Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you'll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%. This is a representative example of what it may cost : a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22
We are here to hold your hand through times of financial difficulty and help you overcome it. We provide you with loan solutions that you can rely upon during your times of financial difficulties. In fact, we will also be able to help you if you have less than perfect credit scores. In fact one of our specialties is soft credit check loans which are especially meant for people who looking for loans with poor credit. Of course we all know that it is neither legal nor possible for lenders to provide loans without credit checks in the UK due to the regulations of the Financial Conduct Authority.
However, it is quite possible to find non-traditional and specialist lenders who will go soft on your credit check. This does not mean that these lenders are ready to lose their money by lending to high risk individuals. It simply means that these lenders are ready to look at factors other than your credit score while taking the decision of whether or not to give you a loan if you have bad credit.
Earlier the trouble with loan applications was that it took forever for them to be processed and approved. Nowadays, however, this is not the case as maximum part of the application and approval process is automated. The process is such that a loan applicant submits an application on our website and our computers process this information. Within minutes we are able to match the applicant with the most suitable lenders and give them the details. The entire process occurs online and you do not have to go trudging to a physical office in order to submit your loan application in writing.
In this manner the loan is processed within a few minutes. The lenders that we deal with also use the latest technology for the processing and approval of loans. This is the reason that as soon as you place an application, it will go into processing and you will get an approval within a few minutes. The maximum time that a loan approval takes with us is one working day.
We are responsible loan brokers and are associated only with reliable lending agencies. This is the reason that when you go through us you are automatically protected from the loan sharks and unscrupulous lending agencies when you are looking for loans with soft credit check. We always vet the lending agencies that we deal with for all their credentials and their work ethics. This is because we have the best interests of the borrowers in mind while dealing with them.
The most important aspect when applying for a loan is the reliability of the lender. This is because many unscrupulous lenders often take advantage of the applicant's difficult situation and try to fleece them of their hard earned money. We deliberately and cautiously avoid lenders with such questionable ethics and deal only with those lenders who come up fair and square in their dealings with our customers.
Oyster Loan is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Oyster Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan and requesting you to make a payment, report it to www.actionfraud.police.uk.
All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.
Contact your lender directly if you have any worries about making your re-payment. If you do not endeavour to do so you will be unable to arrange any payment options and where the situation remains unresolved (where you have not re-paid your loan), the lender can exercise their right to pass your details onto a third party collections agency. This agency will then work to recover your unpaid arrears (plus any interest accrued as a result of your non-payment).
Implications of Non-Payment
By not making your short-term loan re-payment on time, you could be subject to fees and penalties, which will be implemented at the discretion of your individual lender. The details of any charges that can be added to your loan re-payment amount will be detailed within your loan agreement and this will include the reasons why further charges may be added. If you are late in making your payment this could also have a negative impact on your credit score. Therefore, in order to avoid having to re-pay more than your original agreed amount, we suggest that you re-pay your loan on time. If you fear that you will experience difficulty in paying back what you owe, please contact your lender as soon as possible.
Where you feel that you will not be able to meet your re-payment date and will need to make your payment at a later time – you must contact your lender to arrange this. If you do not, it could be assumed that you are unwilling to re-pay your loan and therefore you could incur a higher fee or charge than you would otherwise have done by simply extending your loan term. A late payment fee usually amounts to anywhere between £1 and £100 and this will vary dependent upon your lender. However, we do not advocate the unnecessary extension of short-term loans and as a result we ask that you ensure that you will be able to re-pay any loan that you apply for. For more information, please read and understand the terms and conditions associated with your loan agreement.
We do not advocate the renewal of short-term loans however, in the instance that you wish to do so you must contact your lender immediately. You will often be charged the same rate of interest or fees for an extra month however; this will be charged on the full amount that you owe to the creditor (amount borrowed plus first month's interest). If you are late in making your loan re- payment or you fail to make the re-payment at all, your loan may be automatically rolled over thus automatically incurring further interest and charges. Any amount that you have borrowed you will be liable to re-pay so, please make sure that you only take out a loan if you can afford to pay it back in full.