Frequently Asked Questions
Does Loan Wallet Function?
CollectLoan.co.uk is a broker, not a lender, and works with an exclusive range of lenders in return for a commission fee. We don’t directly offer loans. We allow customers to access our network of UK short term and installment lenders through our online form. We match customers with lenders in our network.
What is the borrowing range?
You have the option to borrow an amount ranging from £100 to £5,000.
What variety of loans do the lenders in your network provide?
Our associated lenders offer a wide variety of loan options, designed to cater to your unique financial needs. Short-term loans, typically small in amount and supported by your forthcoming income, do not require any collateral. Similarly, installment loans are spread over several months, with repayments distributed evenly over the term of the loan. Each of these options has its own features and benefits, and it’s important to understand these differences when choosing the right loan for your specific circumstances.
What is the duration for application and fund receipt?
Completing our online application is a quick process, only taking a few minutes. Loan Wallet will promptly process your application across our network of lenders, with the goal of pairing you with a suitable lender. This matching procedure also takes just a few minutes. If your application is approved, you’ll be redirected to the lender’s finalization page, where you can electronically sign for your loan.
How are the funds disbursed?
The loan amount will be electronically deposited into your bank account through a digital transfer.
If a third-party lender approves my loan, how soon can I expect to receive the funds?
Typically, if a lender approves your application, the transfer to your bank account could occur as soon as the next business day. However, this timeline may vary based on your specific lender and your banking institution. For more detailed information regarding the transfer timeframe, we recommend reaching out directly to your lender.
What are the requirements to qualify?
Eligibility requirements differ among lenders. Nevertheless, there are common criteria you need to fulfill to proceed with an application. These include being at least 18 years old, residing in the UK, owning an active bank account capable of receiving direct debits, and having a steady income source.
Why is my personal information needed?
Your personal information is essential as it allows us to submit your application to our network of lenders, enabling them to evaluate your eligibility for a loan. Please consult our Privacy Policy for comprehensive details regarding the use and protection of your personal information.
Does Loan Wallet perform a credit check?
Loan Wallet does not conduct credit checks. However, as we function as a matching service, the lender we pair you with might perform a credit check as part of their application evaluation process.
What is the Representative APR at Loan Wallet?
Representative APR: 79.5% (variable).
What steps should I take if I encounter difficulties with repayment?
If you’re experiencing issues with your loan repayment, it’s recommended to contact your lender directly. They can discuss various repayment alternatives with you. If you have more substantial concerns about managing your finances, you can turn to MoneyHelper (www.moneyhelper.org.uk). MoneyHelper offers free advice to those in need of more effective money management strategies.