Loans by MAL loans: at a glance
Loans by Mal Personal Loan
1 to 2 years
£1,000 to £5,000
62.8%
No
Representative APR 62.8%. Based on a loan of £2,400 over 24 months at an interest rate of 30.7% p.a. (fixed). Monthly repayments of £161.40. Total amount payable £3,873.60. Maximum APR 93.8%
- Must live and work in the UK and be between the ages of 21 and 75 at the term of the loan
- Must earn at least £1,300 per month
- Must pass creditworthiness and affordability checks
NerdWallet has partnered with Monevo who will check your eligibility.
Loans by MAL offers unsecured personal loans, and it may consider your application if you have a less-than-perfect credit score.
Loans by MAL provides unsecured loans of £1,000 to £5,000, although you can only borrow a maximum of twice your monthly income. You can choose to repay the loan over a term of 9 to 24 months.
With a Loans by MAL loan, you can make overpayments or settle your debt in full without facing any charges. This can help save you money on the amount of interest you pay overall.
Loans by MAL doesn’t offer an instant decision – approval may take up to 24 hours after submitting your application.
» MORE: Best loans for bad credit
Loans by MAL loans pros & cons
Pros
- Loans by MAL doesn’t charge any fees or additional interest to pay off your loan early.
- Once approved you could receive your funds within one working day.
Cons
- The time to decide on an application is not disclosed on the Loans by MAL website.
- Loans by MAL offers loans with a shorter maximum term than other lenders we’ve reviewed.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
Am I eligible for a Loans by MAL loan?
To get a loan from Loans by MAL you need to:
- be aged between 21 and 75
- live and work in the UK
- earn at least £1,300 per month, after tax.
You also need to have a valid UK debit card to apply and be able to log in to online banking for the account your income is paid into.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Loans by MAL loans frequently asked questions
No, Loans by MAL isn’t a payday lender. It is an online lender that offers unsecured personal loans.
Loans by MAL may take up to 24 hours to decide on your loan application. If approved, it could then take up to 24 working hours to transfer your money.