Azure Money’s personal loans target very specific needs, so they aren’t for everyone. However, if you have bad credit and are looking to borrow a relatively small sum to pay off in low monthly instalments, it could be an option. You can borrow up to £5,000 over 36 months, which is suitable for someone planning an expense (be it renewing the kitchen or getting married) and looking to spread it out over a long period of time.
Azure Money’s loans are unsecured, you won’t need a guarantor and eligibility criteria are fairly loose, but you should expect high APRs and scarce flexibility in return. Also, you can’t apply with Azure Money directly – you can only go through a broker.
Unsecured personal loan
£3,000 to £5,000
Loan rate type
Same day funding available
Same day funding note
Loans are funded on weekdays at 4pm by Faster Payment
Concurrent loans allowed
Continuous payment authority, Direct debit
Pros and cons
Depending on your circumstances, you could be accepted even if you have bad credit.
You won’t need a guarantor or to secure your loan against your house or personal belongings.
Once your application has been accepted, you’ll receive the funds within a working day.
There are no extra fees.
Representative APR is high – this is a costly way of borrowing money.
You can only borrow comparatively low amounts.
You can’t apply directly with the provider, but only through a broker.
Am I eligible for an Azure Money loan?
As this is a specialist bad credit provider, consumers who would be downright refused by traditional lenders offering cheaper rates stand a better chance of being accepted. However, keep in mind that even if you meet the eligibility criteria, there is no guarantee that you’ll get a loan (or that you’ll get the advertised rate).
Basic eligibility criteria are as follows:
21 to 70
£1,500 per month (net)
Must hold a debit card
How do I apply?
As we mentioned, you cannot apply directly for an Azure Money loan. Its loans are only offered through brokers. Azure Money works with a range of brokers, including Monevo, which is an online broker that allows you to compare a range of personalised loan quotes from its panel of lenders in a few minutes.
Once you’ve compared different deals through your broker, you’ll be redirected to Azure Money’s website, where you’ll be asked to confirm your loan details, email address and bank details. You’ll then be able to review and sign your loan contract.
Once it’s all done, your loan will be funded on the very same day (if it’s a working day before 4pm). Depending on your bank, it may take up to a day to reach your account.
The bottom line
Azure Money’s products are pretty niche, but they could make a suitable option for borrowers whose credit score is less than ideal and whose needs match this provider’s loan terms. Azure Money’s loans do the job, but they aren’t very flexible, so make sure you’re getting exactly what you need, because changing your mind might be complicated.
Finally, it’s a fairly expensive way of borrowing money, so it’s always worth comparing different quotes from different brokers and lenders before committing, to make sure you’re getting the best deal.
Frequently asked questions
You can, even though you may be asked to pay some of the remaining interest anyway. If you get in touch with Azure Money, it will provide you with an “early settlement quotation”.
You may be charged a late payment fee and it could further impact your credit score. If you’re experiencing difficulties and think you may miss a payment, you should contact Azure Money as soon as possible and see if it can help you find a suitable solution.
No, you can’t. Azure Money isn’t very flexible when it comes to loan amounts and terms, which is a major drawback to take into account if you’re considering a loan with this provider.
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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