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Mini Credit (MiniCredit) | www.minicredit.co.uk
Unfortunately, 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.
- 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.
- 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.
- 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.
- 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.
- Always be fully responsible to these debts to avoid expensive charges. Loan defaults will be reported on your credit profile.