Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Anico Finance short-term loans review
Anico Finance offers loans of up to £1,000 for new customers, which can be paid back monthly, to help cover and spread the cost of an unexpected financial shortfall.
Launched in 2012, Anico Finance is a direct lender, authorised and regulated by the Financial Conduct Authority (FCA). It offers short-term “instalment” loans to customers who have trouble getting credit from mainstream financial institutions, or who need the money faster than many banks can accommodate. This includes those who work in the UK on a valid VISA and wish to send money back home to family abroad.
How do Anico’s loans compare against other lenders’?
If you’ve used the Anico site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:
We compare payday/short-term loans from
Key features of an Anico loan
Unlike a “payday loan” repaid along with interest in one lump sum on your payday, Anico allows you to pay your loan back in monthly instalments. Spreading the repayment over longer periods can make monthly instalments more manageable, but pushes up the overall cost of the loan.
|Product Name||Anico Finance Short Term Loan|
|Available Amounts||£300 to £2,000|
|New customer maximum||£1,000|
|Loan terms||3 months to 12 months|
|Soft search eligibility check|
|Funding speed||Anico Finance aims to have the money in your bank account the same day as approval.|
|Repayment period options||Monthly|
|Default repayment method||Continuous payment authority|
|Repay early at any point|
|FCA registration number||718188|
How does a short term loan from Anico work?
- You can apply directly online or speak with an advisor on the phone who can help you complete the application.
- Anico Finance will always speak with you to go over the details you have provided. An advisor will need to assess your personal circumstances and also make sure that you fully understand what you are applying for. Some documents will be required but Anico aims to make this process as simple as possible.
- Your affordability and suitability for a short-term loan will be assessed.
- An agent will contact you with a decision and guide you through your loan agreement and other documents including the terms and conditions.
- Anico Finance aims to have the money in your bank account the same day as approval.
How do I pay back my loan?
Like most short-term loan providers, Anico Finance uses a Continuous Payment Authority (CPA) to collect your repayments on the monthly instalment dates. You can also choose to repay any amount of your loan at any time through a bank transfer.
What is a Continuous Payment Authority (CPA)?With a CPA you give a company permission to withdraw money from your account on a regular basis.
CPA’s differ from a direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.
What are the eligibility requirements?
|Residency||UK resident (with a valid VISA where applicable)|
|Additional eligibility notes||You must be in regular employment or have a regular income.|
Your wages or income must be paid directly into your bank account.
You must have a valid debit card and a working bank account.
Early repayment options
|Repay early at any point|
|Repaying early can reduce overall interest|
|Phone number||020 7099 5882|
Did you know?In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Is high-cost, short-term borrowing a good idea?
If you have found yourself with emergency cash flow problems, a short-term loan from lenders like Anico can offer a quick solution. However, they are a very expensive form of borrowing and are not the answer for long-term or sustained borrowing, or for people with serious debt problems.
Before you apply for a short-term loan, make sure you have considered all other options carefully. Is the expenditure that you’re planning absolutely essential? If you are struggling to pay a bill, then try talking to your utility provider to see if you can work out a payment plan. Read more about alternatives to payday/short-term loans at moneyadviceservice.org.uk.
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