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.
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 |
If you want to apply for a short term loan from Anico, follow the steps below:
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.
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.”
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. |
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Phone number | 020 7099 5882 |
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.
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.
To get in touch with Anico Finance, you can call on 020 7099 5882 or send an email to info@anicofinancialservices.com.
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.
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