Loans By Mal Loans

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Loans by Mal is a web-based lender specialising in unsecured personal loans between £1,000 and £5,000. It is regulated by the Financial Conduct Authority (FCA) as a Consumer Credit Business.

All loans from Loans by Mal come with a fixed interest rate and fixed repayments for the entire term, meaning you will know exactly how much you will be repaying each month.

You can use your Loans by Mal loan for a range of purposes, from contributing to a major purchase, such as a car or holiday, to funding home improvements or your dream wedding.

Loans by Mal personal loans

Loans by Mal is a web-based lender offering unsecured personal loans, meaning you will not need to provide an asset, such as a house or car, as collateral to apply for this loan.

» COMPARE: Personal loans

How much can I borrow?

Loans by Mal currently offers loans of between £1,000 and £5,000, paid back over a term of either 12, 18 or 24 months.

How much you borrow, and your financial circumstances, will inform how much the loan will cost you overall.

What are the interest rates on Loans by Mal?

The interest rate offered on your Loans by Mal loan will depend on your personal financial circumstances, including your credit history, as well as how much you borrow and how long you borrow for.

The interest rate you are offered will be fixed for the entire duration of the loan term.

Can I get a joint loan from Loans by Mal?

At present it is not possible to get a joint loan from Loans by Mal. A joint loan is when more than one person signs up for, and is therefore liable to repay, a loan.

This can include mortgages and overdrafts on joint bank accounts, as well as joint personal loans.

Can I get a secured loan from Loans by Mal?

Currently, Loans by Mal does not offer secured loans.

A secured loan, unlike an unsecured loan, requires you to supply an asset of value, such as a house, as a security against your loan.

» COMPARE: Secured loans

Pros and cons of Loans by Mal loans

Loans acquired through Loans by Mal have a number of advantages and disadvantages.


  • You can typically receive your funds within 24 hours of approval.
  • You will not need to supply any paper documentation during the application process.
  • No early repayment charges.


  • You cannot top up your Loans by Mal loan.
  • Loans by Mal does not offer joint loans or secured loans.
  • You can only apply online, not in person or over the phone.

How do Loans by Mal loans work?

After you have submitted your online application, Loans by Mal will assess your suitability and affordability through both a credit check and open banking, which is a way of sharing your banking and credit card data securely without the need to access your paperwork

If your application is successful, Loans by Mal will send you a loan agreement via email that you then sign and return electronically.

Once that’s done, your funds will be transferred to your bank account within one to five days. You will then start to repay your loan in monthly instalments, via direct debit, from the date you have selected.

What if I miss a payment?

If you miss one of your monthly instalments, it can negatively impact your credit score. You may also incur a fine or extra charges.

Loans by Mal encourages customers to get in contact if they have a change in circumstances or fear they will struggle to meet their repayments.

You can also contact debt charities, such as StepChange, the National Debtline or Payplan, for help.

Can I pay off a Loans by Mal loan early?

It is possible to pay back your Loans by Mal loan early, whether that is through multiple overpayments or all in one go without paying any early repayment charges. You can do this by logging into your Loans by Mal account.

What can I use a Loans by Mal loan for?

Whether you want to buy a car, pay for your wedding venue, or refurbish your kitchen, there are a number of options when it comes to using your Loans by Mal loan.

However, you should always take a moment before applying for a personal loan to make sure you really need the money. It is also a good idea to know exactly what you will be using the loan for – for example, if the loan is for a wedding you should budget to make sure you know precisely what costs the loan can help to cover.

Loans by Mal eligibility criteria

In order to apply for a Loans by Mal loan, you will need to:

  • be over 21 years old
  • live and work in the UK
  • pass the relevant creditworthiness and affordability checks

Can I get a Loans by Mal loan with bad credit?

It might be possible to get a Loans by Mal loan with a poor credit history. However, it will likely be more difficult and, if you are successful, you may pay a higher interest rate.

» COMPARE: Bad credit loans

Can I top up a Loans by Mal loan?

At present, it is not possible to top up your loan from Loans by Mal. However, once you have paid back your first loan, you may be eligible to get a lower rate if you were to take out a new loan with Loans by Mal.

How to apply for a loan from Loans by Mal

  1. Start your application online. This will include telling Loans by Mal how much you want to borrow, and for how long. You will also need to supply the required personal information.
  2. Loans by Mal will assess your application. This includes the lender carrying out the relevant credit checks to see if you are suitable for a loan, as well as an open banking check on your bank account.
  3. If you are approved, Loans by Mal will send you a loan agreement by email for you to electronically sign and return.
  4. Once your bank details are verified, and you have returned the signed loan agreement, your funds will be released.

How long does it take for a Loans by Mal loan to be approved?

Loans by Mal promise a ‘quick approval process’. Once your loan is approved, you can expect to receive your loan agreement within one to five days.

Loans by Mal customer reviews

Loans by Mal has a Trustpilot rating of 4.8 out of 5 from 324 reviews.

This information is correct as of 28 September 2022.

Loans by Mal FAQs

What is Loans by Mal?

Loans by Mal is a web-based personal loans lender, offering unsecured loans between £1,000 and £5,000.

Is Loans by Mal a lender or a broker?

Loans by Mal is a lender, rather than an online broker. It is regulated by the Financial Conduct Authority (FCA) as a Consumer Credit Business.

About the author

Connor Campbell
Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more