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Published 23 April 2024
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10 minutes

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

Munzee offers unsecured loans and may accept applications from people with poor credit histories. Find out more about the key features of a Munzee loan.

Many 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.

Munzee loans: at a glance

WARNING: Be aware that the Financial Conduct Authority (FCA) is warning that unauthorised clone firms are posing as Munzee and Loans 2 Go. Munzee is a trade name of Loans 2 Go. Always make sure you’re dealing with the authorised firm before sharing any personal details.

Munzee (formerly known as Minty) may be an option to consider if you have a bad credit history and need a loan. It offers unsecured loans of £1,000 to £5,000 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 Munzee, 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.

» MORE: Compare best loans for bad credit

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Munzee Personal Loan

3.5 NerdWallet's ratings

2 years

£1,000 to £5,000

59.20%

No

Representative APR 59.2%. Based on a loan of £3,000 over 24 months at an interest rate of 28.32% p.a. (fixed). Monthly repayments of £195.80. Total amount payable £4,699.20.

  • Must be aged 21 years old or above
  • Must be a resident of the UK
  • Must have a UK personal bank account

Nerdwallet has partnered with Monevo. Check your eligibility with this lender and from a range of loan providers without affecting your credit score.

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.

Munzee loans pros & cons

Pros

  • Munzee could pay your loan into your account on the same day that it is approved.
  • You can pay off your loan early without any interest charges.

Cons

  • If you apply directly you can’t see if you’re eligible for a Munzee loan without affecting your credit score.
  • You can’t get a joint loan.

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.

Munzee loans overview

Munzee is a trade name of Loans 2 Go Limited. It’s a direct lender that offers unsecured loans ranging from £1,000 to £5,000, 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 Munzee. But you should make sure you can afford to make the repayments before applying.

Munzee 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£1,000 to £5,000
Term length24 months
Time to get a decisionInstant
Time to receive funds once approvedSame day
Need to have an account with the providerNo
Customer supportPhone, email, live chat
Trustpilot ratingNot 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 Munzee 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, Munzee currently states you can do so without paying any fees. Munzee 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

Munzee 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 Munzee loans fall short

It charges higher interest rates

Munzee 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 Munzee, 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 some services can check your eligibility across multiple lenders with no impact on your credit file.

What type of loans does Munzee offer?

Bad credit loans

You may be able to get a loan from Munzee if you have a bad credit history, but Munzee will still run a hard credit check and other affordability checks to decide on your application.

To apply for a loan Munzee 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.

You’re likely to be charged a higher interest rate if you have a bad credit score. 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 Munzee. If you want to get a joint loan, you’ll need to consider alternative lenders.

Am I eligible for a Munzee loan?

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

  • be a UK resident aged 21 or over
  • have a personal UK bank account
  • be in employment with a regular income, and able to afford the monthly repayments
  • be in generally ‘good standing’ in terms of your credit history.

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. Munzee will also check your credit history and make sure that you can afford to make the repayments before deciding whether to accept your application.

Munzee loan features review

A Munzee 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 Munzee 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 Munzee 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 Munzee online.

Overpayments

Munzee 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 Munzee loan before the end of the term, you can clear your debt in full without paying any penalty fees.

And, unlike many other lenders, Munzee 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 Munzee by phone, online form, live chat and email.

Customer ratings

Munzee doesn’t have a rating on Trustpilot.

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

How can I apply for a Munzee loan?

You can apply for a Munzee 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.

Munzee 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, Munzee 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 Munzee accepts your application, you could get your money on the same day.

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:

Munzee loans frequently asked questions

Is Munzee loans a direct lender?

Munzee loans is a direct lender.

Can I get a Munzee loan if I have bad credit?

You may be able to get a Munzee loan if you have a bad credit score. However, this will depend on your individual financial situation and whether Munzee believes that you can afford to repay the loan.

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.

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