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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.

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.

warning icon Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon Please note: High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing.

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:

How much money do you need to borrow?


How long do you need to borrow over?


Name Product Available Amounts Monthly repayment Total payable
£50 to £800
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£100 to £1,000
Representative example: Borrow £250 for 30 days at a rate of 292% p.a. (fixed). Representative APR 1270% and total payable: £310, in 1 payment of £310.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

Compare up to 4 providers

Important information:
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
On Stride Personal Loan
Peachy Loan
PiggyBank Short Term Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
247Moneybox Payday Loan

Is high-cost, short-term borrowing a good idea?

If you have found yourself with emergency cash flow problems, a short-term loan 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.

Key features of an Anico loan

  • Borrow from £300 to £1,000. Anico Finance allows new customers to borrow a maximum of £1,000 – that’s more than many of its competitors. Existing customers can apply for a loan of up to £2,000.
  • Repay the loan over 3-12 months. Rather than the more traditional “payday” loan method of repaying the loan along with interest in one large lump sum, Anico Finance allows you to pay in fixed monthly instalments which could prove to be more manageable.
  • Fixed, high interest rates. Like most short-term loan providers, interest rates are high, and this is realistically an expensive form of borrowing.
  • 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. Anico employs freelance agents to promote the company to friends and family and they are paid commission when a loan offer is taken up.
  • 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.

How does a short term loan from Anico work?

  1. You can apply directly online or speak with an advisor on the phone who can help you complete the application.
  2. 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.
  3. Your affordability and suitability for a short-term loan will be assessed.
  4. An agent will contact you with a decision and guide you through your loan agreement and other documents including the terms and conditions.
  5. 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?

  • Are you over 21?
  • Are you a UK resident (with a valid VISA where applicable)?
  • Are you employed, or receive income, in the UK?
  • Do you have a UK bank account and debit card?
  • Are your wages or income paid directly into your bank account?

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.

Frequently Asked Questions

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*Disclaimer: The offers compared on this page are chosen from a range of products finder has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms "Best", "Top", "Cheap" including variations, are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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