Do you want to take out a Lolly Loan? Or do you want to learn more about the firm since you already have a loan with them? This loan information should assist you in both circumstances. We've assembled the most crucial, in-depth information on Lolly's loan for you in this loan guide.
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Lolly Loans Review: What To Know About Lolly Loans
Their simple and convenient service allows you to apply for a variety of immediate payday loans and short-term loans online starting at £100 with just one short application and no influence on your credit score.
Don't worry, we've got you covered on this brief but factual peice of article about Lolly Loans. There are various debt solutions available in the United Kingdom that can help you better your financial situation. Making the proper decision on how to deal with your debt may save you time and money, but making the wrong one might lead to even more problems. Before you take action, it's always a good idea to talk to a professional about all of your alternatives.
Who exactly are Lolly Loans?
Lolly Loans provides loans ranging from £100 to £3,000 with up to a 24-month payback duration. The organisation is a credit broker that provides a quick application procedure with a 15-minute turnaround time. Amaze Media, located in the United Kingdom, runs Lolly Loans.
Loan Amount And The Time It Will Take To Repay It.
You may borrow anywhere from £50 to £2750. The loan payback duration might range from three to twenty-four months.
Example
The following is a typical example from their website:
APR (Annual Percentage Rate): 70% APR
The loan amount is £1000.
Interest rate: 70% (fixed) per annum
Duration: 24 months
Repayments each month: £77.48
£1,859.52 is the total amount that must be repaid.
£859.52 is the total cost.
What Is The Procedure For Applying For a Lolly Loan?
A Lolly Loan can be applied for online. In ten minutes, your application will be processed.
What Can You Do If You Have A Problem With Lolly Loans?
If you have a problem about Lolly Loans, the first step is to contact the company directly using the information provided below to either write or call them. Below are where Lolly Loans are situated:
27 Cofton Church Lane
Cofton Hackett
Birmingham
B45 8PS
Should you face difficulties in getting a loan or accessing features within the Lolly site, you should contact the Financial Ombudsman Service if actually Lolly Loans customer service support does not respond to your complaint. They should be able to deal with your issue. You can also try out their addresses as seen above. Their mail and contact line:
UNITED KINGDOM
+44 1202 016402
sales@egouk.co.uk
Limits On Loan Interest And Fees!
The Financial Conduct Authority determined it was necessary to enact some safeguards to protect borrowers. Caps on loan interest and costs are one of these. Here are a few examples of caps:
A daily cost cap of 0.8% on the amount borrowed, including interest and fees.
Interest may still be charged after a default has been placed on the account, but it cannot exceed the original rate of 0.8% per day.
A 100% cost cap - the lender cannot charge you more than 100% of the amount borrowed.
The restrictions apply to credit arrangements having an annual interest rate of 100% or more that will be repaid in full or in part within a year. Another set of rules to be aware of is those that went into effect in 2017. Lenders must now disclose information on their products through an FCA-approved pricing comparison website. Borrowers should also be given a summary of their borrowing.
Continuous Payment Authority(CPA) Adjustments
A CPA, or Continuous Payment Authority, is typically used to repay a debt. The CPA has lately been subjected to new restrictions. One of these is the lending company's inability to take the cash on more than two occasions. They're also not allowed to accept partial payments any more. They must not remove any monies from your account if there are insufficient funds to satisfy the total amount.
If you'd want to pay the bill in instalments, you can speak with them and grant them permission to do so.
Responsibilities of Lolly Loan Lenders
Lolly Loans UK should always strive to assist you and let you to postpone your payments if necessary.Lolly Loans UK must follow the following guidelines:They must notify you about where you may receive free, impartial debt advice.
They must place a stop on debt collection for a reasonable amount of time, allowing you to draw up an alternate repayment plan that fits your present circumstances.
They must allow you plenty of time to repay your debt, and when feasible, they must freeze interest and charges.
Is Lolly Loans A Reputable Company?
The details of the EGOUK Ltd FCA registration are as follows:
FCA regulated: Yes
FCA status: Appointed representative
FCA reference number: 733559
Trading names: www.lolly.co.uk
Place of business:
27 Cofton Church Lane
Cofton Hackett
Birmingham
B45 8PS
UNITED KINGDOM
In a nutshell, yes, Lolly Loans are legitimate. EGOUK Ltd is a registered trade name of Lolly Loans, and they're an FCA-approved and regulated firm, so they're trustworthy.
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