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.
Buffa short term loans review
As the name suggests, Buffa loans can give you a much-needed cash buffer. But is it a good deal?
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What's in this review?
What is Buffa?
Buffa is a UK short term lender that offers small, fast loans. It’s a member of the Consumer Finance Association (CFA) and claims to offer flexible loans with no hidden fees for those with good or bad credit.
Key features of a Buffa loan
|Product Name||Buffa Short Term Loan|
|Available amounts||£100 to £1,000|
|New customer maximum||£1,000|
|Loan terms||3 months to 6 months|
|Soft search eligibility check|
|Instant decision in most cases|
|Funding speed||Buffa aims to deposit the money in your bank account within just 5 minutes of approval. However it might take longer depending on your bank.|
|Repayment period options||Monthly|
|Default repayment method||Continuous payment authority|
|Additional repayment methods||Online payment|
|Repay early at any point|
|FCA registration number||791745|
How does a Buffa short term loan work?
You can apply for a Buffa short term loan within a couple of minutes, and you can check your eligibility without it affecting your credit score.
When you take out a loan, you’ll be given a set repayment schedule and will then need to make monthly repayments until the loan has been paid off.
How much does it cost?
The cost of your loan will be based on how much you borrow and the length of your loan term. The longer you take to repay the loan, the more you’ll pay in interest, but the smaller the size of your monthly repayments. At the time of writing, Buffa’s rates max out at 274% p.a.
Loan amount: £100
Loan term: 3 months (with monthly repayments)
Interest rate: 274% p.a.
Total cost: £148.02
What are the eligibility requirements?
|Applicant with bankruptcy||You must not currently be bankrupt or in an IVA.|
|Additional eligibility notes||You must live in England, Scotland or Wales.|
You must receive a regular income.
You must have a UK bank account with a valid debit card.
Pros and cons of a Buffa loan
- Easy application
- 5-minute funding
- No hidden fees
- Very high rates
- Limited loan terms
- Can only borrow up to £1,000
Changing your loan: Additional borrowing options and early repayment
|Repay early at any point|
|Repaying early can reduce overall interest|
|Multiple loans allowed at the same time|
|Phone number||0800 1701 703|
Despite claiming to bring vital transparency to the short-term loan space, Buffa loans have the same benefits and drawbacks as most other payday loans.
While you can get approved and funded for a Buffa loan within minutes, you’ll be faced with very high interest rates (albeit not quite at the maximum allowable).
As with any short term loan, if you fail to make your repayments, you could end up getting yourself into serious financial trouble, therefore a Buffa loan should only be considered as a last resort.
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