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.
If you’ve used the calculator on Auden’s site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:
Table: sorted by representative APR, promoted deals first
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
What is Savvy?
Based in Stockport, Savvy.co.uk specialises in providing short-term loans to people who may find it difficult obtaining credit elsewhere. It will consider your application if you have a poor or no credit rating, even if you have a county court judgement against your name. It will, however, need to know you can afford to meet the repayments and may ask to see recent bank statements and payslips to check your income and expenditure. Savvy.co.uk allows you to apply entirely online and funds its loans in working hours, Monday to Saturday.
Savvy.co.uk is authorised and regulated by the Financial Conduct Authority.
What loans does Savvy offer?
Product Name
Savvy.co.uk Personal Loan
Available Amounts
£300 to £1,200
Representative APR
1,289.1%
Loan terms
4 months to 12 months
Soft search eligibility check
Funding speed
Once your application has been approved, Savvy states it will normally send funds within one hour (Monday-Saturday).
Default repayment method
Direct debit
Additional repayment methods
Online payment,Phone payment
Repay early at any point
Parent company
Valour Finance Ltd
FCA registration number
718303
Savvy states that applicants with poor credit ratings will always be considered (even if you have a county court judgement against your name).
How does a Savvy.co.uk loan work?
Choose your loan. Depending on how much you want to borrow, you can repay your loan in to monthly instalments.
Fill out the simple online application form. You will need your employer information, bank and debit card details (including sort code and account number), as well as three years of address history. You will also need to provide details of your income and expenditure to ensure you can afford the loan repayments. You may be asked to provide your .
Savvy will perform a credit check on you to determine your creditworthiness. The amount you can borrow will be determined by your credit rating and affordability, and you may be offered a different loan amount or term.
You may be asked to send some further information. Although this isn’t usually required, Savvy.co.uk may request copies of payslips or bank statements to help complete its assessment checks. The lender provides simple instructions on how to upload the documents it requires through your online account.
Once you’re approved, you can expect the money to be in your bank account within the next hour. Savvy.co.uk funds its loans 11 hours a day including Saturdays. However, it does not fund loans on Sundays or bank holidays.
During the loan you’ll be paying a fixed but relatively high interest rate. As a specialist lender targeting the bad credit market, interest rates are higher than more mainstream lenders’. Once the loan is in effect, you can choose to repay it at any time before the agreed date. There are no early payment penalties for doing this. You may be charged up to 58 days’ interest beyond the date on which you overpay, however (you’ll need to request a final settlement figure).
Why would Savvy.co.uk ask for my internet banking details?
If provide your internet banking details, Savvy is permitted read-only access to view up to 90 days of bank account history. This can be used to help make lending decisions – assessing what amount of credit might be affordable and sustainable for you based on your income and outgoings. Savvy also works with credit reference agencies to review your creditworthiness.
How do I pay back my loan?
Your repayments are normally collected via direct debit, however, your first repayment may be taken by Debit Card under “continuous payment authority” (CPA). Savvy will collect your repayments on your due date, as set out in the terms of your agreement with them.
A CPA is a regular automatic payment taken from your debit card. The authority is solely linked to the bank account that yours card is registered to.
If Savvy’s attempt to take your payment from your debit card fails, a further attempt will be made. A maximum of two CPA attempts can be made for the same instalment.
You can change your payment date or cancel your CPA or Direct Debit at any time either by contacting your bank directly, or by contacting Savvy in writing, by email collections@savvy.co.uk or by calling Savvy on 0330 002 0118.
If you do cancel these you will still owe your outstanding balance and you’ll need to make your repayments by an alternative method, such as using the payment feature in your online portal or by bank transfer on or before each due date. Savvy’s customer support team will be able to give you all the options and details on how to pay, and will continue to send you payment reminders before each due date to help you keep track of your payments
What are the eligibility requirements?
You should only apply for a Savvy.co.uk loan if you are certain you can meet the repayment terms. You must also:
Be aged over 18 years old.
Be a UK resident.
Have a UK bank account and debit card.
Have a net income of at least £1,000 per month.
Pros and Cons of Savvy
Pros
Simple and straightforward online application process
Get a quick decision on your application within minutes
You can apply even if you have a county court judgement or bad credit rating
Cons
Very high interest rates
Negative consequences to your interest rate for missing or making a late monthly payment
Savvy customer reviews
Savvy.co.uk has received positive reviews from customers, based on review platforms like TrustPilot and Feefo. It currently has an “excellent” TrustPilot rating, with a score of 4.4 out of 5, based on more than 390 reviews. Savvy also has a Feefo rating of 4.9 out of 5, based on 50 reviews (both updated 23 December 2020).
Some customers highlighted good customer service and quick application process in their reviews, but others cited the high rates as something to be aware of.
Our verdict
Depending on your own circumstances, Savvy offers loans from up to , with the term length dependent on how much you decide to borrow.
While Savvy accepts applications from those with poor credit ratings, if approved, you’re likely to find much higher interest rates than others out there. Do some research and compare deals in order to find a loan that best matches your needs.
You are free to change your mind at any point during the application process with no pressure or obligation. If you change your mind within 14 days of receiving funds, you’ll simply need to pay back the loan amount plus any interest accrued to date.
Savvy.co.uk is authorised and regulated by the Financial Conduct Authority (FCA). If ever in doubt, you can search the FCA register to check whether a lender is authorised.
The statements will be used by Savvy.co.uk to make lending decisions about you. They will be stored as long as necessary to assist the lender in managing your account or underwriting a loan to you. The information will be stored by the data firm Perfect Data Solutions Ltd.
If you are refused for a loan, you may want to reconsider whether a short-term loan is the right option for you. If at some time in the future your financial position changes you may be able to apply again. However, Savvy.co.uk recommends that you do not apply again for at least three months. Please remember that each application you make will leave a footprint on your credit file and you will be subject to credit and affordability assessment checks every time you apply.
If you experience or anticipate problems in making your payments on time, you should contact Savvy.co.uk straight away. It will do everything it can to help you, including providing details of how to get free, independent advice on your situation. Savvy.co.uk may try to set up a new repayment arrangement that is more manageable for you. You should be aware that if you miss or make late repayments, Savvy.co.uk will share this information with credit reference agencies, and this may make it harder for you to obtain credit in the future.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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