Conduit short term loans review

Conduit claims to be a responsible, community-driven lender that offers short term loans up to £1,500.

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Conduit

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.

What is Conduit?

Conduit is a short term loan provider and a subsidiary of Five Lamps. It is a Community Development Financial Institution that aims to service those that are unable to get a loan from a mainstream lender. Conduit claims to charge no hidden fees and provide extensive customer support, but like most payday lenders, its loans are also significantly more expensive than regular personal loans.

Key features of a Conduit loan

Conduit offers short term loans with flexible repayments and quick turnaround. You can get a loan for between £200 and £1,500, with loan terms of 6 months and 18 months, and weekly repayments.

Product NameConduit Short Term Loan
Available Amounts£200 to £1,500
Representative APR217.5%
New customer maximum£1,500
Loan terms6 months to 18 months
Soft search eligibility checkcross
Instant decision in most casescross
Funding speedConduit states that once it receives the completed paperwork, your loan will be in your bank account within 3-5 working days. (For a £7 Faster Payment fee, you can receive your loan the same/next working day, subject to the cut-off time of 2pm.)
Repayment period optionsMonthly,Weekly,Fortnightly
Additional repayment methodsOnline payment,Phone payment,Direct debit
Parent companyFive Lamps Trading Limited
FCA registration number791848

What are the eligibility requirements?

As with any loan, you’ll need to meet certain lender requirements to be eligible for a Conduit loan. These include:

ResidencyUK resident
Minimum age18

How do I apply for a Conduit loan?

You can apply for a Conduit loan by phone, or online by following these steps:

  1. Calculate the cost of your loan
  2. Start an online application form
  3. Add your personal and loan details
  4. Click apply

Your loan application will then be assessed by a Conduit loans officer. If it’s successful, you’ll then receive your loan documents in the post, which you’ll need to complete and return.

Your funds will then be sent to your bank account within 3-5 working days. Alternatively, you can pay a £7 faster payment fee to receive your funds on the same, or next, working day.

Can I get a Conduit loan with bad credit?

Yes, it’s still possible to get approved for a Conduit loan even if you have bad credit. However, Conduit will run a credit check when you apply for a loan, and will only approve your application if it believes you can afford the loan and are likely to make your repayments.

Changing your loan: Additional borrowing options

You won’t be able to take out another Conduit loan until your first loan has been paid off. If you fail to repay your loan, Conduit will refer you to the debt recovery agency Credit Resource Solutions, who will pursue your unpaid debt.

Multiple loans allowed at the same timetick
Phone number0300 111 0556
Conduit Short Term Loan

Conduit short term loans

  • Borrow from £200 to £1,500
  • Flexible repayment options
  • Applications from bad credit considered

Representative example: Borrow £500 for 39 weeks at a rate of 111.03% p.a. (variable) with a 3% variable admin fee of £15. Representative APR 217.5% and total payable: £756.78 in 39 weekly payments of £19.02.

Promoted

Customer support

You can get a hold of Conduit through its call centre on 0300 111 0556 or send an email on loans@conduit.org.uk.

Our verdict

Like other pay day loans, Conduit loans are high cost over a short period and should only be taken out when all over optiosn have been exhausted. Conduit’s short term loans have flexible repayments and quick turnarounds and boast no hidden fees which is a huge plus.

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