Rhiannon PhilpsMany or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.
Loans by MAL loans: at a glance
Loans by MAL offers unsecured personal loans, and it may consider your application if you have a less-than-perfect credit score.
Compared to other lenders we’ve reviewed, Loans by MAL can take a bit longer to pay out a loan. While some will pay out on the same day you’re approved, Loans by MAL could take up to five working days to do this.
But, unlike many of the lenders we’ve looked at, Loans by MAL doesn’t apply any additional interest charges if you want to pay off your loan early.
Nerdy Tip: As with any loan, it’s sensible to only borrow what you need and pay it back as quickly as possible, based on what you can comfortably afford to repay each month. Before applying for a bad credit loan, it’s important you consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example. Missing payments will make an already bad credit score worse.
NerdWallet has partnered with Monevo. Check your eligibility from a range of loan providers without affecting your credit score, including:
This loans eligibility service is powered by Monevo. The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from Monevo’s panel of lenders, other loans are available in the UK loans market that are not included in this service. By using their loans eligibility service you are agreeing to Monevo’s terms and conditions and privacy policy which can be found at Monevo.co.uk. Neither Monevo or Nerdwallet Ltd carry out credit repair services. Late repayment can cause you serious money problems.
Loans by Mal Personal Loan
-
Representative APR50.4%
-
Representative ExampleRepresentative APR 50.4%. Based on a loan of £2,200 over 24 months at an interest rate of 27.9% p.a. (fixed). Monthly repayments of £142.82. Total amount payable £3,427.68. Maximum APR 92.4%
-
Available amounts£1,000 to £5,000
-
Available Terms12 to 24 months
-
Joint LoansNo
- Must live and work in the UK and be between the ages of 21 and 75 at the term of the loan
- Loans by Mal take into account all income received in a typical month, not including benefits
- Must pass creditworthiness and affordability checks
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Important information: Neither the review or star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Loans for bad credit consumers can come with very high interest rates. Always check and compare a lender’s rates against others on the market when considering a bad credit loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
Loans by MAL loans pros & cons
Pros
- Loans by MAL doesn’t charge any fees or additional interest to pay off your loan early.
- You can change your payment date.
- Once approved you could receive your funds within one working day.
Cons
- The time to decide on an application is not disclosed on the Loans by Mal website.
- You can’t get a joint loan.
- Loans by MAL only offers loans with a maximum term of 2 years.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the bad credit loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of bad credit loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since. Rates have NOT been considered in our review of this product.
Loans by MAL loans overview
Loans by MAL is a trading name of Monthly Advance Loans Limited. It provides unsecured loans of £1,000 to £5,000, although you can only borrow a maximum of twice your monthly income. You can choose to repay the loan over a term of nine to 24 months and use the money to cover many different costs.
With a Loans by MAL loan, you can make overpayments or settle your debt in full without facing any charges. This can help save you money on the amount of interest you pay overall.
But Loans by MAL can take up to five working days to transfer the loan to your account once you’ve signed your loan agreement, so it may not be the best option if you need the money quickly.
| Amount borrowable | £1,000 to £5,000 |
| Term length | Nine to 24 months |
| Time to get a decision | Unknown |
| Time to receive funds once approved | Within one working day |
| Need to have an account with the provider | No |
| Customer support | Phone, email |
| Trustpilot rating | 4.8 (8 September 2023) |
Before you apply for a loan, it’s worth using a loan eligibility service. This can help you to see how likely you are to get a loan from different lenders, without affecting your credit score. Make sure you check that it only uses soft searches and how many lenders it compares.
Where Loans by MAL loans stand out
You won’t pay any charges to settle your loan early
If you want to pay off your loan from Loans by MAL before the end of the term, you won’t need to pay any charges. Loans by MAL does not currently apply any additional fees or interest charges, unlike some lenders we’ve reviewed.
You can change your repayment date
Loans by MAL allows you to change your loan repayment date if a different day works better for you. You don’t need to pay a fee to do this, but it could affect the amount of interest you pay over the term of loan.
Where Loans by MAL loans fall short
It could take five working days to get your loan
Once Loans by MAL approves a loan application, it could take one to five working days to get the money in your account. This is longer than many lenders we’ve reviewed, some may be able to transfer the loan on the same day you’re approved.
The maximum repayment term is 24 months
The longest repayment term available from Loans by MAL is 24 months. This is shorter than many other lenders who may offer repayment terms of up to five years. A shorter repayment term isn’t necessarily a bad thing because it means you pay less interest in total than if you borrowed over a longer period. However, this limit means you have less choice in repayment amounts, and may make MAL loan repayments too high for your affordability.
What type of loans does Loans by MAL offer?
