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.
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” 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. 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?
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)
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.
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.
Customer support
To get in touch with Anico Finance you can call on 020 7099 5882 or alternatively send an email to info@anicofinancialservices.com.
Our verdict
High-cost, short term borrowing is an extremely expensive form of borrowing and may lead to further financial issues down the line. However, if you are in need of a quick fix companies like Anico Finance may be a solution for you.
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 that you may not be able to repay the loan.
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 is able to lend 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.
We compare payday/short term loans from
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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.
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