People who need cash very quickly may be very interested in short-term loans from some companies, like Moolr Loans. But before you start, it is very important to think about Moolr Loans reviews, some pros and cons and some alternatives.
| Feature | Details |
|---|---|
| Loan Amount | £500 – £5,000 |
| Repayment Terms | 3, 6, 12 to 60 months |
| APR Range | 45.3% to 1721% APR, based on personal circumstances |
| Credit Check | No obligation quote without credit check; full check on proceeding |
| Loan Offer Speed | Decision in around 30 seconds; funds may be sent the same day |
| Application Process | 2-minute online form, no paperwork required |
| Eligibility | Available even with bad credit |
| Additional Information | Flexible repayment plans; connect to over 50 lenders with one click |
What is Moolr Loans?
The website for Moolr Loans says that it is a UK-based company that gives you flexible short-term loans. Their website, moolr.co.uk, shows some things like
- Loan amounts range from £100 to £5,000.
- You can pay it back over 1, 2, or 3 years.
- quick process for applying
- High rate of acceptance, even for people with bad credit
- No fees up front
Is Moolr Loans Legit?
Even Moolr Loans says they are legit, but there is not much proof or information that they are. What we can figure out is this:
- Not Enough Information: The Moolr Loans website is missing some important information, like information on licences and interest rates.
- Mixed Reviews: There are a few customer reviews out there, but it is not always clear how good they are.
- Unverified Claims: Their claims that Moolr Loans is solvent cannot be proven beyond a reasonable doubt.
Pros of Moolr Loans:
- ✓ quick application process
- ✓ Acceptance of bad credit applications
- ✓ Competitive rates
- ✓ Flexible repayment options
Cons of Moolr Loans:
- ✘ If you have a short repayment time, your monthly payments may be very high.
- ✘ Rates of interest can be high
- ✘ Not good for meeting long-term financial goals
Alternatives to Short-Term Loans
Here are some alternatives to short term loans:
- Review Your Budget: You need to look at your budget and find some places where you can spend less on things you do not need.
- Talk to your creditors: If you are having very trouble paying your bills, talk to your creditors directly about payment plans or lower interest rates.
- Overdraft: An overdraft costs money, but the interest rate is much cheaper than a short-term loan. But look out for going over your credit limit.
- Loans from Credit Unions: Credit unions are some other non-profit banks that may give you loans with very lower interest rates than banks.
- Government Help: Depending on your situation, you might be able to get very short-term cash help from government help programmes.
Some last lines
Moolr Loans may look like a good loan company, but you should be very careful with short-term loans because they are not always clear and can cost a lot. To have a very safe financial experience, you need to think about responsible borrowing, look into some other options, and give priority to lenders controlled by the FCA. When it comes to managing your money, remember that short-term loans should only be used as a last option.
If you need more details or want to apply, you can visit the official Moolr website.
You can also visit this website for information on some other loan options in the UK.