HOW CAN I APPLY FOR A LOAN?
If you are a new customer to BingoLoans you can apply at any time by completing the online application form which can accessed by clicking Apply Now. Complete this form and click submit, we will review the information, complete a credit check, run affordability checks then make a provisional decision based on the information you have supplied, if you have been approved for the loan with The Money Hive, our lender then we will keep you informed by both text and email. To complete your loan application, simply follow the steps, review the credit agreement, upload or email your supporting documents and then sign the credit agreement. We can usually send money to your account within just 20 minutes of final approval. If BingoLoans lender The Money Hive cannot lend to you directly, we will send your details to our panel of lenders/financial services provider to find the best loan deal for you.
AM I ELIGIBLE FOR A LOAN?
When applying for a loan, you will find that there is an criteria that you will need to meet in order for your application to be accepted. Here at BingoLoans, our criteria is as follows:
- Be over 18 years old & a UK resident
- Have a bank account and an active debit card
- Be in permanent employment or receiving various allowances
- Meet our credit and affordability criteria.
- Agree to provide accurate information about yourself and your financial situation
We do not carry out any credit checks or referencing until you submit an application form for a loan. The Money Hive and our panel of lenders/financial service providers will have their own credit score checks to determine a customer eligibility. You can find this information on their site.
DO I NEED TO HAVE A BANK ACCOUNT AND DEBIT CARD?
Yes, you will need to have a UK bank account and a debit card associated with that account. The reason for this is because your lender will send your loan funds directly to your bank account and we use the debit card details in 2 ways, one, to verify your card and account during the application process and two, the lender will collect the repayments on the dates you agreed, using your debit card details.
HOW DO I KNOW IF MY LOAN IS APPROVED?
Once we have reviewed your application and a decision has been made regarding your loan, we will contact you via text and email.
HOW MUCH CAN I BORROW?
Our lending amount range is £100 – £1500
Our lending period range is 1 month – 12 months
Short term and Payday loans are not suitable for long term borrowing needs
Late payments may incur penalty and daily interest charges
I HAVE A BAD CREDIT SCORE, CAN I STILL GET A LOAN?
Your credit score does not define you, ok so you may have got into difficulties with payments in the past but just because all payments and non payments, that are on your credit score, stay there for 6 years doesn’t mean you are in the same situation now.
When applying for a loan with us, we and our panel of lenders/financial services partners take this into account and each of them have a different way of looking at your current situation. This means that if you are turned down for a loan with one lender it doesn’t mean they will all turn you down.
This is why the service BingoLoans offers is the best of both worlds, if we cannot offer you a loan ourselves through The Money Hive then we can introduce you to our panel of lenders, all of which will consider your individual situation and improve your chances of getting the loan you need.
Although we conduct affordability checks and review your current, past and potential future financial situation, it is important that we are confident you are able to pay back on time and you can afford the repayments.
DO YOU CHARGE FOR TRANSFERRING MONEY TO ME?
The Money Hive limited will never charge you when transferring money into your account, there are no hidden charges. All reference to charges, interest and penalties can be found within our Terms & Conditions.
HOW MUCH WILL A LOAN WITH YOU COST ME?
It costs nothing to apply for a loan with BingoLoans.
The Money Hive Limited will only charge interest for the days that you borrow so if you are able to pay your loan back earlier the interest payments will be reduced.
We guarantee that we will never ask you to pay more than twice the amount you originally borrowed form us. This also applies to all of the FCA approved lenders on our panel.
Representative example: Borrow £300 over 3 months @ 292% pa (fixed) Total repayment: £457.95 in 3 monthly payments of £152.65. Representative 1261% APR.
Loan duration 1-12 months and fixed APR 292%
NOTE: Calculation is for illustrative purposes only. The actual costs and repayment may vary based on affordability and pay dates.
We are a short term loan direct lender and broker, giving you the best of both worlds.