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Mini Credit (MiniCredit) | www.minicredit.co.uk


MiniCredit (termed less as Mini Credit) offers payday loans via www.minicredit.co.uk. This lender arrived in 2008 and they have designed their payday loan as a flexible short term loan solution with the added ability to apply by text. Their 24/7 loans range between £100 and £400 for new customers, whilst £1500 is possible for returns. The loan term as noted is flexible, standing between 1 and 30 days. There is account management provided, SSL secure applications and usually no need for any faxing. The interest charge is fixed at £1 per day and so you would pay for example £7 interest for a 7 day loan. There is additionally a MiniCredit promo code box on the site.

MiniCreditUnfortunately, there were more MiniCredit complaints to the Financial Ombudsman Service in 2011 than there was with any other payday lender in the UK. An issue is the forced £19.50 transfer fee charge made by the Faster Payments Service (most lenders usually charge £5 or £6 for this). I think they also charged an application fee and an early repayment fee at one time, but I believe such charges have now been removed. There will be £1 charges for loan requests by text although this is the same with all text loan lenders. MiniCredit has a high quality loan service and if they could reduce the transfer fee then I’m confident that they could make great strides forward.

The Basics

QUALIFICATION
- Each lender will have set requirements in place. The usual expectations would be being a UK resident aged 18 or above. Full time employment with a monthly wage above £750 is a common requirement.

CREDIT CHECKS
- Most online lenders will run a credit check on application. This search will look at your past credit activity and will be used to verify that you are who you say you are.

FAXING
- Supporting documentation (by fax) may be asked for. This would usually be the case when a credit check fails or if there is a discrepancy on application.

FUNDING
- Reputable lenders will transfer the cash between 15 minutes and just a few hours time. This transfer will be made via the Faster Payments Service.

RESPONSIBILITY
- Always be fully responsible to these debts to avoid expensive charges. Loan defaults will be reported on your credit profile.