Bad credit loans
Loans by MAL offers unsecured personal loans of £1,000 to £5,000 that you can repay over nine to 24 months.
You can apply to borrow up to twice your monthly income, although this will also depend on your loan term.
Loans by MAL considers applications from people who may not have the best credit history, although you would still need to pass its credit and affordability assessment.
You should only apply for a loan if you are confident of being approved. Loans by MAL states it only conducts a soft credit search during your application. However, be aware that if it lends to you, it will perform a hard credit check which will show on your credit profile.
If you have a bad credit score, you are likely to be charged a higher rate of interest than someone with a good score. Because of this, it may be worth improving your credit score before applying for a loan.
You should also consider whether borrowing money is the right option for you, or if you would benefit more from getting professional debt advice instead.
Typically, you should only apply for a loan if you’re confident that you’ll be approved. Credit applications can be recorded on your credit history and may affect your score, which can make it more difficult to get credit in the future.
» MORE: Best bad credit loans
Joint loans
You can’t get a joint loan from Loans by MAL. You can only apply as an individual.
If you want to apply for a joint loan with a family member or friend, you will have to consider other lenders.
Am I eligible for a Loans by MAL loan?
To get a loan from Loans by MAL you need to:
- be aged between 21 and 75
- live and work in the UK
- earn at least £1,300 per month, after tax.
You also need to have a valid UK debit card to apply.
You may be able to get a loan if you have a poor credit history and a county court judgment (CCJ), for example, but Loans by MAL will only approve your application if you pass its credit and affordability checks.
Loans by MAL loan features review
The features of a loan from Loans by MAL are fairly typical, although there are no early repayment charges if you want to settle your loan early.
Making payments
You can repay a loan from Loans by MAL in fixed monthly instalments by direct debit or a continuous payment authority (CPA). A CPA is when a company takes a payment through your debit card, rather than directly from your bank account.
When you apply for a loan, Loans by MAL automatically sets the repayment date to the first of the month. But you can contact Loans by MAL to change this to a date that suits you better.
Before changing your payment date, it’s worth checking if this will affect the amount of interest you pay.
Overpayments
If you have a loan from Loans by MAL, you can pay more than your agreed monthly payments. You could pay a one-off lump sum or pay a little bit extra each month. This can help you pay off your loan quicker and pay less interest overall.
Loans by MAL doesn’t charge any fees if you want to make an extra repayment.
You can make a payment through your online account but, before you do this, it’s worth double checking if there are any limits to the amount you can overpay.
Paying off a loan early
If you have enough money spare, you could pay off your loan from Loans by MAL before the end of the term.
This means you won’t pay as much interest as if you continued to make your monthly repayments as planned and, unlike some lenders, Loans by MAL won’t apply any fees or charges to do this.
Several of the lenders we’ve reviewed apply interest charges if you want to settle your loan early, but this isn’t the case with Loans by MAL.
» MORE: Paying off a loan early
Additional borrowing
If you’re already paying off a Loans by MAL loan you won’t be able to apply for a further loan.
You can only apply for another loan from Loans by MAL once you’ve paid off your existing loan in full.
Customer support
Loans by MAL is an online lender, which means you can’t get any customer support in person.
Instead, you can contact Loans by MAL by phone or email.
Customer ratings
Loans by MAL has a rating of 4.8 stars on Trustpilot, based on over 600 customer reviews.
Loans by MAL isn’t one of the lenders that the independent review site Fairer Finance has rated.
This information is correct as of 8 September 2023.
How can I apply for a Loans by MAL loan?
You can apply for a loan from Loans by MAL online. You’ll need to fill in some information about yourself and say how much you want to borrow over what repayment term.
When you submit your application, Loans by MAL will run a soft credit check which won’t affect your credit score. If you pass the checks, Loans by MAL may preapprove you for a loan.
This means that subject to final checks, your application for a loan is likely to be accepted. If you want to continue your application and decide to borrow from MAL, it will then perform a hard credit check which will show on your credit profile. It’s important to understand that if you have a poor credit score already this hard check will further reduce it..
In addition, Loans by MAL uses open banking to view your recent bank statements, which can help it to work out whether a loan is affordable for you or not.
What information do I need?
To apply for a loan, you need to provide Loans by MAL with your:
- name
- address
- contact details
- monthly income
- source of income.
How long does it take to apply?
When you apply for a loan from Loans by MAL, you should hear back with a decision within 24 hours. If approved, you’ll need to sign your loan agreement online and you should get the money in your account in one to five working days.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formally The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Loans by MAL loans frequently asked questions
No, Loans by MAL isn’t a payday lender. It is an online lender that offers unsecured personal loans.
Loans by MAL may take up to 24 hours to decide on your loan application. If approved, it could take up to five working days to transfer the money to your account.
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
