Is Lolly Loans Safe? Are you interested in a Lolly loan, or are you looking for more information about the company because you already have a loan with them?
Either way, this loan guide should help you. We have compiled the most important detailed information about Lolly Loan for you in this loan guide.
There are many debt solutions in the UK, and choosing the right one can pay off some of your unsustainable debt, but the mistake can be costly and time-consuming. It’s about what’s right for your personal circumstances.
It is always best to familiarize yourself with all of your options before taking any action.
Table of Contents
Overview of Lolly Loans
Is Lolly Loans Safe? Yes, In 2005, the founder of Lolly Loans started out as a credit broker making loans. In 2012, he founded Lolly.co.uk. Since then, Lolly.co.uk, also known as Lolly Loans, has helped over 500,000 customers find short-term loans.
Lolly Loan is a completely online application service that helps borrowers facing financial problems get the money they need. They use loan-finding techniques to compare an applicant’s criteria with those of a variety of short-term lenders to see if they are a match. Borrowers can apply to know that their applications will be seen by multiple lenders, increasing their chances of receiving an offer and saving them time from completing many applications.
Services offered by Lolly Loans
Lolly Loans offers its services to borrowers by accepting loan applications and matching them with different lenders. They provide customers with instant access to a variety of payday loans and short-term loan options. They offer quick cash loan solutions that are credited to your account the same day you place an order.
- Payday Loan
- Short-Term Loans
- Fast Cash Loans
Loans with maturities of less than three months are available. Your loan application is used to develop a no-obligation loan offer tailored to your loan needs. If no lender can exactly match your requirements, your application may be approved by the lender who is willing to offer a different term or amount. Full loan terms are clearly displayed with your personal loan offer, allowing you to make an informed loan decision. You are under no obligation to accept any offer.
Loan amount and loan terms
Borrowers can apply for a loan from £50 up to £2000. Customers can also choose the term of the loan, Lolly Loans offers terms ranging from 3 months to 36 months.
Lolly loan main details
Above we have given you an overview of Lolly Loans. But let’s take a closer look at the details. Here are detailed details about the fees, interest, and repayment period related to the loan you can get with Lolly Loans.
APR
- Minimum APR: 49.9%
- Maximum APR: 1294.1%
The annual interest rate on the loans they obtain is advertised at 49.9%. This is the best scenario. Depending on your individual circumstances, the APR can be as high as 1294.1%.
The Loan Amount And The Repayment Period
- You can borrow between £50 and £2,750.
- The loan repayment period can range from 3 to 24 months.
Example
Here is the representative example they gave on their website:
- Representative APR: 70% APR
- Loan amount: 1000 GBP
- Interest rate: 70% (fixed) p.a.
- Duration: 24 months
- Monthly payments: £77.48
- Total amount payable: £1,859.52
- Total cost: £859.52
How Do I Apply For A Lolly Loan?
Lolly Loan offers online loans to its customers. Clients can complete the application form online through the Lolly Loan website. Fill out a simple form with the necessary personal information, and the site will use powerful matching technology to discover which lenders can help you.
If a match is found, often through an instant decision, you will be directed to the lender’s website to complete your application and obtain a decision. If the offer they are making meets your requirements, you can only accept or decline it. There is no obligation to participate. Be sure to read and agree to the terms of any offer before accepting it. Before you agree to continue, this data will be shown to you in detail.
Lolly Loan Reviews – Is Lolly Loans Safe?
It’s important to look at a company’s ratings to see how other customers rate it. Take a look at Lolly Loans reviews here.
Is Lolly Loans Safe?
Is Lolly Loans Safe? Yes, Lolly Loans are legit. Lolly Loans is a registered trading name of EGOUK Ltd, a company approved and regulated by the Financial Conduct Authority (FCA) indicating that it is legitimate.
How to complain about Lolly loans?
If you need to make a complaint about Lolly Loans, your first step should be to contact the company directly using the details below to email or call them.
