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.
Tick Tock Loans review plus similar companies
If you have an unexpected expenditure and a poor credit score has limited your options for getting credit, Tick Tock Loans could help with a short term loan of £300 to £1,000 for up to 6 months.
A newcomer to the short term loans market, Tick Tock Loans says its “personal touch” is what sets it apart from its competitors. It puts an emphasis on “manual underwriting”: rather than a computer deciding on your loan, a personal account manager considers your application on an individual basis.
Interest rates vary depending on your ability to pay and your employment status. Make sure you always take the time to understand what the exact terms are that you’re being offered before you agree to a loan.
If you are approved for a credit facility with Tick Tock Loans, it acts as a direct lender (not a broker). Tick Tock Loans is authorised and regulated by the Financial Conduct Authority.
How do Tick Tock Loans hold up against the competition?As well as comparing short term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
We compare payday/short term loans from
Key features of Tick Tock Loans
|Tick Tock Loans Short Term Loan
|£300 to £1,000
|New customer maximum
|3 months to 6 months
|Soft search eligibility check
|Employer contacted during application
|Once approved for a loan, Tick Tock Loans says that you can expect the money in your bank account within a few hours.
|Repayment period options
|Default repayment method
|Direct debit or Continuous payment authority
|Repay early at any point
|Savvy Loans Products Ltd
|FCA registration number
How does a loan from Tick Tock Loans work?
- Use the sliders on the homepage to select how much you can afford to borrow and for how long.
- Complete the online application form, which asks for details of your monthly income and expenditures. You need to provide at least 3 months of bank statements to confirm your income.
- Tick Tock Loans then performs a full credit search to assess your creditworthiness and ability to repay the loan. This will leave a footprint on your credit file.
- Tick Tock Loans decides on your loan within one working day of your application being submitted.
- Once approved, you will receive the money in your bank account within a few hours.
How do I pay back my loan?
You have 2 options for repaying your loan:
- Direct debit or standing order. Simply complete the online form during your application, and the money will be collected from your bank by monthly instalment on the agreed date.
- Continuous Payment Authority (CPA). Many short term loan providers use this method of repayment since it allows them to withdraw money directly from your bank account at any time.
What is a CPA?
A CPA is a recurring payment in which you give a company permission to withdraw money from your account whenever it wishes and to take payments of different amounts without consulting you. Most short term lenders like Tick Tock Loans use CPAs to collect your repayments. However, you can cancel this at any point by either contacting your provider or your bank.
What are the eligibility requirements?
You should only apply for a loan through Tick Tock Loans if you are certain you can meet the repayment terms. You must also meet the following criteria:
|Additional eligibility notes
|You must have a UK bank account.
You must be legally capable of entering into a binding agreement.
Pros and cons
- Quick access to funds. Tick Tock Loans states that funds should be received in your bank account within a few hours after being approved.
- Repay early at any point. Tick Tock Loans only charges you for the time you’ve had the money – e.g., if you take a 6 month loan and repay early at 3 months, you only have to pay 3 months interest.
- High interest rates. As a short term loan, Tick Tock Loans come with a high interest rate. Make sure you exhaust other options before turning to a short term loan.
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 of loans (interest and fees) at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Looking for sites like Tick Tock loans?
These loan companies could offer a comparable alternative to Tick Tock Loans.
Early repayment options
|Repay early at any point
|Repaying early can reduce overall interest
|0203 743 8668
Tick Tock Loans customer reviews
On Trustpilot, Tick Tock Loans reviews are mixed. Overall, Tick Tock Loans sits at 2.2 stars from 45 reviews, which Trustpilot deems “Poor” (updated February 2024).
5-star reviews said they were impressed with the efficiency and speed of the service. However, 1-star reviews point out slow and negative customer service experiences.
Tick Tock Loans customer support
You can contact Tick Tock Loans by phone on 0203 743 8668 or by email at email@example.com.
Tick Tock Loans could help you with unexpected expenditures if you have a poor credit score and are struggling get a traditional personal loan.
Despite mixed reviews faulting its application process and customer service, Tick Tock Loans’ offering of quick access to funds might make it an attractive offer if you’re searching for a payday loan.
However, payday loans are an expensive form of borrowing and must only be considered as a last resort due to their high interest rates. Ensure you’ve exhausted other options such as personal loans and secured loans before you apply.
Frequently asked questions
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