Minty Loans Review: Bad Credit Loans Pros, Cons & Features

Minty loans: at a glance

Minty may be an option to consider if you have a bad credit history and need a loan. It offers unsecured loans of £1,500 to £3,000 over 24 months, although you can pay off your loan early and shorten the term at no extra cost.

If your credit score is less-than-perfect, you are likely to be charged a higher rate of interest for a bad credit loan from a lender like Minty, compared to someone with a good credit score who takes out a loan from a mainstream lender.

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, you must 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.

Minty loans pros & cons

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.

Minty loans overview

Minty is a trade name of Loans 2 Go Limited. It’s a direct lender that offers unsecured loans ranging from £1,500 to £3,000, with a particular focus on those with less-than-perfect credit histories. 

If you have a bad credit score, you may be able to get a loan from Minty. But you should make sure you can afford to make the repayments before applying.

Minty allows you to repay a loan in weekly, fortnightly or monthly instalments, and you can also pay off the loan in full without any extra charges.

Amount borrowable	£1,500 to £3,000
Term length	24 months
Time to get a decision	Instant
Time to receive funds once approved	Same day (usually within 15 minutes)
Need to have an account with the provider	No
Customer support	Phone, email
Trustpilot rating	Not available

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 look at how many lenders it compares.

Where Minty loans stand out

There are no charges for paying off your loan early

If you want to settle your loan before the end of the 24 month term, Monty currently states you can do so without paying any fees. Minty also won’t apply any interest charges if you want to pay off your loan in full, unlike some lenders we’ve reviewed.

You can make payments weekly, fortnightly or monthly

Minty allows you to repay your loan on a weekly, fortnightly or monthly basis. This means you can choose the repayment schedule that works best for you.

Where Minty loans fall short

It charges higher interest rates

Minty loans are designed for people with bad credit, which means, like other loans for those with poor credit,  they will come with higher interest rates than standard loans. This is because people with bad credit scores are viewed as a higher risk by lenders. 

You can’t check your eligibility before applying

If you want to apply for a loan from Minty, you can’t check your eligibility first. This means you can’t see your chances of getting approved for a loan without affecting your credit score. Many other lenders allow you to check your eligibility, and there are also services that can check your eligibility across multiple lenders with no impact on your credit file.

What type of loans does Minty offer?

Bad credit loans

Minty offers unsecured loans of £1,500 to £3,000 that you can repay over 24 months. You may be able to get a loan if you have a bad credit history, but Minty will still run a hard credit check and other affordability checks to decide on your application.

You’re likely to be charged a higher interest rate if you have a bad credit score, so, if you don’t need the money urgently, it may be worth trying to improve your credit score before applying for a loan.

Hard credit checks are recorded on your credit file, so you should only apply for a loan if you’re confident of being approved. Multiple loan applications in a short period can affect your score. 

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.

» MORE: Best bad credit loans

Joint loans

You can’t apply for a joint loan from Minty. If you want to get a joint loan, you’ll need to consider alternative lenders.

Am I eligible for a Minty loan?

To qualify for a loan from Minty, you’ll need to:

• be a UK resident aged 21 or over
• have a personal UK bank account.

You won’t be able to apply if you’re in an individual voluntary arrangement (IVA), a debt relief order (DRO) a Trust Deed, or if you’re bankrupt. You may be able to apply if you have a county court judgment (CCJ) on your credit file, but this will depend on your overall financial situation.

This is the minimum criteria you’ll need to meet. Minty will also check your credit history and make sure that you can afford to make the repayments before deciding whether to accept your application.

Minty loan features review

A Minty loan has some features that other lenders may not offer, such as a choice of repayment schedule and the ability to pay off your loan early with no extra charges.

Making payments

You repay a Minty loan in fixed instalments but, unlike some other lenders, your payments don’t have to be made once a month.

As well as monthly, you can also choose to make payments on a weekly or fortnightly basis if it works better for you.

When you apply for a Minty loan, you can choose the date of your first payment. You can change your payment date during the loan term if you decide that another date would be more convenient.

You can make your payments with your debit card via continuous payment authority (CPA) or by paying Minty online.

Overpayments

Minty allows you to make extra payments towards your loan without paying any penalty charges. Meaning you can settle your loan quicker and pay less interest overall.

However, whatever lender you choose, it’s always worth checking if there are any limits on the amount you can pay in addition to your usual payment.

Paying off a loan early

If you have enough money to pay off your Minty loan before the end of the term, you can clear your debt in full without paying any penalty fees.

And, unlike many other lenders, Minty doesn’t apply any interest charges if you want to pay your loan off early.

Settling your loan in full earlier than its original end date usually means you’ll pay less interest overall than if you continue making your payments as usual.

Customer support

You can get in touch with Minty in several ways, including by phone and email.

If you prefer, you can also message a member of the customer support team via live chat or by messaging on WhatsApp. 

Customer ratings

Minty doesn’t have a rating on Trustpilot.

Fairer Finance, an independent site that has rated many lenders on the market, hasn’t reviewed Minty.

How can I apply for a Minty loan?

You can apply for a Minty loan online. But it will involve a hard credit check that will appear on your credit file, so you should only apply if you’re sure a loan is right for you and you’re confident that you’ll be approved.

Minty will need to know some details about your situation and your finances, including your name, address, employment status and your income.

It will use this information to decide whether to approve your loan application.

» MORE: How to apply for a loan

How long does it take to apply?

Assuming there are no issues, Minty aims to give you an instant decision on your application. If the lender needs more information, it could take up to 24 hours to find out if you’re approved.

Depending on when Minty accepts your application, you should get your money on the same day. In some cases, it may only take 15 minutes to get the money in your account. 

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