Money in Advance Reviews, Loan Calculator and Complaints

(3 customer reviews)

Average Customer Rating

Is this you?

Acceptance Criteria

Reqs: You will need: Your most recent pay slip, 2 recent bank statements, clear copies of both sides of your debit card, 1 form of proof of address
You must have a good credit history
You must be 18 years of age or older to apply

You must live and work in the UK (must have been in your current job for 3 months)
You must have a valid debit card
You need to have held a bank account for at least 3 months which your salary is paid directly into

Loan Details

Representative APR

1413.1%

Loan Amount

£80 - £1,000

Repayment Period

Minimum Term 6 days

New customers up to £500 - 36 days

Existing customers up to £1,000 - 36 days

Repayment Method

Deducted from your debit card

Speed To Payout

3 working days from when Money in Advance receive your paperwork

If you require the money faster, ask about quick transfer (fee applies)

Arrangement Fee

No Fee

Payment Holidays

If you are going to struggle to make your payment, they can extend your loan but there will be an interest fee plus 10% of the remaining loan charged and taken from your debit card

Payout Method

Transferred into your bank account

Income Protection Available

No

Average Customer Review

(3 customer reviews)

Loanfinder Ranking

281st for APR of 423 loans in the UK (See Lender League Table By APR)
73rd for Customer Satisfaction (See Customer Reviews)

About Money in Advance

Money in Advance can lend between £80 and £1,000, £500 for new customers. The money is then repaid on your next payday. You can extend the length of the loan if you feel you are going to struggle to make the repayments, but you must make a minimum payment of interest only. If you do extend your loan, you will end up paying more back for the loan.

You can apply online or over the phone with Money in Advance. To apply online, you need to complete the application form on their website. Once you complete your application, you will need to send 2 recent bank statements, your last payslip, clear copies of both sides of your debit card, one form of photo ID and one proof of address (recent utility bills). You should then be given a preliminary decision within 4 hours. You will need to send photos of the front and back of your debit card also. These can be posted, faxed or emailed to them. Once your documents have been approved, the credit agreement will be sent to you. Sign it and send it back and the funds will be with you within 3 working days. There is a quicker payment option available for a small fee.

Not the quickest option available as the posting and faxing of forms can slow down the application process. The charge for this loan works out at around £25 per £100 borrowed per month so is not as expensive as some other payday lenders. A great thing they have implemented is if you are struggling to make a payment, you can change the repayment date and only pay the interest plus 10% of the outstanding balance on the original pay date. However, customers have reported on forums that customer service is not the best. Many people have said they are poor at contacting customers back and that they haven't heard back from the company after sending their documents in.