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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.

FAQs

We've created this section to answer some of the most frequently asked questions when it comes to our service and borrowing money.


Is Mula a direct Lender?

We are a loan introducer and we do not lend directly. We introduce you to lenders for the purpose of obtaining a loan.

What are the eligibility criteria for a UK Loan through Mula.co.uk?

Monevo's lenders require the following as a minimum::

  • Aged Over 18
  • UK Resident
  • In receipt of an Income
  • A valid UK Bank Account with a debit card
These must be met as a minimum, however each lender may have their own criteria which may be in addition to those mentioned above. If you're applying for a guarantor loan then a suitable guarantor is required in order to vouch for your ability to keep up any repayments.

How long is the application process?

If you've entered all of your details correctly on our application form, Monevo's software will almost instantly match your information against the requirements of the panel of lenders.

The application form is typically completed within minutes and a decision can be received within a matter of seconds after submission.

If you're accepted by one of the lenders, you'll be taken to a loan agreement page where you can accept or decline your offer. If you agree with the offer, you may receive the funds straight away by electronic bank transfer.

What is Representative APR (RAPR)?

This is the 'Representative Annual Percentage Rate' - a rate of interest which 51% or more of successful applicants will receive against a specific loan.

For example, a loan advertised at 49% RAPR means that 51% or more of the accepted applicants will receive 49% as their annual rate. The other 49% could get a different rate which may be more or less. It is given as a yearly figure, which is why it sometimes appears high - especially if you are looking for a loan which is designed to be taken out over a shorter period of time.

Using the Representative APR can assist you in comparing loan products and is often better suited to medium term or long term loans. As well as this you should also consider the affordability of your repayments.

How much can I borrow?

This will depend on your circumstances and can vary from lender to lender.

As a guide, these are the types of loan you can apply for, and the amounts you can request:
Short Term Loans Personal Unsecured Loans Guarantor Loans
Amount From £100 to £3,000 From £1,000 to £25,000 From £100 to £15,000
Rates From 278% - 1576% From 5.7% to 278% From 49.7% to 49.9%

How will the funds be paid to me?

This can vary between lenders. Typically, your loan will be paid directly to your account by electronic bank transfer

How quickly will I receive the money?

Many applicants will receive the funds into their bank account on the same working day, provided an application was made before 3pm on a working day. Applications made after this time, or at a weekend, will usually be paid on the next working day.

You may receive funds within as little as 15 minutes after approval, however not all lenders offer this facility - please check with your lender directly for their exact timescales and payment methods before you accept.

In some cases, further information may be required such as a co-signature. This means the process can sometimes take a little longer (typically between 1-3 working days).

How will I repay my Loan?

Repayment options differ based on the type of loan you're applying for. Most commonly, you'll repay by Direct Debit or standing order from your bank account, however your lender may offer you a number of repayment options. Please read the agreement before signing as this will detail your repayment method, and any penalties or charges in the event you decide to repay your loan early.

Can I apply if I have poor credit history?

You should only consider applying for a loan through Mula if you are able to keep up the repayments. If you are experiencing financial difficulty then we advise you to seek professional financial help before applying for any further credit. Many of Monevo's lenders do however offer products designed for those with poor credit ratings so you can still apply if your credit rating is poor..

Do Mula carry out a credit check?

No, any credit check will be carried out directly with your matched lender prior to approval so they can assess your ability to repay any loans.

Which lenders do Monevo work with?

Monevo work with a large panel of lenders and brokers in order to maximise your chance of finding a suitable loan. Some of the lenders on their panel include:

  • Pounds to Pocket
  • Sunny Loans
  • MyJar
  • Amigo Loans
  • Satsuma Loans

What do you use my personal information for?

The information you provide in your application is used for the purposes of introducing you to Monevo, who will introduce you to other brokers and loan providers. They will use your information to try to match you with a lender on their panel, who will then use your information to assess whether or not they can provide you with a loan.

If you tick the box to consent to marketing, you may receive messages from Monevo and their trusted partners in relation to similar products. Please see our Privacy Policy here, and Monevo's privacy policy here if you like more information about how your details will be used.

I'm having difficulty repaying my loan, can you help?

In the event of any repayment difficulties you will need to contact your lender directly, as they may be in a position to offer you some repayment alternatives. Late repayment can cause you serious money problems. For help you should visit www.moneyadviceservice.org.uk.