can not be guaranteed.

What should I do if I cannot pay back my loan on time?

If you cannot afford to meet your loan repayments on time it is very important that you speak directly to your lender as soon as you can. In the UK lenders are required by law to support you and try to find a solution that works with you to help you repay your loan while minimising extra costs.

Are you a direct lender?

No, is not a direct lender. We introduce you to Monevo’s lender panel. We do not charge you for using our service. Our service enables your application to be seen by multiple lenders, meaning that you have a better chance of being approved.

Warning: Late repayment can cause you serious money problems. For help, go to Representative 767.9% APR. Representative example: £500 borrowed for 5 months. Total amount repayable is £940.74 in 5 monthly instalments of £188.15. Interest charged is £440.74, interest rate 211.6% pa (variable).