Loan by mal requirements shows that you must earn more than £1,300 per month. This income requirement is in place to ensure that you have a stable and sufficient monthly income to manage your loan repayments
Introduction
Loan by MAL is a convenient app in the UK that offers quick and unsecured loans. With this app, you can borrow between £1,000 and £5,000, and you have up to 24 months to repay the loan.
The best part is that these loans don’t require any collateral, which means you don’t need to put up any of your property or assets to get the money.
The interest rates for these loans can be quite high, ranging from 23.6% to 92.4% APR. This can make borrowing expensive, so it’s important to understand the total cost.
For example, if you borrow £2,300 over 24 months with a fixed interest rate of 22.4% per year, you will end up paying back £3,330.48. This amount includes £1,030.48 in interest, and each month, you’ll make a payment of £138.77.
To qualify for a loan from them, you need to be between 21 and 75 years old, earn at least £1,300 per month, and live in the UK. These requirements ensure that you have a stable income and can manage the loan payments.
The app also considers additional sources of income beyond your main job. If you have extra money coming in from other sources, like a side job or benefits, this can help you qualify for a loan even if your primary income isn’t quite enough.
Overall, they offers a quick and flexible loan solution for people in the UK, but the high interest rates mean you need to be cautious about the total cost. Make sure to review all the terms and see if the loan fits your financial situation before applying.
History and overview
Loan by MAL, run by CEO Wayne Welchman, was started in 2020. The company, officially known as Monthly Advance Loans Limited, offers easy-to-get unsecured loans to people in the UK.
These loans do not require any collateral, meaning you don’t need to give up personal property to borrow money.
they provides loans ranging from £1,000 to £5,000, which you can repay over a period of up to 24 months. The interest rate, or Annual Percentage Rate (APR), varies between 23.6% and 92.4%.
This rate depends on factors like your credit score, the amount you borrow, and how long you take to repay the loan. The interest rate you receive is personalized to fit your financial situation.
The company operates under the name Monthly Advance Loans Limited and is regulated by the Financial Conduct Authority (FCA), which ensures that it follows strict rules to protect consumers.
The FCA’s firm reference number for the company is 912359. Additionally, Monthly Advance Loans Limited is registered with the Office of the Information Commissioner, which means it handles personal data in line with privacy laws. The registration number for this is ZA553679.
Since its start in 2020, they have aimed to offer straightforward and fair lending options. By providing flexible loans and following regulatory standards, the company seeks to help people manage their finances effectively and responsibly.
Requirements
Age for loan
To qualify for a loan from Loan by MAL, you need to be between 21 and 75 years old at the end of the loan term. This means that you should fall within this age range when you finish repaying the loan.
Work in Uk
To qualify for a loan from Loan by MAL, you must live and work in the UK. This ensures that you are in a stable financial environment and can manage your loan repayments effectively.
Minimum income
To qualify for a loan from Loan by MAL, you must earn more than £1,300 per month. This income requirement is in place to ensure that you have a stable and sufficient monthly income to manage your loan repayments.
By meeting this income threshold, you demonstrate that you have the financial means to handle the loan’s monthly payments and avoid potential difficulties in repaying the borrowed amount.