Frequently asked questions

Have a question? Save time and take a look at our frequently asked questions here.

Before Applying

We suggest you only borrow what you can afford. We are a responsible lender and don’t want any of our customers to get into a situation that leads them into bad debt. Our policy is to lend up to a maximum of a month’s contract value plus any other regular monthly income. We offer loans from £1,000 up to £5,000 dependent on your circumstances. We also take into consideration your ability to repay the loan and your creditworthiness.

The actual amount of interest paid will depend on the amount you borrow and what repayment term you decide is best for you. We will tell you exactly how much interest you will pay and confirm how you pay it in the loan documents we provide to you.

To see the amount of interest you would be required to pay on your loan, please use our loan calculator

Yes there is an administration fee which starts at £100 and is variable depending on the term of the loan you choose. You can either choose to pay this up front via your debit card or add this to your loan amount.

We lend to contractors working on long term and temporary contracts. You must live and work in the UK and be over 21 years old to apply. We will take into account all income received in a typical month. We will only lend to contractors who have a good credit history and pass our creditworthiness and affordability checks.

loans by mal is a lender and not a broker. As a consumer credit lender we underwrite and process your application and provide a quick in-principle decision directly to you with no broker party involved. As such you can be secure in the knowledge that your loan and the details of it are confidential. We have a direct relationship with all of our customers and pride ourselves on the personalised service we provide. Monthly Advance Loans Limited is authorised and regulated by the Financial Conduct Authority (firm reference 912359). Monthly Advance Loans Limited is a Consumer Credit Lender notified with the Office of the Information Commissioner, registration number ZA553679. Monthly Advance Loans Limited is a private limited company registered in England and Wales (company number 12070468) and has its registered office at 16 High Holborn, Holborn, London WC1V 6BX.

All repayments will be taken directly from your bank account via a Continuous Payment Authority. To set this up we will need details of the debit card attached to your current bank account. Borrowers must have a valid UK debit card. This could be a Visa Debit, Visa Electron or Debit Mastercard, linked to a Current Account of a UK bank.

Funds will be released once we receive your electronically signed agreement back from you. This will be emailed to the email address you have supplied. Once we receive your signed agreement we will release funds.  This is normally within 1 to 5  working days after your loan has been approved.  Funds will be sent directly to the bank account you have specified in the application process.

Unfortunately we will be unable to help you with a loan if you have a CCJ and/or poor credit history.

To ensure we can provide a quick in-principle decision we use online systems. This starts with the online application on this website. This means that applications are not accepted over the telephone.

Whilst Applying

When we agree a loan we will e-mail a loan agreement to you. You will need to electronically sign before the funds are released. This will usually be 1 to 5 working days after your loan has been approved. Funds will be sent directly to your specified bank account.

Yes there is an administration fee which starts at £100 and is variable depending on the term of the loan you choose. You can either choose to pay this up front via your debit card or add this to your loan amount.

There are a number of checks that we do to assess your loan application. Your application must be completed in full. We will run a credit check using a third party software (Transunion) on your identity, proof of address and address history. All credit checks must be clear. We will also assess your income and expenditure and the affordability of the loan against your disposable income. The results of these checks will allow us to fully assess affordability and your creditworthiness.

In order to comply with anti money laundering regulations that protect against identity theft and fraud, we will undertake checks against various industry databases to verify your details. There are a number of reasons why your card may be declined. The common reasons include:

  • The debit card you have used in the application process is a prepaid card
  • The debit card is not a Visa Debit, Visa Electron or Debit MasterCard
  • If the address you have entered on the application does not match the address that your
    debit card is registered to then our system will automatically decline as your card cannot be validated.
  • There are insufficient funds in your bank account. You must have at least £1 of credit.

When you apply for a loan, we will request your credit score report from a leading credit reference agency (www.Transunion.co.uk) They will provide us with information about your credit history.

This will include information from your credit application and about your financial situation and financial history. Transunion  will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.

You can check your credit report by contacting any of the credit reference agencies in the United Kingdom. Your credit reference file should include information from public sources such as the electoral roll, public records including county court.

www.experian.co.uk
www.equifax.co.uk
www.transunion.com

When we ask for your outgoings we are checking to make sure that you have enough disposable income to be able to manage the new loan repayment. When you apply online for a loan you provide your monthly outgoings including payments such as your rent or mortgage, how much you spend on food, travel, any other loans or credit payments you may already be making etc. We also provide helpful guidance within this section under each category by way of an icon.

After Applying

There are a number of checks that we do to assess your loan application. Your application must be completed in full. We will run a credit check using a third party software (Transunion) on your identity, proof of address and address history. All credit checks must be clear. We will also assess your income and expenditure and the affordability of the loan against your disposable income. 

The results of these checks will allow us to fully assess affordability and your creditworthiness. Normally these checks take up to 24 hours* to complete and you will receive an email advising you on the status of your application. 

*excluding Bank Holidays and weekends. 

We will send you an email confirming the terms of your loan. This will outline the amount being lent, the interest applied and the terms of your loan. A Loan Agreement will also be emailed to you and you will need to follow the instructions to electronically sign and send it back to us. 

Once we receive the signed Loan Agreement we will arrange for funds to be sent to your bank account, this will usually be within 1 working day upon receipt of the signed agreement.

Subject to eligibility we may be able to offer you a top up loan depending on your circumstances and eligibility. There is a maximum of two loans for each borrower. Any new loan agreed would be subject to an administration fee.

Subject to eligibility we may be able to offer you a top up loan. The top up loan could be additional funding added to your existing loan or treated as a separate loan where you could have 2 loans, running alongside each other depending on your circumstances. There is a maximum of 2 loans for each borrower.

Any new loan agreed would be subject to an administration fee. We will need to check your repayment history on your existing loan and carry out the usual affordability and creditworthiness checks, in light of the new repayments. As we already know you, the decision process will be very quick. To get the ball rolling simply click the apply button below to start your application

You can update your details and find out any information about your loan by logging into your account on this website.

Your repayment date will be  one month after you receive your loan advance. Please e-mail [email protected] should you wish to change this.

All repayments will be taken automatically using a Continuous Payment Authority (CPA) from your designated Debit card.

A Continuous Payment Authority (CPA) which is sometimes referred to as a recurring payment or ‘continuous payment transaction’, is where you give a business permission to regularly take money from your debit or credit card whenever they think they are owed money.

Of course. We can offer various options if you have some additional funds and wish to pay off a lump sum, make overpayments or even pay off your loan early if you wish to do so ( an early settlement fee may apply). You can do this by logging into your account.

If your circumstances change or you wish to review your repayment arrangements, please do not hesitate to contact us. We are more than happy to help you where we can.

If you can’t find the answer to your question, contact our friendly team who will be happy to help.

© Monthly Advance Loans Limited.
loans by mal is the trading name of Monthly Advance Loans Limited. Authorised and regulated by the Financial Conduct Authority (firm reference 912359). Monthly Advance Loans Limited is a Consumer Credit Lender notified with the Office of the Information Commissioner, registration number ZA553679. Monthly Advance Loans Limited is a private limited company registered in England and Wales (company number 12070468) and has its registered office at 16 High Holborn, Holborn, London WC1V 6BX. Monthly Advance Loans Limited is a consumer credit lender not a broker.

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