|Loan type||Unsecured personal loans|
|Loan amounts available||£2,000 – £15,000|
|Loan terms available||12 – 60 months (5 Years)|
|Age eligibility requirements||Minimum 18 years old|
|Access for lower credit scores||Potential options available, depending on status|
|Chance of acceptance available||Yes|
|Loan pay out time after approval||24 hours|
|Early repayment options||Potential options|
Who is Plata?
Plata is a fintech-focussed company aiming to provide quick application, easy-to-manage personal loans to borrowers. A company that prides themselves on responsible lending, they are keen to make sure customers understand every step of the process.
How much can I borrow with Plata?
Plata offer personal loans from £2,000 to £15,000 which you can spread over terms of 12 months to 5 years. The amount that you are eligible to borrow will depend on your personal circumstances and credit history.
What interest rate will I get from Plata?
The interest rate you’re offered for any personal loan will be influenced by your credit score and personal circumstances. If you’ve got a healthy credit score, it’s likely you’ll be offered a lower APR, meaning that your monthly repayments will be lower.
Challenges with repayments or a low credit score don’t necessarily stop you from applying for personal loans, but it may make the rates you’re offered a bit higher. This is due to lenders seeing you as riskier to lend money to.
If you’re after a breakdown of how to start building a healthier credit score, check out our top tips for improving your credit score.
What can I use a Plata personal loan for?
A personal loan can be used for most things that you would need cash for, though there are some restrictions on what personal loans are for. Popular uses of personal loans include:
- Debt consolidation
- Home improvements
- Purchasing a new car
- Holidays or travelling
Who is eligible for a Plata personal loan?
Your eligibility will depend on your credit history, credit score and personal circumstances. As these change, so likely will your options. Whether or not you are eligible for a loan with Plata could also depend on other criteria. When assessing whether a person is eligible for a loan, most lenders will take into account how risky a person is to lend to based on their credit score and whether they can afford to take on the loan.
If you are self-employed, then there may be additional checks made before an application is fully approved, but these are likely only to be used to verify the information you have provided.
How long will it take for the amount to be paid?
Plata aims to get all payments out, once approved, the same day or the following day. They do reserve the right to hold payments to the next day to be sure that everything is correct – this is a good thing and helps make sure everyone involved is safe and the transaction is fair. Personal loans are often a lot quicker to underwrite and approve than secured loans as there is less paperwork involved. This means that many personal loan lenders can process and pay out your loan much faster.
Can I pay my loan off early?
Just like many other lenders, Plata offers the option to either make extra payments or larger payments, or even pay off remaining debt entirely. This is taken by a lot of people when they find themselves in a better financial situation to allow it. The particular options available – and any interest payments – can be agreed with Plata at the time of extra payments.
Does Plata use Open Banking?
Open banking is a way for lenders to get a better picture of what you will be able to afford and manage, helping you get the best option for your circumstances. Plata offer this option, and you can link to the account that your income is paid into for the best chance of being accepted.
What should I consider before taking a personal loan?
As with any lender and any type of borrowing, it’s important to make sure you only borrow what you can afford to repay.
- You might need bank or ID verification
- Your loan offer will be subject to final lender and fraud checks
- Plata may need to get in touch over the phone if they have any questions about your application
- Missed repayments can negatively affect your credit score
How do I check my eligibility for Plata personal loans?
Whilst it doesn’t guarantee acceptance, we can show you your chance of approval for a Plata personal loan, as well as checking against over 50 other UK lenders in minutes. Fill in your details and we will run a soft credit check that won’t harm your credit score.
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