Munzee Loans: Bad Credit Loans Pros, Cons & Features
Munzee offers unsecured loans and may accept applications from people with poor credit histories. Find out more about the key features of a Munzee loan.
Munzee loans: at a glance
WARNING: Be aware that the Financial Conduct Authority (FCA) is warning that unauthorised clone firms are posing as Munzee and Loans 2 Go. Munzee is a trade name of Loans 2 Go. Always make sure you’re dealing with the authorised firm before sharing any personal details.
Munzee Personal Loan
2 years
£1,000 to £5,000
77.3%
No
Representative APR 77.3%. Based on a loan of £3,000 over 24 months at an interest rate of 36% p.a. (fixed). Monthly repayments of £215. Total amount payable £5,160.
- Must be aged 21 years old or above
- Must be a resident of the UK
- Must have a UK personal bank account
NerdWallet has partnered with Monevo who will check your eligibility.
Munzee (formerly known as Minty) may be an option to consider if you have a bad credit history and need a loan. It offers unsecured loans of £1,000 to £5,000 over 24 months, although you can pay off your loan early and shorten the term at no extra cost.
Munzee allows you to repay a loan in weekly, fortnightly or monthly instalments, and you can also pay off the loan in full without any extra charges.
» MORE: Compare best loans for bad credit
Munzee loans pros & cons
Pros
- Munzee could pay your loan into your account on the same day that it is approved.
- You can pay off your loan early without any interest charges.
Cons
- If you apply directly you can’t see if you’re eligible for a Munzee loan without affecting your credit score.
- You can’t get a joint loan.
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 Munzee loan?
To qualify for a loan from Munzee, you’ll need to:
- be a UK resident aged 21 or over
- have a personal UK bank account
- be in employment with a regular income, and able to afford the monthly repayments
- be in generally ‘good standing’ in terms of your credit history.
You won’t be able to apply if you’re in an individual voluntary arrangement (IVA), a debt relief order (DRO) a Trust Deed, or if you’re bankrupt. You may be able to apply if you have a county court judgment (CCJ) on your credit file, but this will depend on your overall financial situation.
This is the minimum criteria you’ll need to meet. Munzee will also check your credit history and make sure that you can afford to make the repayments before deciding whether to accept your application.
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
Munzee loans frequently asked questions
Munzee loans is a direct lender.
You may be able to get a Munzee loan if you have a bad credit score. However, this will depend on your individual financial situation and whether Munzee believes that you can afford to repay the loan.