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Frequently Asked Questions

ADV FINANCE LTD t/a MrLoans

What are the interest rates or APR?

APR is the rate of the total charge for credit expressed as an annual percentage of the total amount of the credit. We will show you typical repayments and representative APRs but the final figures will depend on the lender, the specific terms of your loan, and your individual financial circumstances.

Do you take a fee?

MrLoans we do not charge a fee, however, that you may be referred to a lender or a broker who charges a fee so you should check with them carefully.

Is my loan guaranteed?

All applications are subject to status and checks will be undertaken. These may include credit and fraud prevention searches to find the right product for you and for your protection.

How do you find me a loan?

We will search our panel of lenders using the information you supply when you make your application. We match this against the criteria used by lenders to accept customers. Using this information, we can match you with the provider who offers the most appropriate loan for your personal circumstances.

Why have I been made a different final offer from the one provided in your quote?

This could happen if the information you have provided is not correct or if a lender's additional checks have shown a lower than average credit score. We are happy to obtain your credit records for you or you may wish to contact the major credit reference agencies (Experian, Equifax or Callcredit) for additional information. There may be some anomalies on your credit report which are hindering your search for a loan.

What do we do?

We are a credit broker and not a lender. With large number of lenders in the market, finding the right loan to match your circumstances can be difficult. We do the legwork for you.

I have completed the application. What happens next?

If your application is accepted by a lender, you will be provided with login details and instructions on how to proceed.

How long will it take me to get a loan?

Once you've completed your application, we will present you with the best loan options to suit your circumstances. We like to show you the range of loan types for which you may be eligible. If your loan application is approved by one of our lenders funds can be transferred on the same day. Please note, however, that Guarantor and Logbook loans can take longer to process after approval as lenders may need to gather more information through affordability checks or valuations of vehicles. Please ask your lender directly about timescale variations.

Do I qualify for a loan?

Every situation is different and so is every loan. The eligibility criteria varies by lender. There are, however, standard criteria requirements that you will be expected to meet in order to apply.
- You are at least 18 years of age
- You are actively employed or have regular income
- You have a UK bank account with a debit card
- You are a UK resident with a verifiable address

What is Auto Decisioning?

Auto Decisioning allows lenders to make a decision on your loan application without the need for human interaction, for more information please contact your lender or see their privacy policy.

What is a loan broker?

A licensed loan broker is an individual or company whose function is to match lenders with those needing funds. As a credit broker we introduce you to one of our panel of lenders who, subject to approval and affordability checks, will provide you with a loan.

I have a query/complaint. What are my next steps?

If you have a query or compliant regarding your loan or the loan agreement, then you should contact your lender directly. If you have a query or complaint about this website, you should use our Contact Us page. If you remain dissatisfied with our response to a complaint, you should contact the Financial Ombudsman Service. Further information is available at www.financial-ombudsman.org.uk

Things to consider when borrowing

It's important to have a sense of what you are looking for, what your needs are and what kind of things you should be trying to find out as a borrower. Here are some of the consideration once you have decided to borrow money:
- Check whether you are eligible to apply for the type of credit in question if you do not in fact meet the basic eligibility requirements.
- See what information you will need when applying, and make sure this information is accurate when filling out the application form.
- Research the different options available, you should then compare the costs between different lenders for that type of credit and ensure you fully understand what all the costs will be. This includes finding out if there are any extra fees on top of the interest you will be charged on the original amount.
- Understand what impact borrowing may have on your credit history.
- Check the repayment terms of the lender you want to borrow from, including accepted methods of repayment. It's important to only take out credit which you will be able to afford the repayments on.

Reasons for borrowing money

Taking out such a loan just to cover an expensive and non-essential item, or to facilitate regularly spending beyond your means on non-essential things, are not responsible forms of borrowing. The exact nature of your situation will affect the type of credit you are likely to use. A payday loan meanwhile is intended to cover urgent and essential one-time expenses, such as car repairs or unexpected costs or replacing an important appliance.

