If you are thinking of where you can get some extra money, you may consider MoneyWay loans.
Some people do not like asking for financial support from their relatives or friends, and it is good that there are lots of companies willing to help those people out.
In this article, you will find out if MoneyWay is a reliable business that you can deal with without worries.
About the MoneyWay Company
MoneyWay is another name of Secure Trust Bank based in the UK that has been around for over 50 years.
Their headquarters is located in Solihull, West Midlands, and this business is regulated by the FCA and the PRA.
They offer a range of lending products, such as car finance, personal loans, etc.
Today, they have hundreds of thousands of customers all over the UK, and you can become one of them.
What Do They Offer?
MoneyWay offers unsecured personal loans for various purposes, including purchasing a car, improving your home, paying off your debts, travelling, etc.
You can apply for a loan online, and if you are approved, you will get it in your bank account within 3-5 business days.
How Much Can You Borrow?
You can apply for a loan from Moneyway in an amount ranging from £3,000 to £15,000.
Borrowers can choose to repay their loan during the period of time from 1 to 5 years by making monthly payments.
The interest on their loans varies from 7.5% Representative APR (£7,001-£15,000) to 14.9% Representative APR for a loan given in a small amount.
You should note that they determine interest rate based on individual circumstances of the borrower.
If you have bad credit, you may be offered a higher Representative APR.
All of the payments are made via direct debit.
It is up to you if you wish to pay your loan earlier because it will not cause any additional fees, but this can help you to decrease your expenses on interest.
What Requirements Do They Have?
To apply for their loans, you must match to the following conditions:
- Be at least twenty-five years old;
- Have a residency in the UK;
- Have a valid bank account opened in the UK;
- Have a stable annual income of £15,000 or more.
Ratings and Reviews
The rating of the company on Feefo is 4.6 out of 5 based on 373 reviews, and its rating on Readies is 3.9 out of 5 based on 51 reviews.
There are also 41 reviews that you can check out on Review Centre with the rating of 2.1 out of 5.
Most of the negative comments were published several years ago, and only one of them has been posted recently.
MoneyWay is a representative of Secure Trust Bank that has a long history.
They have various financial services, including personal loans that you can use to sort out your temporary problems.
Generally, the reviews of their customers are positive, and they also offer good conditions, so it may be worth thinking of using MoneyWay loans if you match to their requirements.