Oink Money is an “introducer” for Monevo Ltd. This means Oink Money does not lend money itself, but instead refers borrowers to Monevo.
Monevo uses specialist software to search its panel of short-term loan providers, to match borrowers to a lender. While this means you could find a willing lender and get accurate quotes quickly, it’s important to check which lender you end up using, and what its terms and conditions are. It’s also important to bear in mind that there may be cheaper loans to be found outside of this panel of lenders.
Borrow £100 to £3,000. The amount you are offered will be based on the lender’s criteria including your income, credit history and ability to afford the repayments.
Personalised quotes with no impact on your credit score. The underlying technology used means that Oink Money can provide super-fast personalised quotes from its panel of lenders, without affecting your credit score.
Repay over 3-12 months. Choose a monthly repayment plan that suits your budget. The repayment period may vary depending on which lender you are offered. The quicker you can afford to pay off your loan, the less you’ll pay in interest.
Quick application. Fill out the simple application form with Oink Money online in 15 minutes and receive an instant decision on a loan.
Fast payment. If your loan is signed off before 3pm on weekdays, you’ll usually have the money in your account on the same day.
Fixed, high interest rates. With high interest rates added to your loan amount daily, this is realistically an expensive way to borrow money.
Poor credit history considered. Many of Monevo’s lenders offer products designed for those with poor credit ratings. However, you must only use this service to borrow money if you are able to keep up the repayments. If you meet your repayments in full and on time, this can help to build your credit score.
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.
How do Oink Money loans hold up against the competition?
If you’ve been on the Oink Money site and have estimated the cost of a loan, you’re probably going to want to shop around to see if you’re getting a good deal. You can use the table below to estimate the cost of the loan that you have in mind. We compare loans from a range of popular short-term lenders. Remember that each lender sets its own min/max loan amounts and terms, and its own eligibility requirements.
How much money do you need to borrow?
How long do you need to borrow over?
Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Is high-cost, short-term borrowing a good idea?
Short-term loans offer a quick solution when you get into difficulty with your finances, but they are a very expensive method of borrowing. They should therefore only be considered as a last resort. Short-term loans are unlikely to solve your money problems in the long term, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a short-term loan, make sure you have considered other options carefully. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you are struggling to pay a bill, then try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan. Read more about alternatives to payday loans at moneyadviceservice.org.uk.
How does an Oink Money loan work?
First you’ll need to fill out the online application form which should take you less than 15 minutes. You will need to provide personal details as well as information about your income and outgoings.
As long as your details have been entered correctly, the Monevo software will almost instantly match your information with the requirements of its panel of lenders.
Once you’ve been accepted by one of the providers you’ll be taken to the loan agreement page. If you agree with the offer, the money will be transferred to your account via electronic bank transfer. The time taken to receive the money varies between lenders but is usually very quick.
If the application is received after 3pm, the loan will be funded the following working day.
For some applications where further information or a co-signature is required, the process can take longer – typically between 1-3 working days. Please check your agreement for exact timescales or confirm with the lender before accepting the agreement.
How do I pay back my loan?
The lender that you get matched to may offer you a number of repayment options, including a direct debit or standing order from your bank account. It’s more likely, however, that the lender will use a Continuous Payment Authority (CPA) to collect the repayments from your bank account on specified dates.
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.
CPAs 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/short-term lenders will use a CPA to collect your repayments. You can cancel this at any point by either consulting with your loan provider or your bank.
What are the eligibility requirements?
You should only apply for a loan through Oink Money if you are certain you can meet the repayment terms. You must also:
Be a UK resident.
Be at least 18 years old.
Have a UK bank account with a debit card.
Receive an income.
Please note that some of the lenders may have additional eligibility criteria.
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
No, it will not carry out a credit check as part of the application process. Once you have been matched with a lender, they will carry out a credit check in order to assess your creditworthiness and ability to repay any loan.
Monevo works with a large number of lenders and brokers, including:
Pounds to Pocket
The Money Shop
Applications made before 3pm on weekdays may be paid into a bank account on the same working day. Applications sent and accepted after 3pm or at weekends will typically receive the funds on the next working day. The time taken to receive the funds varies between lenders – some applicants may receive the funds in as little as 15 minutes, but it is worth checking with your provider for exact timescales.
For some applications where further information or a co-signature is required, the process can take longer – typically between 1-3 working days.
You should always consult the lender directly if you have any problems repaying, as they may be in the position to offer you some repayment alternatives. Please check the terms and conditions of your loan agreement before accepting, as these will detail any specific processes the lender has in place.
For independent help, you can visit www.moneyadviceservice.org.uk
We compare payday/short-term loans from
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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