I am getting this loan to consolidate my debts, is there anything you can do to help?

If you are thinking of consolidating existing borrowing you should be aware that it may involve repaying a higher rate of interest, extending the terms of the debt and increasing the total amount you repay.
If you're struggling to repay your current credit commitments or you cannot get approved for a more affordable consolidation loan, we would recommend you seek independent debt advice from one of the debt charities. See www.stepchange.org and www.Nationaldebtline.org for more information

I am in debt. Is a loan the best option for me?

Depending on your circumstances, a loan may well be the right option. If you are already struggling to get by and using this loan to cover other debts, however, you may want to look at other non-lending solutions such as Debt Management Plans or Individual Voluntary Arrangements. We would recommend that you seek independent debt advice from one of the debt charities. See www.stepchange.org and www.Nationaldebtline.org for more information.

WARNING: Protect yourself from scams

There are some general things we should all do to avoid scams:
- Treat all unexpected calls, emails and text messages with caution. Don't assume they're genuine, even if the person seems to know some basic information about you.
- Do not be pressured into acting quickly. A genuine bank or financial services firm won't mind waiting if you want time to think.
- Never give out your bank account or credit card details unless you are certain who you are dealing with.
- If you are buying a financial product such as a loan, insurance, investment or pension, only deal with a FCA-authorised firm - check FCA Register to see if the firm is registered. Always access the Register from FCA website, rather than through links in emails or on a firm's website (it might be part of the scam).
- Double-check the URL and contact details of a firm in case it's a 'clone firm' pretending to be a real firm, such as your bank or a genuine investment firm.
- Check the list of unauthorised firms and individuals FCA have received complaints about. If the firm isn't on that list, don't assume it's legitimate - it may not have been reported to FCA yet.
- Check your bank account and credit card statements regularly.

For more advice on the basic steps everyone should take to avoid scams, check out:
- Action Fraud
- Take 5
- Money Advice Service

If you think you have been scammed, find out how to report it to FCA.

WARNING: SCAM ALERT

Please be aware that fraudsters are sending scam emails using our FCA authorised firm and our office address to try to convince people to give them personal details and upfront fees to obtain loan deals.

Clone firm details:
Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK, firm name TOPUP FINANCE LTD (Clone of authorised firm), may they calling you or asking you to call a phone number: 0161 818 4568. They asking for an upfront payment with different reasons (insurance charge, amazon gift card, etc). This firm is not authorised but has been targeting people in the UK, claiming to be us.

YOU MUST NOT MAKE ANY PAYMENT or share your personal details.

ADV FINANCE LTD t/a MrLoans is a credit broker and not a lender. Our service is entirely free of charge.
We do not charge you fees or insurance costs for the services provided and we do not require any credit/debit card details to all our clients. Any request for payment in our name is a scam, please do not pay it.

If you suspect that a clone firm or any other unauthorized firm have contacted you and tried to obtain personal details please contact the Financial Conduct Authority consumer helpline at 0800 111 6768 if you have any questions please email us at customerservice@advfinance.uk

An unsecured loan is a personal loan that is not directly connected to your assets. The issuing of the loan is completely based on the borrower's credit profile and economic circumstances. Unsecured loans are typically offered with term lengths between one and seven years, and with borrowing levels up to £25,000. However, some lenders set the maximum borrowing level at significantly less.

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

We want you to be sure this loan is right for you. So before you carry on, please only apply for a loan if you are confident that you are able to make the repayments on your due date and still manage your other outgoings. Missing repayments may have a negative effect on your credit rating and make it more difficult for you to obtain credit in the future.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. A PAYDAY LOAN OFFERS A SHORT TERM FINANCIAL SOLUTION AND SHOULD NOT BE USED AS A LONG TERM SOLUTION.