Contact details of Lolly Loans
Lolly Loans keeps the lines of communication open for their customers to reach out to them when needed. Use the following information to keep in touch with the company. You can also direct your complaints and questions through these contact details.
- Address: 27 Cofton Church Lane, Cofton Hackett, Birmingham, England, B45 8PS
- Phone number: +4407973155011
- Website: www.lolly.co.uk
- Email: question@lolly.co.uk / compliancetuk@lolly.co.uk
- Registration number of the Financial Conduct Authority: 733559
- Data protection number: Z3533362
If Lolly Loans does not respond to your complaint, you should contact the Financial Ombudsman Service. They should be able to handle your complaint.
Lolly Loan Interest And Fees
The Financial Conduct Authority has decided that it is appropriate to implement some measures to try to protect borrowers. These include caps on interest and loan fees. Here are some hats:
- The maximum daily cost of 0.8% of the loan amount; this includes interest and fees.
- £15 Default Rate Limit – Interest may continue to be charged after a default has been set on the account, but cannot exceed the original rate of 0.8% per day.
- 100% maximum cost: The lender must not share more than 100% of the borrowed money with you.
The limits are relevant for credit contracts at an interest rate of 100% or more per year, to be repaid within one year, either in full or in a lump sum.
Other regulations to take into account are those that came into force in 2017.
Lenders are now responsible for providing information about their products through the FCA-approved rate comparison website.
In addition, borrowers must receive a summary of their loans.
Changes in the continuous payment format
Typically, you will be required to pay off a loan using a CPA or Continuous Payment Authority.
New regulations regarding the CPA have recently been put in place. These include the inability of the loan company to try to take the money on more than two occasions.
They are also not allowed to accept partial payments. If there isn’t enough money in your account to cover all of the debt, they shouldn’t take any money at all.
You can talk to them and give them permission to accept partial payments if you prefer to take the debt little by little.
Lenders Responsibilities
Lolly Loans UK should always try to help and should allow you to reschedule the payment.
Here are some of the rules Lolly Loans UK must abide by:
- They should provide you with information on where you can get free, independent debt advice.
- They are responsible for suspending debt recovery for a reasonable period; Allowing you to set up an alternative payment plan that fits your current situation.
- It should give you plenty of time to pay off your debts and freeze interest and fees when possible.
FAQ – Is Lolly Loans Safe?
Contact details of Lolly Loans
- Website: http://www.lolly.co.uk/
- Address: 27 Cofton Church Lane, Cofton Hackett, Birmingham, England, B45 8PS
- Office hours: Monday to Friday from 9 a.m. to 5 p.m. m. to 8 p.m. m., Saturdays from 10 a.m. to 5 p.m. m. to 5 p.m. m.
- Phone number: +4407973155011
Are Lolly Loans Legit?
Yes, Lolly Loans are legit and safe. Lolly Loans is a registered trading name of EGOUK Ltd, a company approved and regulated by the Financial Conduct Authority (FCA) indicating that it is legitimate. The registration details of EGOUK Ltd FCA are as follows:
- FCA Regulated: Yes
- FCA Status: Designated Actor
- FCA reference number: 733559
- Brand names: www.lolly.co.uk
Are the Lollys a money lender?
Yes, Lolly is a credit broker who checks your credit score before offering you a loan of between £100 and £3,000.
Do Payday Loans Cause Debt?
Yes. Payday loans cause debt that is often difficult to pay due to the high interest rate and the situation in which the debtors find themselves when taking this loan.
What Type Of Debt Is A Payday Loan?
Payday loans are short-term, very high-interest loans that are often available to consumers without the best credit scores.
Conclusion – Is Lolly Loans Safe?
Understanding the services they offer at lolly.co.uk is as simple as learning how to use our Lolly Loan loan comparison platform. At the end of the day, Lolly loans are good enough to consider
With this Lolly Loan review, we have seen that they help consumers get short-term cash loans with terms of no more than 12 months. You can apply for a loan on their website for amounts ranging from £50 to £2000, and you can use it to cover any expenses, payments, or purchases.