Below are some commonly asked questions. If you want to know more, send us an message - we're always happy to hear from you!
If you’ve had an unforeseen expense - from a broken washing machine to car repairs - and need an emergency loan, a payday loan is a short term cash solution.
With a payday loan, you can borrow between £100 and £1000, over up to 35 days. If you need a little more, over a longer period, you can borrow up to £5000 with an instalment loan.
APR stands for Annual Percentage Rate - it’s the interest rate you’d pay if you took out a loan for over a year. It was created for long term loans like credit cards or mortgages, not short term loans.
Some people get worried when they see that lenders have an APR of over 1000%, but it doesn’t mean that you’d be paying more than 1000 times what you borrow. The interest is usually a fixed rate of 0.8% per day.
All short term lenders have a legal requirement to let you know their APR. They can also never ask you to pay more than twice what you borrow.
Your credit score is a number, or ‘score’, based on your credit and financial history. It will be based on things like how many different bank accounts you’ve got, your bill and loan repayment history, as well as any contracts and Direct Debits you have. These could include anything from credit cards to mobile phone contracts. Your score will be determined by whether you make these payments late or on time.
Lenders will look at your credit score when making a loan decision. If you’re not sure what your score is like, you can find out for free through sites like Credit Karma.
Short term lenders understand that nobody’s credit file is perfect, and look at every application on an individual basis. You may be eligible for a loan even if you have a fairly low credit score - the most important thing is that the lender is lending responsibly. If you can’t afford a loan, the lender should not approve your loan.
Your current income and expenditure may be more relevant than a late payment you might have made years ago! Most lenders do a full credit check, but also assess your affordability.
Bear in mind though, as all our lenders are responsible, if you are currently on a debt management plan, have been declared bankrupt in the past year or have more than one CCJ, you may not be approved for a short term loan.
No - BuzzLoans do not charge you a fee for using our service. Our services are completely free for our customers, as we work on a commission basis with our lenders.
We work with a panel of direct lenders. We use a bespoke matching system that will find you a lender who may be able to lend you the money. In turn, these lenders will pay us for introducing you.
If you are over 18 years of age, are a permanent resident living in the UK, are working and receiving a regular salary that is paid into a UK bank account then you may be eligible for a loan!
You can find out more by checking out our eligibility page.