Unsecured short term loans allow consumers to borrow money for a brief time. They can be expensive and they won't be suitable for everyone. But for people who need to borrow money for a short period of time and are confident that they have the means for repayment, short term loans can be an option.

49.9% APR Representative (Fixed)

Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative (Fixed) APR rates range from 45.3% APR to 1575% APR. The rate is subject to change and the representative APR may not be the rate you'll receive. The rate you pay depends on your circumstances and loan amount, and may differ from the Representative APR.

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

We want you to be sure this loan is right for you. So before you carry on, please only apply for a loan if you are confident that you are able to make the repayments on your due date and still manage your other outgoings. Missing repayments may have a negative effect on your credit rating and make it more difficult for you to obtain credit in the future.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. A PAYDAY LOAN OFFERS A SHORT TERM FINANCIAL SOLUTION AND SHOULD NOT BE USED AS A LONG TERM SOLUTION.

A guarantor loan involves a third party - such as a parent, legal guardian or employer - agreeing to meet the monthly repayments or pay off the loan completely in the event that the borrower defaults. The guarantor will be legally bound to comply with the terms and conditions agreed to and can be subject to court action and debt recovery measures if they fail to do so.

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk

We want you to be sure this loan is right for you. So before you carry on, please only apply for a loan if you are confident that you are able to make the repayments on your due date and still manage your other outgoings. Missing repayments may have a negative effect on your credit rating and make it more difficult for you to obtain credit in the future.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. A PAYDAY LOAN OFFERS A SHORT TERM FINANCIAL SOLUTION AND SHOULD NOT BE USED AS A LONG TERM SOLUTION.

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We don’t require a credit card or any payment

We never charge any fees for the lifetimeyou for the use of our UNIQUE PLATFORM service and therefore we do not need any card details.

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Repayments on your Pay Date

We recommend set repayments correspond to a pay dates help to manage your money and always make sure you are able to make repayments on your loan in full and on time.

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Will I be accepted for a loan?

The success of a loan application will be dependent on your credit profile, previous and current financial situation, demographic profile and sometimes your relationship with the lender.

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Online & Secure

Your secure online account area allows you to manage your account 24/7 meaning you can apply when you are ready. Simply complete our secured form.

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Let's make today your payday!*

MrLoans has a large panel of payday and other lenders to consider your application. You will receive a decision from one of our panel lenders within minutes of your application being submitted. MrLoans is not a lender but is a licensed credit broker, which introduces borrowers and lenders for the purposes of entering into unsecured loan agreements. We have a wide range of lenders across the UK available to look at your application. If your loan is approved by one of these lenders, funds may be transferred to your bank account on the same day.

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Non Payment Implications

The implications of non-payment of your loan could include adverse details being included within your credit report. This could adversely affect future attempts at securing credit or finance, in addition to further charges potentially being added by the lender. Where you miss a payment entirely, you will often incur a charge/fee that will be added on to the total amount that you owe. Upon a missed payment, lenders will often try to contact you by telephone or letter in order to recover the funds and they may be able to arrange a new re-payment date with you. If you are struggling, or think there is a possibility that you will not be able to meet repayments, We strongly recommend that you contact the lender in the first instance.

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Important things to remember:

- Don't borrow money if you know you will struggle to pay it back
- Don't ignore the situation, contact your lender as your first port of call Please be aware that if do not repay your loan at the agreed date between yourself and your lender, this will result in your lender reporting your case to the Credit Reference Agencies; which may have a negative effect on your credit score. This may negatively impact your ability to obtain credit in the future for services such as car finance, mobile phone contracts or satellite TV subscriptions. If you default, you may be charged a collection fee (which varies from one lender to another), plus interest on the balance outstanding at the interest rate payable under the agreement. You must pay your lender any reasonable expenses and costs that may be incurred in taking steps to enforce (for example, via County Court Judgments), or attempt to enforce, the lenders rights against you under your agreement.

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