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 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.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
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.
Key features of an Anico loan
Unlike a “payday loan”, which is traditionally 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 loan’s overall cost. Anico loan amounts range from £300 to £2,000, but any amounts over £1,000 are only for returning customers.
Product Name
Anico Finance Short Term Loan
Available Amounts
£300 to £2,000
Representative APR
382%
New customer maximum
£1,000
Loan terms
3 months to 12 months
Maximum APR
607.9%
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?
If you want to apply for a short term loan from Anico, follow the steps below:
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 on 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.
CPAs differ from a direct debit because they give the company being paid permission to take money from your account whenever it wishes and to take payments of different amounts without consulting you. Most payday loan companies will use a CPA to collect your repayments, but you can cancel this at any point by either consulting with the lender or your bank.
Under the Consumer Credit Act, you have 14 days in which to cancel a credit or loan agreement if you change your mind. This is known as the “cooling-off period”. You will need to repay the amount borrowed and any interest accrued, but no fees will be charged.”
What are the eligibility requirements?
You’ll need to meet the following criteria to apply for a loan with Anico:
Residency
UK resident (with a valid VISA where applicable)
Minimum age
21
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.
It also 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.
Pros and cons of Anico short term loans
Pros
Personal service. Applicants will always speak to a customer service advisor before a decision on a loan is made. This means the lender can take into account your personal circumstances as well as your credit history.
Early repayment. You can settle your loan early at any time, free of charge. This is recommended if you can afford to do so, as it could save you money in interest.
No hidden fees or penalty charges. Anico will tell you exactly what you will have to repay before you take out a loan. It will not charge you if you are late on a repayment, but you will pay more in interest and it can affect your credit rating.
Fast access to funds. Anico aims to transfer funds on the same day as approval.
Cons
High interest rates. Like any short term loans, Anico loans have a high interest rate. Make sure you consider all other options before turning to a short term loan.
Higher age limit. You must be at least 21 years old to apply for an Anico loan.
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 and easy 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. Think about whether you really need to spend the money or whether you could ask a family member for help. Do you have any savings you could use, or could you borrow through an overdraft or credit card instead? Read more about alternatives to payday/short term loans at moneyadviceservice.org.uk.
Customer support
To get in touch with Anico Finance, you can call on 020 7099 5882 or send an email to info@anicofinancialservices.com.
Our verdict
Short term loans are generally an extremely expensive form of borrowing and may lead to further financial issues down the line. For this reason, it’s crucial to consider all other options first and only use a short-term loan as a last resort. If you must borrow in this way, try to borrow as little as possible and pay it back as quickly as you can to reduce the amount of interest paid.
Frequently Asked Questions
Anico Finance uses a range of sources of information before making a lending decision. Depending on the circumstances, this could include information obtained from you, records of its previous dealings with you and data from credit reference agencies. It will not provide you with a loan if the creditworthiness, sustainability and affordability assessment indicates you may not be able to repay.
As a returning customer, you may be eligible for a loan above £1,000, although this is calculated by the creditworthiness, sustainability and affordability assessment. Anico Finance lends existing clients a maximum of £2,000.
Yes, you can repay at any time you want or close your loan early if you can afford to do so. If you pay early, you could pay less interest, as you may be entitled to a rebate under the Consumer Credit Act 1974.
If you receive some of your income from benefits, you may still be eligible.
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To make sure you get accurate and helpful information, this guide has been reviewed by Rachel Wait, a member of Finder's Editorial Review Board.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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