Best Short Term Loans UK: Review 12 of 16: MyMate Payday Loan Review

This post is the twelfth (12^th) Part of the 16 Part Mini Series where I look at 16 of the best short term loan companies in the UK. This series was inspired by the Millionaires Giving Money community who kept on asking two questions over and over again. The first question was (1) What is the best short term loan company in the UK? and (2) What is the most reputable payday loan company in Britain. After responding to a handful of these emails I decided to write a series of post reviewing the best short term loan companies so readers could make an informed decision. In this twelfth review I look at MyMate Payday Loans.

Important Notes: Before continuing with the review of MyMate Payday Loans I wanted to share some important information which is often overlooked when borrowers take out short term loans. Making payments on time is the key to managing short term loans effectively. If you miss a payment your loan may be automatically extended and you will be required to pay more interest and charges. Missed payments also lead to lower credit scores and a default on your credit file. Collection agencies may also be introduced to recover payments if you fail to make successive payments. It is of utmost importance that you complete a financial questionnaire to assess your income and expenses so you know in advance how much you can afford. Now without further ado here is here is the review on MyMate short term loans.

Review 12: Best Short Term Loans UK: My Mate Pay Day Loans

MyMate.co.uk is a direct short term loan payday lender. My Mate Financial Solutions is regulated by the Financial Conduct Authority and has its registered offices in Knutsford United Kingdom. MyMate.co.uk is a responsible lender and always lends money according to how much the customer can repay based on their affordability.

MyMate.co.uk prides themselves’ on working hard to confirm that the selected loan is right for the borrower. The application process is relatively straightforward and requires information such as personal details, address, employment status, and how much and how often you are paid. The information given is private and confidential and the site has a secure server so no information is purposefully divulged.

MyMate.co.uk does not specify how long it takes for the application process to be approved. Once the information is gather a credit check is undertaken and further underwriting requirements and manual reviews may be completed to check the suitability of the borrower. MyMate.co.uk has a very strict approval process and their loan defaults are very low.

Once the loan has been agreed in principal all you have to do is accept the agreement and then the money will be transferred directly to your account usually same day. MyMate.co.uk has no hidden fees, no hidden charges and will inform you from the very start how much you owe and when you are required to make the payment. The direct payday lender is also available 24/7 online and via phone so you can keep your account up to date.

MyMate.co.uk also has a list of 10 promises which they use to keep customers satisfied. Some of these promises include

(1) Acting fairly, reasonable and responsibly whenever they deal with customers.

(2) To ensure your situation is understood properly so responsible lending can take place

(3) Carry out credit and affordability checks to help borrowers avoid financial difficulties

(4) To act ethically and responsibly in all dealings.

MyMate.co.uk is a very strict lender who offers competitive rates however if you have bad credit you will be required to jump through hoops to get the credit you need.

Example of MyMate.co.uk Short Term Loans

MyMate.co.uk has an APR representative of 1,451% and loans amounts between £150 and £1000 over a maximum term of 6 months. To take out a loan you need to pay an arrangement fee of £5.50 and other fees may apply.

The APR representative of 1,451% is worked out as follows. When you borrow £200 over 5 months at a rate of 292% PA fixed you will repay £67.37 per month and £337 in total after the completion of the term.

Is MyMate.co.uk the Best Short Term Loan Company in the UK?

MyMate.co.uk is a strict short term loan company which has an emphasis on making sure borrowers can afford to repay a loan. MyMate.co.uk checks the borrower financial statement and undertakes credit checks and further underwriting and manual checks if required. 

MyMate.co.uk does offer very competitive rates because it does its due diligence on the borrower so loan default levels are low. If you are after a short term loan in the UK and have good credit then it is worth applying for a short term loan from MyMate.co.uk so you get a competitive rate.