Loans by Mal | Our Lenders

Loan type	Unsecured personal loan
Rates displayed	Real
Loan amounts available	£1,000 – £5,000
Loan terms available	9 – 24 months
Age eligibility requirements	Minimum 21 years old, no older than 75 at the end of the repayment plan
Access for lower credit scores	Low chance of approval – CCJs, IVAs or bankruptcy history may make you ineligible
Chance of acceptance available	Not direct
Loan pay out time after approval	1 working day
Early repayment options	Yes
Online application	Yes

Whilst we always try to be accurate in the rates, amounts and benefits offered by lenders, these are controlled by the lenders and not Aro. As such, they are subject to change and final decisions may differ slightly from the information below. Acceptance is subject to final checks and is not guaranteed.

Who is Loans by Mal?

Loans by Mal is a direct lender offering personal loans, on repayment terms that suit you. Their application process is fully online to keep it simple, and they are committed to achieving excellent customer service standards with everyone they come into contact with.

How much can I borrow with a Loans by Mal personal loan?

Loans by Mal offer personal loans to customers that range from £1,000 up to £5,000. These can be set against repayment terms from 9 months up to 2 years, meaning you have flexibility in how quickly you want to pay the loan off. The specific amount that you are eligible to borrow will be dependent on your financial circumstances and your credit score.

What interest rates can I get on a loan from Loans By Mal?

Loans by Mal use real rates in their potential offers to give you as much information as possible when choosing the right option for you. Any offer you receive will have been decided based on your credit score and personal circumstances, meaning that the better your credit score, the more likely you are to receive a lower rate. This may result in a lower monthly repayment amount.

However if you have a thin credit file due to not having much history with borrowing, or you have had difficulties keeping up with repayments in the past, your offers may come with higher rates due to lenders seeing it as more risky to lend money to you.

Need to give your credit score a boost? Check out our top tips for improving your credit score.

What can I use a personal loan for?

There are a few restrictions on what personal loans can be used for but generally they are there for the big expenses in life, whether that’s a necessary cost or a luxury purchase. Common uses for personal loans include:

Debt Consolidation
Home renovations and improvements
Purchasing a new car
Holidays
Wedding costs

Who is eligible for a personal loan from Loans by Mal?

Loans by Mal have some eligibility criteria that will be checked when you apply for a loan:

You must be living in the UK
You must be at least 21 years of age, and no older than 75 years of age at the end of the repayment term
A good credit history is required, any CCJs or other issues may make you ineligible
You must be in employment, and earning enough each month to make any repayments

Loans by Mal will look at your credit history and current finances in order to assess if you are eligible for a loan, and what offers they can make to you. Any improvements to your credit score are likely to be reflected in better rates and offers made to you.

How quickly do Loans by Mal pay out their loans?

Loans by Mal aim to pay out all loans within one working day. This will be after the final agreement is signed and confirmed by both you and the lender.

Can I pay off my personal loan early?

Yes – if you find yourself in a better financial situation and wish to bring the end date of your repayments forward, there are options to do so. You can make extra lump sum repayments, increase the amount you pay each month or even settle the balance in full at any time during the repayment plan. There may be fees for doing so, but generally you will save money due to reduced interest payments.

What should I consider before taking out a personal loan?

You should make sure you aware of the following when applying for a loan:

You should have proof of your address
You should have proof of banking details and personal ID
Your loan offer may still be subject to financial fraud and lender checks
Any missed repayments can have a negative impact on your credit score.

Whenever you borrow, you should only take out amounts that will mean you can afford all the repayments. This should be the biggest factor in deciding a repayment plan, as missing a repayment will have a negative impact on your credit score and make it harder to get credit or borrow in the future.

How do I check my eligibility for personal loans?

We can run a soft credit check for you to assess your potential eligibility for personal loans. We work with a wide lending panel of over 50 lenders, so there is a huge variety in the potential options and we try and have something for everyone. Whilst not guaranteed, we can show you how likely you are to be accepted without running a harmful credit check against your report. Simply fill in your details and see what rates are available to you.

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