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We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. Mula Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd. for the purposes of obtaining a loan. We do not provide any loan or consumer credit products directly.

Apply for a Personal Loan from an Authorised UK Lender

Everyone needs a bit of financial help from time to time whether it’s to advance your education, partake of professional training, help with vacation expenses, cover moving costs, consolidate debt, pay down medical expenses, purchase equipment for a business or even help with the cost of a wedding. In your parent’s day they might have simply whipped out the credit card and secured a number of cash advances.

Today however, with credit card interest rates routinely hovering between 20% and 30% cash advances are no one’s idea of the best way to bridge the gap to a better future. Instead, you may want to consider a personal loan. Whether secured or unsecured a personal loan can be a lifesaver that will help you get what you need and come out the other side ready to face the future in good shape.

Why Personal Loans Make Sense

If you’re like most people then you probably don’t have an original Picasso sketch lying around that you can auction off for a few million quid. Nor do you have a wealthy uncle or aunt that will write you a cheque with no questions asked. Instead you need to look at more prosaic ways to raise capital when things get tight or you need to make a necessary purchase. Personal loans are often the smart choice when you need to borrow a larger sum of money over a period of 5 years or less.

It's free to apply here at Mula and Monevo could provide you with a decision in minutes when you complete our simple application form.


Personal loans are an attractive option for a number of reasons, not least of which is that they provide you with financial predictability going forward. You’re able to create and operate within a budget that works for you because you know exactly what your payment will be every month, and how long it will take to clear the loan.

Types of Personal Loans

Secured loans

With a secured personal loan the interest rate is often lower but you’ll need to offer some form of collateral (typically your house or car) to the lender. You can usually borrow larger amounts with a secured loan than an unsecured loan and you often have the option of paying the loan back over a longer period of time. However, you also run the risk of losing the asset you offered as collateral if, for some reason, you are unable to repay the loan in a timely fashion. As such you need to be absolutely certain before you go ahead and apply for a secured loan.

Unsecured loans

The other type of personal loan is the unsecured loan. With unsecured loans, or “signature” loans, there is no collateral required; just your signature and your promise to pay it back. The trade-off is that the interest rate will typically be higher than it would be for a secured loan. And, of course, you’ll still need to pay back the loan.

Don't Ignore the Terms

To a certain extent the size of the loan will determine the terms. If, for instance, you borrow £5,000 then you'll more than likely pay back what you borrowed over the course of a few years. Yet paying back a loan of £1,000 in a single year may be relatively easy and painless. Keep in mind too the long term implications - If you opt to pay less each month but make more payments then it's likely you’ll pay more in interest over the course of the loan.

Early Repayment of your Loan

If you are fortunate enough to come into money and you wish to repay your loan early you’ll have to be careful about early repayment fees. When someone repays a loan before it comes to the end of its term the bank or lender stand to lose out on interest they would have garnered had the payment schedule played out in full. As such they typically charge an early repayment fee that allows them to recoup some of that lost interest. Sometimes the early repayment fee can be substantial and erase any incentive to repay the loan early. Make sure you ask about early repayment or early redemption fees before you sign your loan agreement.

Credit History

The interest rate you'll pay on your personal loan is often determined in part by your credit history. If you have excellent credit you’re more likely to receive a low interest rate. If, however, your credit history is less than perfect you can expect to pay a higher interest rate. Typically the lower your credit score is, the higher the interest rate will go. You may even be turned down for an unsecured loan altogether. Remember, the representative rate the lender advertises is the rate they offer to 51% of customers, and not necessarily the rate you will receive.

Some lending institutions specialise in lending money to those with poor credit histories. There is no doubt however that the personal loan rates on such loans can be substantially more, as the lender is taking a greater risk. Nonetheless, such a loan may be worth it if it helps you through a tough financial situation and you have the determination to pay it back according to the terms agreed. Faithfully repaying such a loan can also help improve your credit rating going forward and make it more likely that if you need a loan in the future you’ll receive more favourable terms.

Getting the Loan

Once you’ve determined what type of loan you want the next step is finding an institution to provide it for you. Here you have several choices. If you belong to one you can apply to a credit union. You can also try getting a personal loan from your bank. If your bank is familiar with you and has extended you some type of credit before they may be willing to do so again. However, when you confine your search to a single institution you may prevent yourself from finding the best personal loan rates.

Applying to a number of different banks would seem to be a simple solution to that particular problem. However, (and you knew there was a ‘however’ coming) banks are typically reluctant to quote you a precise rate until you actually complete your application and they can run a credit check on you. This thing is, every time someone runs a credit check it can have a negative impact on your credit score. As such you could actually make things harder for yourself by applying to a number of different institutions in search of the best rate. So what to do? will introduce to Monevo and through Monevo you’ll be able to source unsecured personal loans with reputable UK lending institutions. With Monevo you’ll be matched to lenders offering the lowest rates based on your circumstances and application. We charge nothing for our service and every aspect of our process is safe and secure and you’ll typically receive a personalized quote in less than 5 minutes. Some of Monevo's lenders also offer fast payout; often times on the same day you are approved.

When you use Mula and Monevo’s award winning loan matching software, you stand a much better chance of finding a low rate than if you confine your search to a single bank or credit union. You also spare your credit score the damage that can be caused by applying to a number of banks or lenders individually. That’s because we don’t run a credit check on you and you only fill out one application. Please note, if you are successfully matched to a lender they will conduct a credit check if you decide to proceed with their offer.

One more thing: we don’t offer a personal loan calculator because the offer you may receive may differ from what is detailed within the calculator. Instead, Monevo search their providers for the best personal loan rates that you qualify for and present them to you for your consideration as is.

Who is Eligible to Apply?

Any UK resident who meets the following criteria is eligible to apply for an unsecured loan through Mula. Those criteria are:

  • - A regular income.
  • - An account number and sort code with a UK bank or building society.
  • - Affordability to repay your loan.
  • - Minimum of 18 years of age.

Monevo’s lenders consider UK residents regardless of their credit history as long as they meet the above requirements. Remember though that acceptance of an application is not a guarantee of a loan.