Frequently Asked Questions
Olamoney.co.uk is a Trading Style of The Quick Loan Shop Ltd, a company Licensed and Regulated in the United Kingdom to offer Loans and a Brokering Service.
We specialise in Short Term Loans. The service we offer on this website is a free Brokerage whereby we use our extensive expertise to consult a panel of selected Lenders with a view to securing you the loan you have requested. Should your loan be funded, we may accept a commission from the Lender; this means you do not have to pay us a single penny!
A Personal Loan is credit you can apply for that is unsecured. What this means, is that the Lender has not accepted any collateral against your Property. Obviously, this is a higher risk model for the Lender and so the interest charged is a bit higher than that of a Secured Loan.
The Loan Agreement you enter into thereafter, requires you to reply the loan, with interest, for the agreed timeframe until it is fully repaid.
We specialise in loans from £100 to £5000 and from 3 months to 24 months.
If your application is approved you should have the cash in your account between 15 minutes and 24 hours after being accepted; this is very much subject to your own Bank’s money transfer process and speed thereof.
How much cash will I be able to borrow and what is the fee and/or interest rate?
Anywhere from £100 to £5000 depending on personal circumstances is usually applicable to Short Term Instalment Loans.
Note too that there should be no fees to set up a loan.
Are there any charges or fees for applying for a Personal loan?
There are no charges for applying. Even if your application is approved you will be under no obligation to borrow the money.
How do I pay back the loan?
Payment for Short Term Loans and Fast Personal Loans will be made automatically using a debit agreement agreed by you during the application. Often, Lenders use the Continuous Payment Authority method of direct debiting your account each month to access your loan repayments.
What can I use the money I loan for?
You can use it for anything you want.
Can I repay my Personal Loan early?
This largely depends upon the Lender. Some will welcome an early settlement, others will have a fee for doing so. Before you accept an Agreement, please read through all the Terms and Conditions attached to it.
Do you accept people who have a poor credit history?
All applications which meet the basic criteria will be considered by our Lender Panel.
Warning: Late repayment can cause serious money problems. For help, please go to www.moneyadviceservice.org.uk
• Borrow £1200 for 18 months
• Amount payable: £1628.00
• Interest £428
• Interest rate: 49.9% p.a.